Pag-IBIG short-term loan eligibility reduced to 12 months

Pag-IBIG Fund members in the Philippines will soon find it easier to get short-term loans. The eligibility period for loan applications is being reduced from 24 months to just 12 months of savings. This change was announced by Marilene Acosta, the CEO of Pag-IBIG Fund, during a recent report on the agency's achievements for 2024. This adjustment is expected to help many members, especially those with low incomes, meet urgent financial needs. Members can apply for various loans, including the Multi-Purpose Loan, Calamity Loan, and the new Lung Health Loan. By 2025, Pag-IBIG targets around 3.62 million members to avail of these loans. The Visayas region is predicted to contribute at least 436,000 borrowers, an increase from 386,000 in 2024. Total loan disbursement for 2025 is projected to reach ₱98.32 billion nationally. To make loan processing faster, Pag-IBIG will upgrade its system. This upgrade aims to reduce the time it takes to receive loan funds, which could be as quick as five minutes, compared to the current twice-a-day schedule. In addition to cash loans, Pag-IBIG is focusing on affordable housing. The agency plans to finance 111,648 housing units by 2025, with 13,427 units in the Visayas region. A new housing project is being developed in Toledo City through a partnership with local organizations. Acosta emphasized that these loan options are crucial for low-income workers who may need immediate financial help. She noted that the changes are aimed at providing better support for both immediate and long-term needs of Pag-IBIG members.