Thursday, August 29, 2013
Pag-IBIG Fund link up with businesses to become more relevant
The Home Development Mutual Fund, more popularly known as Pag-IBIG Fun is set to link up with at least 19 business partners per region every quarter in up to 32 key cities in the country to make the Fund more relevant to the daily lives of its members.
“How do we make Pag-IBIG Fund more relevant to those who are saving but are not yet ready to borrow money for housing” was one of their concerns according to Pag-IBIG Fund president and CEO Darlene Marie Berberabe Wednesday.
Ms. Berberabe, who was in the city Wednesday for the signing of the memorandum of agreement with its partners, said the Fund now has 12 million members with up to 60,000 members borrowing every year. But what about the rest, she said.
She said the Pag-IBIG Privilege Cardholders Program, which will be officially launched and piloted in the cities of Cebu, Davao and Baguio, was conceptualized to make the Fund more relevant to members.
Among the first partners of Pag-IBIG’s new program in Davao are New City Commercial Corporation, Davao Doctors College and Penong’s Franchise Corporation. These companies have offered different discounts levels to cardholders every time they purchase or make payments at the stores.
NCCC offers a 5% discount for every P1,000 worth of purchase from their hardware and 5% discount for premium cakes bought at their Bakery during the cardholder’s birthday month. DDS has agreed to provide up to 15% discount on tuition fees of cardholders and their beneficiaries up to third degree of consanguinity or affinity upon full payment of the fees. Penong’s offer discounts and freebies for every P500 worth of transactions.
Pag-IBIG is still looking a partner and is yet to bid for the services of a company which will produce the Privilege Cards which will be made available to members for a minimal fee. Once issued hopefully before the year ends, users of the Privilege Card in various cities in the country can avail of the discounts provided by the partner companies.
“We are focusing on companies relating to health, education, groceries, schools and restaurants,” she said.
Ms. Berberabe said the target is to issue around 200,000 Pag-IBIG Privilege Cards once the program is official launched next year. She said they now have 32 partners in the pilot areas but are still looking for partners nationwide.
“I am sure we will get more partners because with Pag-IBIG’s 12 million members and the opportunity to get their stores marketed to these members, it is a good marketing strategy for these businesses,” she said.
Ace O. Cayonda, Penong’s Marketing head, said their restaurants cater to the lower A to C markets and since most of Pag-IBIG members are regular wage earners, they see the linkage as a good opportunity to promote their brand.
Ms. Berberabe said they are constantly looking for innovative ways to be more relevant to their members without increasing their contributions. Our marching orders from the vice president were to improve the benefits for members without increasing the monthly cost, she said.
To do that, she said, they increased their membership base from 8 million to 12.7 million. Pag-IBIG has doubled the maximum loan amount to P3.6 million while reducing the calamity interest rates from 10.5% to 5.95%, with the monthly contribution still at P100.
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