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As the school year begins, the Pag-IBIG Fund is prepared to lend its members money.
Pag-IBIG Fund officials announced on Wednesday (09 August) that its cash loan, the Pag-IBIG Multi-Purpose Loan, is ready to assist members with their school-related fees as the academic season starts this month.
As of June this year, the agency has assisted 1,182,996 members with their financial needs with the release of cash loans totaling a record high P26.17 billion. Of this amount, 13.8% or P3.61 billion were released to aid 134,140 members with tuition and enrolment fees, and other school-related expenses.
“We at Pag-IBIG Fund recognize that many of our members rely on us for immediate financial assistance. This becomes more prevalent when school season begins. That is why we are always ready to assist our members, particularly those seeking funds to address school-related expenses with our Pag-IBIG Multi-Purpose Loan. All these efforts are in line with the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos the means to gain better and dignified lives,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s Multi-Purpose Loan or MPL is the agency’s affordable and easily accessible cash loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Loan processing is as fast as three days, with the loan conveniently credited to the borrower’s Pag-IBIG Loyalty Card Plus. The proceeds can be used to pay for tuition fees and other school-related expenses, as well as medical expenses, minor home improvement, or even serve as capital for small businesses. The loan is payable in 24 or 36 monthly installments, with the first payment deferred for two months. The Pag-IBIG MPL comes at an interest rate of 10.5 percent per year. In the past years, the agency has returned more than 90 percent of its income, mostly derived from interest on loans, to members in the form of dividends.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said that Pag-IBIG Fund understands the plight of Filipino workers particularly those who seek funds to provide family members with formal education. She added that the agency has made its cash loan more accessible with its more than 200 branches, its online facility Virtual Pag-IBIG, and the Virtual Pag-IBIG mobile app, ready to accept loan applications from members.
“The Pag-IBIG MPL can be used to pay for tuition and school-related fees. Pag-IBIG Fund believes that education is one of the keys to a brighter future and a better life. We aim to aid parents in securing these for their children and hopefully, we can contribute to bettering the lives not just of the individual Filipino worker but their families as well. These are all part of our Lingkod Pag-IBIG, Tapat na Serbisyo, Mula sa Puso," Acosta said.
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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