For the first five months of 2010, the Home Development Mutual Fund (Pag-IBIG Fund) released a total of P14 billion in short-term loans to more than 720,000 members.
Of the total amount, multi-purpose loans (MPL) accounted for 87 percent released to 628,184 members, while the remainder was accounted for by calamity loans which benefited more than 90,000 members. The Fund posted an 80 percent increase disbursed for MPL for the first quarter of the year.
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The increase in multipurpose loans is accounted for by the need of Pag-IBIG members to pay for the tuition of their children. The MPL can also be used for paying hospital bills, appliance purchases, minor home repairs, and for settingup small business.
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Under the program, an eligible borrower should have made at least 24 monthly contributions and is an active member at the time of loan application, with at least five monthly contributions for the last six months. Members can borrow up to 80 percent of their total savings.
The support from Pag-IBIG is expected to increase further with the signing of the Home Development Mutual Fund Law of 2009 (Republic Act No. 9679).
Under the new law, membership has been expanded to other income-earning groups. It is now open to all Filipino workers, be they in the formal or informalsector, within Philippine shores or beyond.
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Under the universal membership coverage, the following are covered by the Fund: All employees who are compulsorily covered by the Social Security System (SSS); all employees who are subject to mandatory coverage by the Government Service Insurance System (GSIS); uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police; Overseas Filipino Workers; and Filipinos employed by foreign-based employers, whether deployed in the country or abroad.
Through the judicious management of its funds and the simplified processes of obtaining support, the Home Mutual Development Fund has really provided the needed assistance for many Filipino families to build their houses and support them in financing their periodic familial needs.