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Pag-ibig bares new loan scheme

First Posted 11:59:00 02/01/2008

Starting Feb. 4, the Pag-ibig Fund Cebu City branch will accept multi-purpose loan (MPL) applications either through drop box-24/7, fax or e-mail.

The drop box-24/7 will accept MPL applications 24 hours a day, seven days a week. An acknowledgment receipt will be issued to the loan applicant after the loan transaction has been done.

The MPL application, along with the needed requirements, can also be submitted through fax nos. 2329657 and 415-5002 or through email address pagibigmplcebu@yahoo.com .

But the original copies of the MPL application and its supporting documents must be submitted by the loan applicant to Pag-ibig upon claiming his/her check.

The processing time under the new system is one day for new loan and three days for loan renewal.

Ann Santos, chief of the Provident Benefits Division of Pag-ibig Cebu City, said that during a forum of the Association of Government Information Officers in Central Visayas held at the office of the Philippine Information Agency last Tuesday, the new system is intended for workers who don't have time to follow-up their loan application.

Santos encouraged the Pag-ibig members to avail of the MPL to take advantage of their privilege as members.

Antonio Enriquez, branch manager of Pag-Ibig Cebu City, admitted that last year, their office came short of its collection target because the number of borrowers has decreased.

Enriquez said only around 63,000 members availed of the multi-purpose loan last year, 2,000 short of their expectation of 65,000 borrowers.

Enriquez said the lack of big companies in the southern part of Cebu might have contributed to the decline in their collection target.

He was optimistic, though, that with the new system and an additional 90,000 new members, the Pag-ibig will surpass its target of 71,000 borrowers this year with a loan amount of P1.3 billion. For more information on the new MPL scheme, plase call 2342778 or 4158311 and look for Joan or Glady or the Marketing section at 4155003 or 2342792. /Correspondent Chris A. Ligan


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