Pag-IBIG approves ₱716-M worth of cash loans for some 38,000 members

Metro Manila (CNN Philippines, April 20) — Pag-IBIG Fund, the government institution providing affordable housing loans to Filipinos, approved cash loan applications amounting to ₱716 million to help members during the enhanced community quarantine.

According to Pag-IBIG, some 37,900 members are to benefit from these cash loans, which are composed of the Calamity Loan and the Multi-Purpose Loan.

Under these programs, qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund, the agency said.

“We expect the number of members helped and the amount approved to increase in the coming days as processing continues,” said Secretary Eduardo del Rosario, who heads both the Department of Human Settlements and Urban Development and the Pag-IBIG Fund Board of Trustees.

In an en effort to minimize disruption in service, Pag-IBIG has also begun accepting applications through email three days after the start of the Luzon-wide lockdown implementation.

It has received 221,851 cash loan applications via email as of April 15, said Chief Executive Officer Acmad Rizaldy Moti. He added that they receive about 10,000 email applications in a day.

"Our members have come to rely on our cash loans for emergencies and this time, it's no different,” Moti said. “Our offices may be closed but our operations continue. We recognize our members’ need for assistance and we will do our best to help them.”