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LandBank Bacolod starts online system for government employee loans

Bacolod City (29 July 2005) -- Effective August 1, 2005 for government and private agencies with existing Payroll Credit System (PACSVAL) MOA with Land Bank of the Philippines Bacolod Branch and August 15, 2005 for other agencies, the Pag-IBIG Fund Bacolod Sub-Regional Office shall strictly implement the PACSVAL Facility for Multi-Purpose Loan (MPL).

The said facility shall eliminate the need for the member-borrower to claim approved MPL check from the Fund and the hassle of lining up to encash the check at LBP. The MPL proceees shall be credited to the borrowers ATM account with LBP and the same can be withdrawn from any Express Teller and ExpressNet machines.

All MPL applications filed on and after the aforesaid dates must already contain the LBP account number of the borrower.

For member-employees who are yet to open an ATM account with LBP, a Letter of Introduction (LOI) from the Marketing & Enforcement Division of the Fund must be secured first. The LOI will cover the employee under the PACSVAL MOA between LBP and Pag-IBIG Fund with a minimum maintaining balance of P100.00

For more details, member-employers and employees may contact the Marketing and Enforcement Division of Pag-IBIG Fund at 434-4637 and 435-1601 to 03. (Pag-IBIG/PIA)

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