Sunday, January 27, 2013

PAG-IBIG Launches Reloadable Prepaid Card powered by CITI

The Pag-IBIG Citi Prepaid Card is a reloadable prepaid card and can be used for the disbursement of MPL and Calamity loan proceeds.  Members may sign up to avail of the card for the release of their benefits upon filing their loan applications.

Pag-IBIG multi-purpose loan (MPL) and calamity loan borrowers are in for a faster, more convenient and safer way of receiving and using their loan proceeds. Together with industry leaders Citi Philippines and Visa, the Pag-IBIG Fund launched the new Pag-IBIG Citi Prepaid Card, powered by Visa. Available to all its members worldwide, the prepaid card is a stored value card that gives its owners the ability to pay for purchases in different establishments that accepts Visa cards such as department stores, appliance stores, grocery stores, drugstores, bookstores and others.

Pag-IBIG tapped the banking experience and the financial expertise of Citi Philippines to assist in the distribution of the monetary benefits to its more than 12 million members worldwide. With Berberabe at the press launch were Mylene Caparas, Head of Transaction Services for Citi in the Philippines; and Iain Jamieson, Visa Country Manager for the Philippines and Guam.

Borrowers who are interested to apply for the Pag-IBIG Citi Prepaid Card can go to the nearest Pag-IBIG branch office and file their MPL or calamity loan application where they will receive their prepaid card. Once the application has been approved and the loan proceeds credited to their Pag-IBIG Citi Prepaid Card, the member can then shop at over 130,000 Visa accepting merchants nationwide and withdraw cash at any local ATMs. The card powered by Visa ensures easy, secure and convenient payment transactions in tens of millions of establishments worldwide and online. Visa cardholders also have greater peace of mind when traveling, with access to 1.96 million ATMs in more than 200 countries and territories worldwide.

“Over the years, Visa has developed close relationships with governments around the world to create greater efficiencies through electronic payments. Our partnership with Pag-IBIG and Citi is just one of the many initiatives that showcase our commitment in providing cardholders with safe and convenient ways to make transactions, as well as extend the many benefits of Visa to a wider range of Filipinos,” said Iain Jamieson, Visa Country Manager, Philippines and Guam. “The Pag-IBIG Citi Prepaid card allows us to extend the benefits of Visa to a wider range of Filipinos.”

The MPL program aims to provide financial assistance to members for their varied needs including, minor home improvements, additional capital in small business, tuition or educational expenses or for health and wellness. The loan carries an annual interest of 10.5% per annum.



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