By Mitchelle L. Palubsanon/LPM (The Freeman) Updated July 21, 2011 12:00 AM
CEBU, Philippines - The Home Development Mutual Fund (Pag-IBIG Fund) has extended an incentive program for housing loan borrowers who are up-to-date with their payments.
The extension, approved by Pag-IBIG Fund’s Board of Trustees headed by Vice President Jejomar Binay, will benefit some 76,000 members.
In a statement to The FREEMAN, Binay said by continuing the program, the fund further encourages its members to be good payors.
He said he is glad that a substantial number of members are paying their loans diligently and on time.
The program aimed at improving the institution’s collection efficiency by encouraging members to pay their amortizations on time.
Darlene Marie B. Berberabe, the fund’s chief executive officer, said eligible borrowers under the housing loan program are entitled to a maximum of two percent discount on their interest if they pay on or before their due date.
The fund had granted P269.8 million in discounts in 2010 alone. Since the start of the program in 2007, the fund has granted P1.2 billion in discounts to qualified borrowers.
Berberabe said over 76,000 borrowers stand to benefit from the program’s extension, which is up to May 31, 2012. — (FREEMAN)
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