For school opening: Pag-IBIG extends LBP ATM requirement to get loans

Due to the ongoing enrollment and other expenses for the opening of classes, the Pag-IBIG fund Cebu City Branch announced that it has extended until June 30 the period for its qualified members who have not yet opened a Land Bank of the Philippines ATM account to avail of the Multi-Purpose Loan.

Pag-IBIG Cebu City Branch Manager Antonio Enriquez encouraged employees to immediately avail of the MPL that will be released by checks that can be claimed at the agency's office or mailed to the member's mailing address. It can also be claimed through the fund coordinator or a co-employee of the member-borrower duly authorized by the member's employer. The borrower should also execute a Special Power of Attorney for the fund coordinator.

The agency is now accepting applications in batches of five through its express lane.

Enriquez also said that the LBP ATM Account is already mandatory for those members who have wanted to avail of the MPL since last January. He urged the members to secure the said account as soon as possible to avoid delay in their future MPL application.

The MPL is a short-term financial assistance program of the Pag-IBIG Fund for the purposes of minor home improvement, livelihood, medication, education, purchases of appliances, furniture and other needs. All members who contributed for at least 24 months and are actively paying contributions are qualified to apply for the loan.

The loan amounts up to 60 percent of the member's Total Accumulated Value of savings and its interest rate is 10.75 percent per year. The member may renew the loan upon its anniversary and payment of at least half of the principal. The outstanding balance together with any accrued interests, penalties, and charges, shall be deducted from the proceeds of the new loan. - Noreen B. Napoles