With the additional P38 billion collection per year from the increased member-contribution, the Home Development Mutual (Pag-IBIG) Fund yesterday said it will launch new loan programs while generating higher savings for members.
Marilene Acosta, Pag-IBIG chief executive officer, in a television interview said the Fund will launch a quick loan program where members can apply and get a loan in as quick as an hour via online or through its app.
Acosta said the Fund will also introduce an educational and health loan program in partnership with medical and educational institutions.
Acosta said the quick loan is on top of the short-term loan Pag-IBIG already provides its members.
This program will allow members access to as much as P15,000 in loan credited through his cash card of e-wallet.
Acosta said Pag-IBIG is studying the terms of the education and health loans.
Launch of both programs is eyed by the second quarter.
Pag-IBIG is set to increase the nearly four-decade old mandatory monthly savings for both members and their employers starting February to P200 from P100.
This means a member will now see P400 per month, double from the current P200,
The increase follows the adjustment in the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share for Pag-IBIG Fund members, which shall now increase to P10,000 from the current P5,000.
The increase was originally scheduled in 2021 but was deferred due to the pandemic.
Acosta said under the new rates, members will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement.
“ For example, based on our old rates, a member would receive around P87,000 upon reaching membership maturity. On the other hand, a member who saves under our new rates over a period of 20 years would receive P174,000 or double the amount,” Acosta said.
Because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta said.
