Pag-IBIG Fund releases P47B in multi-purpose loans

CEBU CITY -- The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund released P46.96 billion in multi-purpose loans (MPL) last year, the highest ever released in a single year and posting growth of P1.58 billion or four percent higher than the amount released in 2017.

The amount helped 2,268,715 members with their immediate financial needs, or 11 percent more than in 2017.

Sec. Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees, described Pag-IBIG Fund’s performance in 2018 as outstanding.

He added that one of their record-breaking feats is the amount that Pag-IBIG disbursed as MPL which many of their members rely on.

“The amount of cash loans and the number of borrowers have been steadily increasing since 2016 because more and more members are turning to Pag-IBIG Fund for their financial needs,” del Rosario said.

Pag-IBIG also intends to help more members in 2019 as they continue to heed the call of Pres. Rodrigo Roa Duterte which is to provide social services to more Filipinos.

Pag-IBIG Fund also released P2.28 million in calamity loans (CL) to 160,203 members for them to recover from the effects of calamities in their area.

In total, the Fund released P49.23 billion under the MPL and CL programs for the benefit of 2,428,918 borrowers in 2018.

“In Pag-IBIG Fund, we always find ways to serve our members better,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. “So in 2018, despite our transition to a new system, our Multi-Purpose Loan Program was able to assist nearly 2.3 million members with their immediate financial needs,” he added. (JKM with report from HDMF7)