Pag-IBIG Multi-Purpose Loan (MPL) and calamity-loan borrowers are in for a faster, more convenient, and safer way of receiving and using their loan proceeds.
Together with industry leaders Citi Philippines and Visa, the Pag-IBIG Fund today launched the new Pag‐IBIG Citi Prepaid Card, powered by Visa. Available to its members here in the country, the prepaid card is a stored value card that gives its owners the ability to pay for purchases in different establishments that accepts Visa cards such as department stores, appliance stores, grocery stores, drugstores, bookstores, and others.
The Pag-IBIG Citi Prepaid Card is a reloadable prepaid card and can be used for the disbursement of MPL and Calamity loan proceeds. Members may sign up to avail of the card for the release of their benefits upon filing their loan applications.
During the launch, Pag-IBIG Chief Executive Officer Atty. Darlene Marie Berberabe lauded the partnership of Pag-IBIG with Citi Philippines, saying “this is the kind of beneficial consequence that results when government and the private sector work together towards a common goal.”
Pag‐IBIG tapped the banking experience and the financial expertise of Citi Philippines to assist in the distribution of the monetary benefits to its members. With Atty. Berberabe at the press launch were Mylene Caparas, Head of Transaction Services for Citi in the Philippines; and Iain Jamieson, Visa Country Manager for the Philippines and Guam.
“Citi is pleased to partner with the Pag-IBIG Fund and offer Pag-IBIG members the choice of receiving their loan benefits via a prepaid card. It’s certainly a more secure alternative to carrying cash, plus with a three-year validity, the card can be reloaded should the owner avail of another loan during that period. This is one of the most exciting products in our transaction services portfolio, and we are pleased with the warm reception so far,” Caparas said.
Borrowers who are interested to apply for the Pag-IBIG Citi Prepaid Card can go to the nearest Pag-IBIG branch office and file their MPL or Calamity loan application where they will receive their prepaid card. Once the application has been approved and the loan proceeds credited to their Pag-IBIG Citi Prepaid Card, the member can then shop at over 130,000 Visa accepting merchants nationwide and withdraw cash at any local ATMs. The card powered by Visa ensures easy, secure and convenient payment transactions in tens of millions of establishments worldwide and online. Visa cardholders also have greater peace of mind when traveling, with access to 1.96 million ATMs in more than 200 countries and territories worldwide.
“Over the years, Visa has developed close relationships with governments around the world to create greater efficiencies through electronic payments. In fact, electronic payments have been recognized as a factor in stimulating economic growth and consumption to benefit local economies—in 2012, we saw more than 80% year-on-year growth for Visa prepaid cards locally. Our partnership with Pag-IBIG and Citi is just one of the many initiatives that showcase our commitment in providing cardholders with safe and convenient ways to make transactions, as well as extend the many benefits of Visa to a wider range of Filipinos,” said Iain Jamieson.
The MPL program aims to provide financial assistance to members for their varied needs including, minor home improvements, additional capital in small business, tuition or educational expenses or for health and wellness. The loan carries an annual interest of 10.5% per annum. On the other hand, members who reside in calamity-stricken areas can apply for a calamity loan where they can borrow up to 80% of their total savings at only 5.95% interest per annum. Both loan programs have a payment period of two years and are available to members who have made at least 24 monthly contributions.
Press release from the Home Development Mutual Fund