Pag-IBIG releases P23 B short-term loans

The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, released almost P23 billion in short-term loans during the first four months of the year to help members access additional funding.

- LOUISE MAUREEN SIMEON

In a statement, Pag-IBIG said it disbursed P22.63 billion in cash loans from January to April, benefiting some 965,000 members.

The amount is 38 percent higher than the P16.44 billion released in the same period last year.

Pag-IBIG Fund CEO Marilene Acosta said the new mandatory monthly contribution rate of P200 for both the employees and employers is allowing members to avail of higher cash loans.