Pag-IBIG Fund released P24.7 billion in cash loans during the first half of 2017, up 8 percent from a year earlier and 2 percent higher than the target.
“We are exerting efforts to help Pag-IBIG members, as per the directive of President Rodrigo Roa Duterte to provide Filipinos with affordable loans so that they will not resort to 5-6 loan sharks,” Pag-IBIG Fund Board of Trustees head Eduardo Del Rosario said in a statement.
The cash loans are short-term loans of up to 80 percent of the total savings of fund members, and consist largely of monthly contributions, employer’s contributions, and accumulated yearly dividends.
The loans have reportedly helped 1.12 million members this year, and are categorized into multi-purpose loans and calamity loans payable in two years with payments deferred for up to three months.
“While Pag-IBIG is known for our housing loan programs, our short-term loan program serves as an affordable and readily-accessible source of cash loans,” Pag-IBIG CEO Acmad Moti said in the same statement.