As the curtains rise on the academic stage this month, the remarkable Fund reaffirms its steadfast support for its members, introducing the Pag-IBIG Multi-Purpose Loan, a timely and accessible financial solution to lighten the burden of educational expenses.
In a recent announcement on August 9th, officials from Pag-IBIG Fund, the Philippine Home Development Mutual Fund, underscored their unwavering commitment to stand beside their members during this crucial juncture. With an impressive track record, the organization has extended financial assistance to an astounding 1,182,996 members this year alone, disbursing an unprecedented P26.17 billion in cash loans. Significantly, a substantial portion of these funds, totaling P3.61 billion, has been earmarked to aid 134,140 members in covering tuition fees, enrollment costs, and other critical educational outlays.
Acknowledging the deep-seated reliance of its members on swift financial relief, particularly at the start of the academic year, Pag-IBIG Fund remains resolute in its dedication to offer support. Secretary Jose Rizalino L. Acuzar, the esteemed head of the Department of Human Settlements and Urban Development (DHSUD) and the leader of Pag-IBIG Fund’s 11-member Board of Trustees, emphasizes that these initiatives align harmoniously with President Ferdinand Marcos Jr.’s vision of empowering Filipinos to attain enriched and dignified lives.
At the core of Pag-IBIG Fund’s assistance lies the Multi-Purpose Loan (MPL), meticulously designed to be affordable and conveniently accessible. Enabling eligible members to borrow up to 80 percent of their accrued Pag-IBIG Regular Savings, encompassing monthly contributions, employer inputs, and earned dividends, the loan boasts an efficient processing period of just 3 days. The funds seamlessly flow into the borrower’s Pag-IBIG Loyalty Card Plus, equipping them to address a range of financial needs. These encompass not only educational costs but also medical expenses, minor home enhancements, and even initial capital for budding entrepreneurial endeavors. Repayable over 24 or 36 monthly installments, with the initial payment deferred for two months, the Pag-IBIG MPL carries a competitive annual interest rate of 10.5 percent. A noteworthy practice of the organization is to channel over 90 percent of its earnings, primarily derived from loan interest, back to its members through dividends.
Shining a spotlight on the agency’s mission, Marilene C. Acosta, the Chief Executive Officer of said agency, empathizes with the financial challenges faced by Filipino workers, especially those striving to provide formal education for their dependents. Impressively, the agency’s Fund has expanded the accessibility of its cash loan through an expansive network of more than 200 branches, in addition to the innovative online platform, Virtual Pag-IBIG, and the user-friendly Virtual Pag-IBIG mobile application. These seamless interfaces are poised to streamline the loan application process for members.
“The Pag-IBIG Multi-Purpose Loan opens doors to settle tuition and educational dues, reflecting Pag-IBIG Fund’s belief that education is a pivotal avenue toward a brighter future and an improved quality of life,” Acosta expressed. Aligned with the agency’s core principles of “Lingkod Pag-IBIG, Tapat na Serbisyo, Mula sa Puso” (Service from the Heart), the initiative aspires not only to uplift individual Filipino laborers but also to contribute to enhancing the well-being of their families.
Ultimately, the agency Fund’s unwavering commitment to its members’ education mirrors its broader dedication to the empowerment of the Filipino populace. By extending a financial lifeline during the academic season, the organization endeavors to fortify the foundation of a promising future for its members, their families, and the nation at large.
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