Pag-IBIG fund approves 716 million peso cash loans to over 37,900 members during ECQ
The Pag-IBIG Fund has so far approved cash loan requests from 37,901 members affected by the community quarantine, senior officials said recently.
âTo support the government’s efforts and following President Duterte’s directives to take care of the well-being of our fellow Filipinos, especially during this pandemic, we have approved cash loans in the amount of 716.26 million pesos to help our members manage their finances during these difficult times. We expect the number of members assisted and the amount approved to increase in the coming days as treatment continues, âsaid Secretary Eduardo D. del Rosario, who heads both the Department of Human Settlements and of urban development and the Pag-IBIG Fund of 11 members. Board of Directors.
The agency’s cash loans, also called short-term loans (STL), are made up of the Calamity Loan and the Multi-Use Loan (MPL). STL programs provide an easily accessible and affordable source of funds where qualified members can borrow up to 80 percent of their total savings from the Pag-IBIG Fund.
In light of the pandemic, the agency moved quickly to move the application process for both its Calamity loan and MPL online. Members, or employers acting on their behalf, were allowed to submit loan applications by email. This decision was taken to minimize service disruptions during the Enhanced Community Quarantine (ECQ).
On March 20, just three days after the imposition of the ECQ in the National Capital Region and the rest of Luzon, the Pag-IBIG Fund was already accepting applications by email.
According to Pag-IBIG Fund CEO Acmad Rizaldy P. Moti, they received 221,851 cash loan requests via email as of April 15.
âOur members have come to rely on our cash loans for emergencies and this time it’s no different. That’s why we’ve moved the online application process and configured multiple email addresses to receive applications per area. Our offices may be closed but our operations continue. We receive up to 10,000 email applications per day which is a lot to deal with given that we are operating with limited capacity, but we are always ready to serve our members. We recognize our members’ need for help and will do our best to help them. This is our commitment as Lingkod Pag-IBIG, âsaid Moti.