Pag-IBIG Fund OKs P716M in cash loans amid community quarantine

State-run Home Development Mutual Fund (Pag-IBIG Fund) on Monday said it has approved cash loans worth P716.26 million for members affected by the enhanced community quarantine (ECQ).

In a statement, Pag-IBIG said the amount covers short-term loan (STL) -- composed of the Calamity Loan and the Multi-Purpose Loan (MPL) applications of 37,901 members.

The STL program serves as a source of funds where qualified members can borrow up to 80% of their total savings in the Pag-IBIG Fund.

"In support of the government's efforts and following the directives of President Duterte to take care of the welfare of our fellow Filipinos, especially during this pandemic, we approved cash loans amounting to P716.26 million to help our members with their finances during these challenging times," said Secretary Eduardo del Rosario, who heads the Pag-IBIG Fund Board of Trustees.

"We expect the number of members helped and the amount approved to increase in coming days as processing continues," he elaborated.

President Rodrigo Duterte earlier ordered an enhanced community quarantine in Luzon from March 17 to April 13. It has since been extended to last until April 30 given the rising number of confirmed cases of the coronavirus disease 2019 (COVID-19).

In line with this, Pag-IBIG said it has enabled the online application for both the Calamity Loan and MPL to minimize disruption in service during the ECQ.

"Our members have come to rely on our cash loans for emergencies and this time, it's no different. That's why we moved the application process online and set up multiple email addresses to receive applications by area," said Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti.

The agency has since received 221,851 cash loan applications via email as of April 15, 2020.

"Our offices may be closed but our operations continue. We are receiving as many as 10,000 email applications in a day which is a lot to process considering we are operating on a limited capacity but we are always ready to serve our members. We recognize our members’ need for assistance and we will do our best to help them. That is our pledge as Lingkod Pag-IBIG," said Moti. — RSJ, GMA News