Pag-IBIG launches credit card payment scheme

MANILA, Philippines - Members of the Home Development Mutual Fund (Pag-IBIG Fund) are now able to pay for their monthly mandatory savings via credit card after the state-owned corporation launched on Tuesday its online payment facility.

Pag-IBIG collaborated with Citibank to provide the online service which can be used by Visa and Mastercard credit card holders.

Under the new system, individual payors like professionals and self-employed members, overseas Filipino workers  and employers of domestic helpers can now register online through the Pag-IBIG website and pay using their credit cards.

Pag-IBIG Deputy Chief Executive Officer (CEO) for Support Services Cluster Emma Linda Faria said the new payment system aims to expand payment schemes as Pag-IBIG members continue to grow, and align with international standards of efficiency.

The new payment system, however, is only limited to monthly savings and not for amortization and other loans.

Mandatory savings payment through a credit card charges a 3.6-percent transaction cost and also entitles the card holder to earn reward points and rebate.

Pag-IBIG Fund CEO Darlene Marie Berberabe said the new payment scheme was implemented upon the instruction of Pag-IBIG Chair, Vice President Jejomar Binay who said overseas Filipino workers find it hard to pay for mandatory savings because of the high rates in remittance centers where they course their payment.

As of 2013, the government-owned and controlled corporation has 12.6 members, a 3-million increase over the past two years.