Pag-IBIG improves cash loan programs amid health crisis

Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario on Friday said several improvements were made to boost the virtual services of the Pag-IBIG Fund during the quarantine period to fast-track the loan applications of the members. (File photo: Department of Human Settlements and Urban Development/Facebook)

MANILA – Filipinos can expect faster processing of cash loan applications through the improved online service portal of the Home Development Mutual Fund (Pag-IBIG Fund).

Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario on Friday said several improvements were made to boost the virtual services of the Pag-IBIG Fund during the quarantine period to fast-track the loan applications of the members.

“We heed the call of President [Rodrigo] Duterte to implement online systems to provide faster service to the public,” del Rosario, also the chairman of the Pag-IBIG Fund Board said in a statement.

Pag-IBIG Fund members can apply for the multi-purpose loan (MPL) or a calamity loan via online service called “virtual Pag-IBIG,” del Rosario said.

“The Virtual Pag-IBIG is one of the biggest projects undertaken by the Pag-IBIG Fund under his [Duterte] administration as we move as one towards the widespread use of e-governance to better serve the public, especially during extraordinary times,” he added.

The virtual Pag-IBIG is operational 24/7 and provides live chat services for more queries and concerns of its members.

Members can access the portal only with a secured Pag-IBIG Fund Membership ID (MID) number provided to them. It has an online payment facility features which allow members to pay for their loans and remit their monthly savings through ‘PayMaya’ wallet or credit cards.

Through the online services, members can enroll for an MP2 savings account—a voluntary savings platform for Pag-IBIG Fund members who wish to save more and earn high dividends. They can also access their savings account anytime and anywhere with the use of the internet.

With the more improved virtual Pag-IBIG, members can access their loan records without visiting any Pag-IBIG Fund branch, del Rosario, which favors the public in adhering to the government’s health protocols and preventive measures against Covid-19.

Del Rosario said improving the Pag-IBIG Fund’s online services will be helpful to its members hard-hit amid the coronavirus pandemic in the country.

The virtual Pag-IBIG was developed and launched in December 2019 and was further improved during the health crisis.

“On June 1, the virtual Pag-IBIG was enhanced to accept online applications for the agency’s MPL and Calamity Loan. Since then, the agency has already approved over P188.6 million from loan applications received online,” del Rosario said,

Meanwhile, Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said the cash loan applications can be processed in an average of “less than two days” if the required documents are completely submitted via online service platform of the fund.

“This virtual Pag-IBIG is a game-changer for us. While nobody was ready for this pandemic, the launch of the Virtual Pag-IBIG late last year was timely because it allowed us to continue serving our members even during the imposition of community quarantines,” Moti said. “As we adapt to the new normal, we hope that our move to make cash loan applications available via the Virtual Pag-IBIG would allow our members to experience faster transactions without leaving the safety of their own homes”.