Pag-ibig notes 2.3% drop in membership

CEBU, Philippines – The Home Development Mutual Fund (Pag-ibig Fund) Mandaue Branch has noted a decrease of around 6,000 in membership this year because of the massive retrenchment among companies in Cebu, particularly in the Mactan Export Processing Zone at the height of the global financial crisis.

Currently, the Mandaue branch has around 236,804 members compared to 242,357 listed in 2008.

The Cebu City branch on the contrary, has reported increase in membership which has now reached to 275,975. However, this is just 94 percent of their 292,814 target for 2009. Next year, the Cebu City branch is targeting 331,000 members that will be given the chance to avail of Pag-ibig Fund benefits.

As the agency celebrated its 29th anniversary this month, both Mandaue and Cebu City branches of Pag-ibig Fund vow continuous efficient delivery of services to its members. With the theme “A new beginning: One Vision, One Mission!” the agency promises more benefits to members especially with the recent signing into law of Republic Act 9679, otherwise known as the Home Development Mutual Fund Law of 2009.

To conclude this year’s performance, both branches in Cebu reported their accomplishments during the Kapihan sa PIA yesterday held at the HDMF tower.

The Mandaue branch, according to chief of Provident Benefits Division Teofredo Garcia, has accomplished 81,475 borrowers where Pag-ibig released P1.47 billion in terms of short-term loans made available to multipurpose cooperatives and individual borrowers.

This is however less than their target of 92,743 borrowers or P1.47 billion release. Last year though, there were 89,671 borrowers equivalent to budget release amounting to P1.4 billion exceeding the target of 88,965.

The decrease in the number of borrowers was attributed to the decrease in membership the Mandaue branch has experienced this year.

In terms of housing loans, they have helped 1,730 members to get a house of their own. The branch has released 1,722 units with a loan value totaling P1,199.565 billion. Last year, there were only 1, 385 units sold.

Here in the city, Pag-ibig has released P1.236 billion to 74,456 borrowers this year compared to last year’s P1.205 billion release to only 67,526 borrowers.

There are 2,108 housing units given to the equal number of borrowers which has a loan value of P1.459 billion. In 2008, the Cebu City branch was only able to give out 1,641 house units.

Nationwide accomplishments noted that membership already reached 7.9 million across different regions in the country. Of this number, Pag-ibig has assisted over 1.5 million members by extending P29 billion in multipurpose loans.

In the area of housing, Pag-ibig has released housing loans nearly worth P37 billion to more than 61,000 members which may still reach as high as P44.17 billion benefitting over 73,000 borrowers. If ever, this will be the biggest number of borrowers for a single year in the Fund’s entire history. — Jessica Ann R. Pareja/MEEV   (FREEMAN NEWS)