Pag-Ibig Cebu City sees hike in loan applicants this year

CEBU, Philippines – The Home Development Mortgage Fund or Pag-Ibig Cebu City branch saw an increase in its membership and in loan applications this year.

Provident Fund Division chief, Ana Maria Santos, in a media forum, said there were 40,810 members who availed of the short-term loans as of June 2010 compared to the same period last year with only 35,000 applications.

This year's increase is equivalent to 47 percent of loan applicants of their targeted 86,696 number of borrowers. Total loan amount expected to be released is P1,447,836 but the actual amount released for the short-term loan was only P742,684, Santos added.

According to her, they are encouraging members to avail of their Pag-Ibig benefits such as the multi-purpose loans and calamity loans.

She said they sent letters to members especially to those who have not availed of these benefits informing them of the amount that they can loan from Pag-Ibig.

During the forum, officials also discussed Republic Act 9679 or Home Development Mutual Law of 2009.

The law strengthens the Fund's capability as an instrument that will effectively achieve its objectives to improve the quality of life of Filipinos by providing them with sufficient shelter; integrated nationwide provident savings system; and housing through the mobilization of funds for shelter finance.

This law was signed by former President Gloria Arroyo on July 21, 2001 and became effective on August 27, 2009.

Santos said the membership to Pag-Ibig is not only limited to employed persons but it is extended to other working groups such as non-working spouses, leaders and members of religious groups.

Memberships also include Filipino employees of foreign government or international organization; a member separated from employment, local or abroad or ceased to be self-employed and Filipinos who are permanent residents or immigrants abroad.

Public officials or employees not covered by GSIS (barangay officials and employees, chairman of Sangguniang Kabataan) and employees of an employer who is granted a waiver or suspension of coverage to be self-employed are also covered by Pag-Ibig. (THE FREEMAN)