THE HOME Development Mutual Fund (Pag-IBIG Fund) has approved over P700 million worth of cash loans for its nearly 38,000 members since the Luzon-wide enhanced community quarantine took effect last month, its top official said.

In a statement over the weekend, Pag-IBIG Fund Board of Trustees Chairman Eduardo D. del Rosario said they have approved over P716.26 million worth of loan applications from its 37,901 members during the lockdown period, and are expecting more loans as application processing continues.

Pag-IBIG Fund CEO Acmad Rizaldy P. Moti said they received 221,851 cash loan applications via e-mail as of April 15.

The agency offers short-term cash loans via its Calamity Loan and the Multi-Purpose Loan (MPL) programs. These short-term loans provide its members a “readily-accessible and affordable” source of funding where they can borrow up to 80% of their total Pag-IBIG Fund savings.

Pag-IBIG Fund said it has been accepting loan applications via e-mail since March 20, three days after the lockdown took effect on March 17. Pag-IBIG Fund moved the application process for the two programs online amid the coronavirus disease 2019 (COVID-19) pandemic, allowing its members or their employers to submit the applications via e-mail.

Mr. Moti said the agency receives as much as 10,000 e-mails per day, which he admitted “is a lot to process,” but assured its members they will continue to operate despite temporarily closing down their offices.

Earlier, the Pag-IBIG Fund granted a three-month moratorium on loan payments for housing, multi-purpose and calamity loans due on March 16 to June 15, to ease the burden of people affected by the lockdown.

Pag-IBIG Fund saw its net income grow by four percent to P34.37 billion in 2019 from P33.17 billion recorded the year prior.

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