Pag-IBIG gives LBP cash cards to members availing of MPL

CEBU, Philippines - The Home Development Mutual (HDMF) or Pag-IBIG started giving out Land Bank (LBP) Cards to its members who have applied for a Multi Purpose Loan (MPL).

In a press release sent to The FREEMAN, Rio Teves, Pag-IBIG department manager III, said the LBP cash cards are exclusively given to members who apply for the MPL program, the amount of which will be directly credited or deposited to the said cash cards, unlike the previous procedure where approved loans were released in checks.

“It is easier and more convenient through the LBP Cash Card.  MPL proceeds or approved loan amount is deposited directly to the member-borrower’s Cash Card account and can be withdrawn anytime and anywhere through any Landbank ATM, Expressnet, Megalink, and all Bancnet member banks,” Teves said.

Through the LBP Cash Card system, there is no maintaining balance, no opening deposit required, no dormancy period and enrollment fee is free for the first 37,000 MPL member-borrowers.

To avail of the LBP Cash Card, a Pag-IBIG member must avail of the MPL and must apply personally from Monday to Friday between 9:00 a.m. to 3:00 p.m. only in order to have their account activated automatically.

The LBP Cash Card is an electronic debit card that utilizes the stored value system and like the Automated Teller Machine (ATM) card, it operates on magnetic stripe technology with Personalized Identification Number (PIN)-based protocol. The cash card is a special product for institutional clients and has its own special features.  (FREEMAN)