Pag-IBIG Approves ₱716-M Worth Of Cash Loans For Some 38,000 Members
In light of the enhanced community quarantine due to the COVID-19 pandemic, the Pag-IBIG Fund managed to approved cash loan applications amounting to ₱716 million to provide financial assistance to its members.
Under their Calamity Loan and Multi-Purpose Loan Program, qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund. In their recent statement, they have approved some 37,900 members to benefit from these cash loans.
Secretary Eduardo del Rosario, who heads both the Department of Human Settlements and Urban Development and the Pag-IBIG Fund Board of Trustees said in an interview:
“We expect the number of members helped and the amount approved to increase in the coming days as processing continues.”
In an en effort to minimize disruption in service, Pag-IBIG began accepting applications through email three days after the start of the Luzon-wide lockdown implementation.
It received a total of 221,851 cash loan applications via email as of April 15 and they receive about 10,000 email applications in a day, according to their Chief Executive Officer Acmad Rizaldy Moti.
Moti noted that their members have always come to rely on their cash loans for emergencies and this time, it’s no different. He also added that their office may be closed but their operations continue and that they recognize the members’ need for assistance and they will do their best to help them.