PAG-IBIG Fund officials announced on Wednesday that its cash loan, the PagIBIG Multi-Purpose Loan, is ready to assist members with their school-related fees as the academic season starts this month.

The Multi-Purpose Loan is the agency’s affordable and easily accessible cash loan.

Qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Loan processing is as fast as 3 days, with the loan conveniently credited to the borrower’s Pag-IBIG Loyalty Card Plus.

The proceeds can be used to pay for tuition and other school-related expenses, as well as medical expenses, minor home improvement, or even serve as capital for small businesses.

“We at Pag-IBIG Fund recognize that many of our members rely on us for immediate financial assistance. This becomes more prevalent when the school season begins. That is why we are always ready to assist our members, particularly those seeking funds to address school-related expenses with our Pag-IBIG Multi-Purpose

Loan,” Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Chairman Jose Rizalino Acuzar said.

“All these efforts are in line with the call of President Ferdinand Marcos Jr. to provide our fellow Filipinos the means to have better and dignified lives,” he added.

The loan is payable in 24 or 36 monthly installments, with the first payment deferred for two months, and comes at an interest rate of 10.5 percent per year.

Pag-IBIG Fund added that over the past years, it has returned more than 90 percent of its income, mostly derived from interest on loans, to members in the form of dividends.

Pag-IBIG Fund Chief Executive Officer Marilene Acosta said the cash loan is more accessible with its more than 200 branches, its online facility Virtual PagIBIG, and the Virtual Pag-IBIG mobile app, ready to accept loan applications from members.

“Overall, the Pag-IBIG MPL can be used to pay for tuition and school-related fees. Pag-IBIG Fund believes that education is one of the keys to a brighter future and a better life. We aim to aid parents in securing these for their children and hopefully, we can contribute to bettering the lives not just of the individual Filipino worker but their families as well,” Acosta said.

As of June this year, the agency has assisted 1,182,996 members with their financial needs with the release of cash loans totaling a record high of P26.17 billion. Of this amount, 13.8 percent or P3.61 billion were released to aid 134,140 members with tuition and enrolment fees, and other school-related expenses.