Pag-IBIG Fund enhances cash loan applications

MANILA, Philippines — In a move to ease and fast-track loan applications, Pag-IBIG Fund has improved its online service portal to accept applications for its cash loan program.

According to top officials of the agency, several improvements were made to the Virtual Pag-IBIG during the quarantine period in the first half of the year to allow members to apply for a multi-purpose loan (MPL) or a calamity loan online.

“We heed the call of President Duterte to implement online systems to provide faster service to the public.

The Virtual Pag-IBIG is one of the biggest projects undertaken by the Pag-IBIG Fund under his administration as we move as one towards the widespread use of e-governance to better serve the public, especially during extraordinary times such as these,” said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Launched in December 2019, the Virtual Pag-IBIG made it possible for members to transact with the agency online, with a live chat function available 24/7.

Since its launch, the Virtual Pag-IBIG has been visited by 2.43 million members, which include overseas Filipinos from over 222 countries, who were able to secure a Pag-IBIG Fund Membership ID (MID) number, enroll for an MP2 Savings account, or access their savings and loan records online, without having to go to a Pag-IBIG Fund branch.

The Virtual Pag-IBIG also features an online payment facility that allows members to pay for their loans and remit their monthly savings using their PayMaya wallet or their credit cards.

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.

According to Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti, cash loan applications are processed, on average, in less than two days if these are submitted via their online service platform.

“The Virtual Pag-IBIG is 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. And, 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,” Moti said.