DEPARTMENT of Human Settlements and Urban Development (DHSUD) Secretary Eduardo Del Rosario on Sunday commended officials of the Home Development Mutual Fund or PagIBIG Fund for their swift action to aid thousands of members amid the coronavirus 2019 (COVID-19) crisis.
"Pag-IBIG's pro-active stance on making funds immediately available for loans to our members is huge amid these difficult times," said Secretary Del Rosario, chairman of the Pag-IBIG Fund Board of Trustees (BOT).
"I also commend Pag-IBIG officials for implementing easier procedures, particularly the online applications, for our members to avail of the program while following quarantine protocols," he added.
Del Rosario presided over a meeting of the Pag-IBIG Fund Board of Trustees (BOT) through a teleconference last Friday, April 17 when Pag-IBIG management briefed the BOT on the agency's measures to aid members and assessed the impact of the COVID-19 crisis.
During the briefing, Pag-IBIG Fund officials announced the approval of cash loan applications of 37,901 members affected by the extended enhanced community quarantine (ECQ) due to COVID-19.
They said the agency has granted cash loans amounting to P716.26 million to help members with their finances during the lockdown.
Del Rosario said the move was in compliance to the directive of President Rodrigo Duterte for all government agencies to take care of the welfare of all Filipinos amid the crisis.
Pag-IBIG Fund's cash loans — also known as short-term loans (STL) — are composed of the Calamity Loan and the Multi-Purpose Loan (MPL).
The STL programs serve as a readily-accessible and affordable source of funds where qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund.
Currently, members, or employers acting on their behalf, were allowed to submit loan applications through email and the move was made to minimize disruption in service during the ECQ.
The Pag-IBIG Fund has started accepting applications via email just three days after the ECQ was imposed in Luzon last month.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said they have received 221,851 cash loan applications as of 15 April.