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PIA Press Release
2009/10/01

Pag-IBIG Fund now accepting calamity loan applications

By Danny O Sagun

Dagupan City (01 October) -- The Home Development Mutual Fund, otherwise known as Pag-IBIG Fund, has opened calamity loans for its members.

Dagupan branch Manager Jerome Avila told the KBP Forum Thursday at the Philippine Information Agency office that members can get up to 80 percent of the total accumulated value of their contributions and earnings.

Pag-IBIG however is contemplating to come up with a separate calamity loan package to enable borrowers to get specific amounts, say P10,000 or P15,000. "Pag may existing kang loan kasi ibabawas yon, so medyo maliit yong net na makukuha ng miyembro," he noted. But he clarified that the matter is under study as of now. "Abangan na lang kung maaprub itong special loan package," he said.

Avila said that his office is setting up processing centers outside Dagupan to serve members from far-flung towns. "Siguro sa eastern Pangasinan, gagamitin namin ang munisipyo ng Tayug o kaya Sta. Maria para ang mga tag-roon ay di na mahirapang pumunta pa rito sa Dagupan." In western Pangasinan, Alaminos City and Bolinao are being considered for the purpose, he disclosed.

Avila advised concerned offices or agencies to name their fund coordinators or authorized representatives to do the transactions with Pag-IBIG Fund. "Di na kailangang isa-isa yong mga miyembro na pumunta sa amin, yong coordinator lang ang makitransact sa amin," he said. An application form and the latest pay slip are the documents required for the processing of the loan, he also said.

Asked if Pag-IBIG Fund has enough funds to meet the needs of its members especially those affected by calamities, Avila said that the agency is very healthy funds-wise. Its total assets now stand at P241.4 billon. The Fund was able to provide P33.3 billion in multi-purpose loans last year and P34.4 billion in housing loans. It has an available fund of P37 billion for MPL this year and P42 billion for housing loan.

He stressed that the funds are well protected and used properly.

Avila said that members can monitor their contributions and loan payments as well as any earnings thru dividends. "Humingi kayo ng passbook sa office," he said.

On the proposed increase in monthly contributions from P100 to P300, he said that an employee can set his monthly contributions based on his salary so that in the end he can avail of bigger loans or bigger accumulated value. "Ang mga employer ang nililigawan namin ngayon para mag-agree sila sa P300 na counterpart," he said.

The Pag-IBIG Dagupan branch began operating last March. A satellite office which only accepted applications used to operate in the city. It was found out that Pangasinan accounts for most of the transactions in Region 1, thus necessitating the establishment of a full branch here, he said. (PIA Pangasinan) [top]

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