MANILA, Philippines — The state-owned Residence Growth Mutual Fund or Pag-IBIG has made its money loans extra versatile by extending its fee time period to 3 years, its high officers introduced final week.
In an announcement Thursday, Pag-IBIG mentioned it continues to enhance its packages to reply to the wants of its members.
“This yr, we’re lengthening the time period of our money loans from two years to 3 years to present debtors extra time to repay their loans, and extra importantly, to make its month-to-month funds decrease,” mentioned Secretary Eduardo del Rosario, Chairman of the Division of Human Settlements and City Growth (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s money loans come within the type of a Multi-Objective Mortgage (MPL), and a Calamity Mortgage (CL) for areas beneath a state of calamity. Often known as Brief-Time period Loans (STL), the MPL and CL function reasonably priced and readily accessible sources of funds for its members.
In line with the company, certified members can borrow as much as 80 p.c of their complete Pag-IBIG Common Financial savings, which consists of their month-to-month financial savings, their employer’s counterpart contributions, and dividends earned yearly.
The proceeds can then be used to pay for tuition charges, medical bills, minor dwelling enhancements, as capital for small companies, or as emergency fund throughout calamities.
“Pag-IBIG money loans are paid over the course of 24 months. And now, our members have the choice to increase the time period to 36 months. By selecting the longer fee interval, members can take pleasure in considerably decrease month-to-month funds,” Pag-IBIG Fund Chief Govt Officer Acmad Rizaldy Moti mentioned.
He famous that they’ve lowered month-to-month funds by nearly a 3rd with the extension of the fee interval. With the typical money mortgage amounting to P20,000, members pay P1,016.52 per thirty days for a Multi-Objective Mortgage and P897.23 per thirty days for a calamity mortgage beneath a two-year fee time period.
Nonetheless, with the brand new three-year fee time period possibility, the quantity of every month-to-month fee shall be lowered to solely P734.57 a month for a Multi-Objective Mortgage, and P615.72 month-to-month for a calamity mortgage.
Pag-IBIG mentioned that with funds unfold out over an extended interval, month-to-month funds had been introduced down by 28 p.c for a Multi-Objective Mortgage and 31 p.c for a calamity mortgage.
“We acknowledge that these are difficult instances, and we’re doing all we are able to to assist our members because the well being emergency continues. From January to July alone, we’ve got launched P25.42 billion in money loans to help greater than 1.1 million members,” mentioned Moti.
“We’re poised to assist extra members within the coming months, now that the prolonged fee time period has made our money loans much more reasonably priced. We additionally made the method of making use of for loans safer and extra handy by accepting mortgage functions on-line by way of the Digital Pag-IBIG,” he added.
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