Pag-ibig set to use LBP to credit loan proceeds

Pag-Ibig Fund 7 has announced that effective January 2 next year, it will strictly implement the crediting of members' multi-purpose loan proceeds through Land Bank of the Philippines' Payroll Credit System Validation (PACSVAL) facility.

Pag-Ibig Region 7 chief of marketing and enforcement division Sarah Javier said that all multi-purpose loan borrowers, either in the private or public sector are now required to open an account at the Land Bank of the Philippines effective next year.

"Concerned MPL member-borrowers who have no savings/ATM account with LBP are advised to open one to be eligible for the MPL under the PACSVAL facility," Javier said.

It would be until December 31 wherein members can still have the chance to avail of the MPL even if they have not opened an ATM Payroll Account with LBP. The release of their MPL proceeds will be through the issuance of checks, which can be claimed personally at the Pag-Ibig office.

However, unlike the PACSVAL facility wherein borrowers can easily get loan proceeds within 2 to 3 days, members with no LBP account or those who did not avail of the PACSVAL facility will have to undergo the tedious process in availing of the multi-purpose loan.

Through this facility, members will receive the proceeds of their loans directly through their existing savings/ATM accounts with LBP, instead of the usual procedures or releasing checks individually or by mail.

The credited proceeds can then be verified and withdrawn from any Megalink/Express Net/LBP ATM machines available nationwide.

Javier said that electronic bank transaction is not only convenient, it also prevents members from carrying large sums of money and attracting snatchers or robbers.

To be able to avail of the facility, requirements will be two valid IDs, two recent 1x1 photos and the proof of billing. Members with LBP account will only have to present a letter of introduction to Land Bank. - Jasmin R. Uy