Philippines’ Pag-IBIG Fund, in collaboration with the Development Bank of the Philippines (DBP), has released a new prepaid card for secured disbursement of short-term loan (STL) proceeds to fund borrowers.

The Pag-IBIG DBP prepaid card features the latest Europay, MasterCard and Visa (EMV) chip card technology, making it secure against fraud and counterfeiting.

STL borrower-cardholders can withdraw their loan proceeds at DBP and BancNet ATMs. The users can avail cashless payment at VISA-accepting stores and outlets across the globe.

Cardholders can now monitor their balance and pay bills online through BancNet Online. The card can also be used for online payments and on tap-to-pay Visa PayWave terminals.

Available at a premium of PHP50, the card remains valid for five years and can be used by IBIG members for their succeeding loan applications.

Pag-IBIG Board and Housing and Urban Development Coordinating Council chairperson Eduardo D. del Rosario said: “Following the directions of President Rodrigo Roa Duterte for efficient and faster government services, Pag-IBIG Fund finds ways to make transactions with the Fund easier and more convenient for its members.”

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Pag-IBIG CEO Acmad Rizaldy Moti said: “The Pag-IBIG DBP prepaid card is one way for our members and stakeholders to experience ease and comfort in doing business with us. Its security features also give it an added edge.”