ZAMBOANGA CITY, Nov. 18 (PIA) -- Home Development Mutual Fund (HDMF) or simply PagIBIG Fund started giving out Land Bank (LBP) Cash Cards for free to its members who have applied for Multi Purpose Loan (MPL).
Ms. Cora Mamauag , Marketing Officer, Pag-IBIG said the LBP Cash Cards are exclusively given to members who will apply for MPL Program of which approved MPL amount will be directly credited/ deposited to the said Cash Cards, unlike before where approved loans were released in checks.
“Libre naming ibibigay sa first 35,000 MPL applicants ang LBP Cash Cards kaya dapat mag apply na sila ngayon,(PagIBIG members)” (We will give free LBP cash cards to the first 35,000 MPL applicants region-wide, so they better apply now), Mamauag said.
Member applicants who were not be able to catch the first 35,000 free LBP Cash Cards will have to go to Land Bank to personally apply for the cash card and pay P100.00 for the card.
Mamauag said, this new service is Pag-IBIG’s way of bringing its services closer to it’s members.
LBP Cash Card is an electronic debit card that utilizes the stored value system and like the Automated Teller Machine (ATM) Card, operates on magnetic stripe technology with Personalized Identification Number (PIN)-based protocol.
The Cash Card is a special product for institutional clients and has its own special features.
Mamauag said, LBP Cash Card has special features. Unlike ATM cards, the Cash Card has no opening deposit; no maintaining balance required for the card to remain active and has no dormancy period.
It can be accessed 24 hours a day, 7 days a week through the more than 900 LBP-ATM’s and 8,000 ATM’s of Expressnet, Megalink and Bancnet ATM systems nationwide;
Withdrawable up to 50,000 per day; and can be used as debit card using the Express Payment System (EPS) facility with over 20,000 accredited merchants.
The Cash Card has three years card validity.
Pag-IBIG Fund has initially started issuing the Cash Cards since yesterday (Nov. 17) afternoon.
This Cash Card project is in partnership with LBP Zamboanga Branch. (JPA/PIA-ZBST)