Members of Pag-IBIG Fund can ensure better savings for themselves in the future aside from having a possible source of additional income by putting up a business.
Jacqueline Constantino, vice president for North Luzon of Pag-IBIG’s Member Services Operations Group (MSOG), in a press conference here on Tuesday said: “We help and guide our members build their future. At least, their savings are earning high dividends at 6.55 percent per annum tax-free. With the Barkada Franchise Financing (BFF) loan, they can establish a business using the capital that will earn while the savings they have with Pag-IBIG is also earning.”
On the sidelines of the signing of a memorandum of agreement (MOA) with a private business provider for members, also on Tuesday, Constantino said under the BFF, a group of two or three or more friends or family members can put together the amount they need for capital from a loan that they can obtain.
Availing of loan through the BFF program will also enable the members to receive business assistance that will help in shaping their business, even before they file the loan.
“This is like a multi-purpose loan but here, they are guided on how to use the loan amount obtained. Pag-IBIG, on the other hand, will help them as they go through the process of improving their business and even after the business has been set up, we will continue to monitor to extend help,” Constantino said in Filipino.
She added that they have a list of franchises which have entered into a MOA with Pag-IBIG that the members can choose from and avail of discounted prices as a loyalty card holder.
“We are flexible. There are those who applied for the BFF loan to avail of equipment like icemaker because they spend so much on ice. There are also those who just want an additional product in their existing business. We are not limited to the franchise, but we extend to them whatever they need, and we will give support being members,” the officer explained.
Since the inception of the loan program, there were already 30 members who have availed of the BFF program and their businesses are thriving, according to Constantino.
Vivienne Nicdao, chief executive officer of YenMarc Food Cart Inc., the latest company to enter into a MOA with Pag-IBIG, shared their experiences with clients during the press conference.
“There are lots of overseas Filipino Workers (OFWs) who want to get a franchise, but their problem is capital. However, now that problem is solved with Pag-IBIG membership that can really help them establish even a small business to start with,” Nicdao said in Filipino.
She also said that franchising is a solution for many OFWs who desire to put up a business.
“If they are Pag-IBIG members, they can already start a business and they do not have to go abroad to earn a living because there are opportunities even here in the country,” she added in Filipino.
Meanwhile, Constantino said there are now some 500 establishments who have partnered with Pag-IBIG for the “Loyalty Card” which enables members to avail of discounts. (PNA)
