MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, is expecting that home loan applications and savings transactions will increase as it moves toward improved digitalization.
Pag-IBIG formally launched the Virtual Pag-IBIG mobile app, allowing Pag-IBIG members to view their savings, annual dividends, payment history, and loan balances and dues, among others.
Pag-IBIG CEO Marilene Acosta said the mobile app would usher in more transactions for the agency as it makes more available its services digitally.
“We are expecting all transactions to increase with the mobile app. Our partner developers will no longer have a problem because they can now verify via the app if they are eligible for a housing loan or a multipurpose loan,” Acosta told reporters.
“I don’t want to project (how much increase) but I’m very sure it will create a big impact on our lending program,” she said.
For this year, Pag-IBIG is targeting to release as much as P110 billion in home loans. As of end-September, the agency has so far released P83 billion.
Acosta is also confident that Pag-IBIG can finance its original target of at least 708,000 housing units and help address the housing backlog in the country.
“That is just the minimum. If there are more applications, then we will continue to provide financing to our members. The mobile app will help a lot,” she said.
The mobile app was soft launched in August via Google Play and was made available via iOS last month. So far, Pag-IBIG recorded an initial 600,000 mobile app users.
Further, Pag-IBIG director Robert Cosico said the mobile app is a spin-off of the original Virtual Pag-IBIG started in December 2019.
Cosico emphasized that the online version served as the bridge that connected Pag-IBIG to its members and delivered services even amid the mobility restrictions due to the pandemic.
The online version served nearly four million Pag-IBIG members in three years.
Now, Acosta said the mobile app is another innovation that is aimed at benefiting Filipino workers.
The mobile app will allow members to confirm savings remitted and loan payments made through all channels, and monitor their loan balances and due dates.
The app features various Pag-IBIG products and services such as regular savings, MP2 savings, housing, multipurpose and calamity loans, as well as online payments.Pag-IBIG has 14 million active members and has P800 billion in total assets which is expected to reach P1.5 trillion by 2028.