Pag-IBIG raises cash loan cap to 90% of savings starting May 16

MANILA, May 11 ------ Home Development Mutual Fund or Pag-IBIG Fund members can borrow up to 90 percent of their savings starting May 16. "Mas pinadali at pinalaki na ang Pag-IBIG Multipurpose Loan sa pamamagitan ng 90 percent loanable amount mula sa iyong savings, pinaikling 12-month eligibility, at mas maraming repayment options," the agency said in a public advisory. 

This enhancement is part of its goal to provide more members with accessible funds for future needs. Members with upgraded Regular Savings can avail of a larger loan since loan entitlement is based on their total savings. Previously, the cap or maximum amount members could borrow was 80 percent of their savings after 24 months of contribution. 

The cap increase is also available for the Health and Education Loan Programs and the calamity loan. Earlier, Pag-IBIG Fund Chief Executive Officer Marlene Acosta said the multi-purpose loan remains affordable at 1.4583 percent monthly interest rate despite the enhancements. 

The state mutual fund released PHP70.3 billion in cash loans to more than 3.2 million members in 2024. The figure is the highest amount of cash loans disbursed in a year. It aims to assist about 3.6 million members with projected cash loan releases of up to PHP95.3 billion this year. 

Source: pna.gov.ph