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PIA Press Release

Short-term loan very popular among Davao Pag-ibig members

by Prix D Banzon

Davao City (9 March) -- The short-term loan (STL) of Pag-ibig Fund is very popular among members of the Davao branch office with more than 50,000 members availing of the services in 2006.

Rowena Pioquinto, senior financial analyst of the Office of the Vice President in Southern Mindanao of Pag-IBIG Fund however said those who availed only represents 30 percent of the active members of the Davao branch comprising Davao City and Davao del Sur even as she said that the total number of borrowers groupwide pulled up the rate of growth in STL availment.

Pag-IBIG Fund SM group she said, extended some P1.9 billion to a total borrower of 136,201 that accounted for a 16 percent increase compared to previous year with only P1.6 billion with 120,458 borrowers.

By area, she said Tagum accounted for 33,618 borrowers followed by General Santos City with 29,165 and Cotabato, 22,793.

In a press statement Pag-IBIG Fund president and chief executive officer Atty. Romero F.S. Quimbo said it is worthy to note that the Fund's short term lending corporatewide performance in 2006 posted a 110 percent accomplishment against its target. The Fund had total STL release nationwide at P21.13 billion.

Pioquinto meanwhile said that Southern Mindanao total active membership level under the SM group as of end 2006 which is 429,558 posted a 9.42 percent increase against the 2005 figure of 392,570.

By area, she said Davao has 178,167, General Santos, 85,762, Tagum, 83,036 and Cotabato 82,593.

The short-term loan, she said, provides immediate financial assistance to Pag-IBIG members for various needs such as minor home improvements, capital for livelihood ventures, payment for medical bills, tuition fees and other educational expenses, and purchase of furniture and appliances. (PIA XI) [top]

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