Pag-IBIG Fund disbursed a record P25.57 billion in multi-purpose loans for the benefit of 1,227,023 members in the first half of 2019.
MPL disbursements in the six-month period registered a 6-percent year-on-year growth and surpassed the P24.07 billion released in the same period last year by P1.50 billion.
The amount of cash loans and the number of members assisted by the agency through the MPL program are both the highest for any January-to-June period.
“We are exerting all efforts to assist Pag-IBIG members with their immediate financial needs, following the directive of President Rodrigo Roa Duterte to provide Filipinos with affordable loans so that they will not resort to loan sharks,” said Secretary Eduardo del Rosario, chairperson of the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund board of trustees.
“As a testament to our support to this directive, Pag-IBIG Fund in the first six months of 2019 alone has already assisted more than 1.2 million members through the MPL program,” del Rosario said.
With Pag-IBIG Fund’s MPL program, qualified members can borrow up to 80 percent of their total Pag-IBIG regular savings which consist of their monthly contributions, their employer’s contributions and accumulated dividends earned.
The loan is payable within 24 months and comes with a deferred first payment. The MPL comes at an interest rate of 10.5 percent per annum. Up to 90 percent of the income derived by Pag-IBIG Fund from the loan program is returned to its members in the form of dividends.
“Our Multi-Purpose Loan program serves as an affordable and readily-accessible source of cash loans. The MPL proceeds can be used for tuition fees, medical expenses, minor home improvement, capital for business, or even for vacation expenses,” said Pag-IBIG Fund chief executive Acmad Rizaldy Moti.
“We recognize that our members secure an MPL to address an immediate need. It is why we work doubly hard to process their loan applications promptly. With the stabilization of our upgraded system last year, members are now able to receive their loan proceeds in an average of 1.8 working days,” Moti said.
“This faster processing time allowed us to serve more members, which is shown by the 8-percent growth in the number of loan releases or an additional 93,886 members aided by the MPL program in the first half of this year compared to the same period in 2018,” he said.
Pag-IBIG Fund released P26.26 billion in short-term loans benefitting 1,267,616 members in the first half of the year. This included the amount disbursed through the MPL Program and the P688.25 million in calamity loans it released to 40,593 members.