Pag-IBIG released P2.52B in short-term loans in 2015

CEBU, Philippines - A total of P2.52 billion short-term loans were availed by members from Cebu of the Home Development Mutual Fund in 2015, according to official data.

The data provided by HDMF, popularly known as Pag-IBIG Fund, indicated that its Cebu branches — Cebu Ayala, Cebu Downtown, Talisay, Mandaue and Mactan — registered a total of 131,626 borrowers.

 Short-term loans (STL) include multi-purpose loan (MPL) and calamity loan (CL).

 In Cebu, the state-run home financing agency released a total of P2.50 billion multi-purpose loans and P17.09 million calamity loans.

 Of its five Cebu branches, only Cebu Ayala and Mactan branches surpassed their targets in STL availment and borrowers served by more than 100 percent while the rest missed their targets.

 In the whole Visayas region, total Pag-IBIG short-term loans availed amounted to P5.48 billion, 20 percent short of its target to release P6.85 billion. 

 In Visayas, a total of P5.4 billion multi-purpose loans and P87 million calamity loans were availed by 248,765 borrowers, 19 percent short of the agency's 308,104 target borrowers.

 As of November last year, Pag-IBIG's STL collections from Cebu totaled P2.8 billion. STL collections from Visayas reached P6.3 billion.

 According to Pag-IBIG, only members who have made at least 24 monthly contributions can apply for either MPL or CL.

 In an earlier interview with Rio Teves, business development manager for Pag-IBIG Visayas, he also revealed the agency is keeping its 6.5 percent interest rate for housing loans under a three-year fixed pricing scheme.

 In fact, he said the interest rate might be reduced soon, based on initial observations, but he would not want to preempt yet. (FREEMAN)