The Pag-IBIG Fund, also known as the Home Development Mutual Fund (HDMF), has proven itself a reliable financial partner for Filipino workers. In the first four months of 2024, the agency disbursed a substantial P22.63 billion in cash loans. This represents a significant 38% surge compared to the same period last year and provided financial assistance to 965,291 members – a remarkable 200,000 more individuals than the previous year.
Housing Secretary Jose Acuzar and the agency’s 11-member board of trustees emphasized their commitment to supporting President Ferdinand Marcos Jr.’s vision of uplifting the lives of Filipinos. This dedication is evident in their recent initiatives, such as the introduction of the Pag-IBIG Health and Education Loan Programs (Pag-IBIG HELPs). Launched earlier this year, Pag-IBIG HELPs partners with various schools and hospitals to assist members with their health and education expenses. The program streamlines the process by directly crediting approved loans to partner institutions’ accounts, and members enjoy discounts on their total bills when using the service.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta highlighted the benefits of the new mandatory monthly contribution rate of P200 for both employees and employers. This increased contribution allows members to access larger cash loans, particularly under their short-term loan programs, which include multi-purpose loans and calamity loans. Qualified members can borrow up to 80% of their total accumulated savings, encompassing monthly contributions, employer contributions, and dividends. Borrowers can choose between a 24- or 36-month repayment term and are granted a two-month grace period before their first payment is due. Furthermore, Acosta assured members that the fund would waive all processing fees for these loans, ensuring that members receive the full value of their loan amount.
By providing accessible financial assistance, waiving processing fees, and introducing innovative programs like Pag-IBIG HELPs, the Pag-IBIG Fund continues to prioritize the financial well-being of Filipino workers and contribute to their overall quality of life.
