Members of the Pag-IBIG Fund can borrow more and qualify sooner for cash loans, following an upgrade of its Multi-Purpose Loan (MPL).

Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro made the announcement in a press briefing, as she welcomed the improvements in the loan program.

“Another piece of good news for Pag-IBIG members. In response to the continued needs of members, the qualification process for the Pag-IBIG Multi-Purpose Loan has been expanded and made easier,” Castro said.

Castro noted that under the upgraded MPL, qualified members can borrow up to 90 percent of their total Pag-IBIG regular savings, up from the previous 80 percent.

She added that members with upgraded Regular Savings can avail of a larger loan, as loan entitlement is directly based on their total savings.

“For members, their regular savings have been increased and upgraded, which will further increase their loan amount because their loans are based on their savings. Overall, members can receive more from the MPL to better meet their needs,” she said.

Castro said higher loan amounts and faster eligibility also apply to Pag-IBIG short-term loan programs, including Health and Education Loan Programs (HELPS) and the Calamity Loan.

She said active members with 12 months of Pag-IBIG contributions can now apply for a loan, faster than the previous 24-month requirement.

“The time for members to become eligible to avail of the loan has also been shortened,” Castro said.

“This means that more members will be able to access funds sooner for their immediate needs,” she added. 

PNA PHOTO