Pag-Ibig assures members of liquidity

Amidst the worsening economic conditions, Pag-Ibig assures members of a sustainable fund and is still optimistic that it will stay strong and resilient.

To mark its 28th year anniversary, Pag-Ibig recently sponsored a Kapihan sa PIA program which tackled inherent issues regarding the sustainability of the fund and the agency’s various accomplishments here in Cebu.

Pag-Ibig Fund Mandaue Branch department manager Victoria B. de la Peña reported that as of November, its membership already reached to 242, 857, which increased over the previous year’s more than 230, 000.

For multi-purpose loans, there have been around 82, 211 members who availed of loans disbursing around P1. 2 billion, 28 percent of which were processed under fax value while 72 percent were on check.

As for the housing loans, the branch was able to provide P848. 344 million to 1, 908 members which could be accounted for around 1, 385 housing units.

De la Peña said that aside from these accomplishments they were also able to acquire assets that could be disposed for additional funding that are located in Consolacion, Compostela, Danao, Bogo and Lapu-Lapu.

Meanwhile for Cebu branch which composes Metro Cebu and the rest of the provinces in the South as well as Dumaguete and other neighbouring islands, membership reached to 271, 457 which also increased from last year’s 246, 000, reported Pag-Ibig Fund Cebu City Branch department manager Antonio C. Enriquez.

He said that their multipurpose loan take outs has now reached to around P1. 62 billion availed by 62, 975 borrowers and this is 106 percent over target and 124 percent increase in the value as they were unable to meet their targets last year.

For the housing loan availments, there were around 1, 345 borrowers which amounted to around P951. 135 million and this is estimated to a one is to one ratio for the units built, said Enriquez.

While for the short term loans, the branch released around P1. 062 billion availed by 62, 975 member borrowers.

As for their collections, Cebu City branch was able to generate P 297. 078 million in the housing loans, P1. 038 billion for the short term loans and P529. 109 million for the multipurpose loans, which is around 90 to 102 percent over target.

Both department managers are also positive that the impacts of the current global financial crisis will not take a toll on the Pag-Ibig Fund.