Pag-IBIG releases P24 billion in multipurpose loans to 1.2M members

Vice President and Pag-IBIG Fund Board Chairman Jejomar Binay reported that the fund has disbursed almost P24 billion in multipurpose loans for the first seven months of 2011, benefitting 1.2 million Pag-IBIG members.

“The amount is P6 billion or 35 percent more than the amount released in the same period last year,” Binay said. The increase in disbursements is attributed to the more extensive marketing campaign conducted by the different operating units of the Fund.

Pag-IBIG Fund chief executive officer lawyer Darlene Marie Berberabe said that a significant peak in the availment of loans was recorded during the month of May when many members avail themselves of loans to defray tuition expenses, among other needs.

The fund’s multipurpose loan continues to be a source of ready money for members in times of need. Under the program, qualified members may avail themselves of 60 to 80 percent of their total savings, depending on the number of their monthly contributions. The loan, which carries an interest rate of 10.75 percent per annum, may be repaid over a period of 24 months.

Berberabe noted that at the rate it is going, the Fund is likely to exceed its P36 billion target in MPL availments for the year.

For more information about the program, members can call the Pag-IBIG hotline 724-4244 or get in touch with the branch office nearest them. –Daily Tribune