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PAG-IBIG Fund Approves P716M Worth of Cash Loans to Members

In line with the COVID-19 crisis in the Philippines, Pag-IBIG Fund approved cash loan applications amounting to ₱716 million to aid members during this enhanced community quarantine. This is in support of the government's efforts and directive of President Duterte to take care of the welfare of the Filipinos especially at this pandemic situation.

According to Secretary Eduardo D. del Rosario, head of both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, some 37,900 members are to benefit from these cash loans. They expect the number of members helped and the amount to approve to increase in the coming days as the processing continues.

The said cash loans are composed of the Calamity Loan and the Multi-Purpose Loan (MPL). These Short-term Loans (STL) Programs serve as a readily-accessible and affordable source of funds to its qualified members. Qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund.

In light with the Enhanced Community Quarantine (ECQ), PAG-IBIG quickly initiated to have the application process for both its Calamity Loan and MPL online. Members, or employers acting on their behalf, were allowed to submit loan applications through email. You may check How to Avail PAG-IBIG Calamity Loan Amidst COVID-19 to know the online process.

In addition, according to Chief Executive Officer Acmad Rizaldy Moti, PAG-IBIG has received 221,851 cash loan applications via email as of April 15, said and around 10,000 email applications in a day.

"Our members have come to rely on our cash loans for emergencies and this time, it's no different,” Moti said. “Our offices may be closed but our operations continue. We recognize our members’ need for assistance and we will do our best to help them.”