Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 28 May 2020 07:41:04 +0000
STATE-run Home Development Mutual Fund (Pag-IBIG Fund) has more than enough liquidity to provide much-needed loans for its members during the coronavirus disease 2019 pandemic.
This assurance came from Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, who joined the The Manila Times Business Forum 2020 online on Thursday.
“We expect a huge number of our members to go into our branches to avail of calamity loans when this MECQ (modified enhanced community quarantine) is lifted in Metro Manila,” he said.
Moti emphasized that the state-owned firm has increased its budget for calamity and multi-purpose loans to P60 billion, which are “more than enough” to address the surge in loan availments of members.
Besides this, Moti added that the Pag-IBIG Fund could also tap its P65-billion total investment fund, which are mostly placed in government securities.
Moti also said members’ contribution, which will be remitted by employers, will also boost the firm’s liquidity.
“And as a matter of preventive action what I asked our finance and treasury was to hold on to cash and near cash for the meantime, knowing that there is going to be a huge demand from our members. So we’re pretty good in terms of liquidity,” he said.