Metro Manila (CNN Philippines, March 22) — More than 2.6 million members of Pag-IBIG Fund received cash loans last year, according to a statement.
According to the Home Development Mutual Fund, popularly called Pag-IBIG Fund, cash loans reached P53.76 billion that benefited 2,612,491 members in 2022.
Short-term loans rose by 21% to P53.76 billion from P44.3 billion in 2021.
With the amount, the number of members assisted through the program increased by 24% or over half a million more than the 2,090,851 members in 2021.
“We are happy to note that through our short-term loan program, we were able to aid more than 2.6 million Filipino workers gain added funds to tend to their needs last year,” said Housing Secretary Jose Rizalino L. Acuzar.
Pag-IBIG’s short-term loan program includes the agency’s multi-purpose loan (MPL) and calamity loan. Under the MPL, members can borrow up to 80 percent of their total Pag-IBIG regular savings, which consists of monthly contributions, employer contributions, and accumulated dividends earned.
Borrowers may choose between a 24- or 36-month payment term with a two-month grace period prior to their first payment. The MPL comes at an interest rate of 10.5 percent per year.
The calamity loan is extended to members living or working in areas declared under a state of calamity.
Of the total amount of cash loans released by the agency, P49.85 billion were in the form of MPLs which helped 2,313,143 members, and P3.91 billion in calamity loans to 299,348 members.
