Pag-IBIG to tap private banks for new program

The Pag-IBIG Fund is planning to tap private banks in the implementation of its Payroll Credit System Validation for members from the private sector.

Pag-IBIG Fund assistant regional manager Rio Teves yesterday said that presently the use of Land Bank of the Philippines for PACSVAL is only temporary.

But LBP clients have been clogging up since PACSVAL was also implemented in the private sector, whose membership is more than double that of government sector.

The system was implemented in government sector in April while it took effect in the private sector last month.

But Pag-IBIG has announced that the implementation is extended up to January 2 next year to give enough time for its members to open an LBP automated teller machine account.

Under the new system, Pag-IBIG's multi-purpose loans will be automatically credited to the bank account instead of the usual checks mailed to the members. - Gregg M. Rubio