SUBIC BAY FREEPORT – The Home Development Mutual Fund or Pag-IBIG Fund recently launched the Online Short-Term Loan (STL) to extend an additional facility on availing its loan program application to Subic Bay Metropolitan Authority (SBMA) employees.
The memorandum of agreement (MOA) was signed between SBMA Chairman and Administrator Rolen C. Paulino and Pag-IBIG Central Luzon representative Sharon Ravelo at the administration building of the agency.
The MOA cites that the Pag-IBIG Fund shall implement the Online STL application through Virtual Pag-IBIG, while the SBMA supports the program by certifying and confirming the STL application of its employees and submits online to Pag-IBIG.
Paulino lauded the efforts of Pag-IBIG in helping the employees of the SBMA, citing that having an agency where they can loan funds would be a big help especially that the whole world is reeling from the effects of the pandemic.
“Our employees can now avail of the Online STL loan that would provide help during these trying times. It is hard enough for us to go through this pandemic without any additional income. It would certainly be harder also if we cannot find an institution that would lend us the finances we need,” he said.
Under the Online STL, Pag-IBIG will require the SBMA to enroll in the Pag-IBIG Virtual Employer registration site by accomplishing the Employer’s Pag-IBIG Enrollment Form to enable its usage for online STL, and to certify and confirm the STL applications of the SBMA employees.
Part of the MOA is for the Pag-IBIG Fund to ensure that the SBMA is religiously paying the Membership Savings (MS) and other obligations with the Fund and without legal pending case.
The SBMA will collect the monthly amortization of the loan and the MS of the applicant, through salary deduction, together with the employer counterpart, and remit the amount to the Pag-IBIG Fund every 15th of the month for the duration of the loan.