Ilocos norte: The Home Development Mutual Fund, known as Pag-IBIG Fund, in Ilocos Norte is introducing a new Barkada Franchise Financing (BFF) or "Kabarkada Loan" program to assist members in starting their own businesses.

According to Philippines News Agency, Edison Iglesia, the head of Pag-IBIG Fund - Ilocos Norte, announced that at least three Pag-IBIG members can collaborate by pooling their funds to initiate a joint business under this short-term multi-purpose loan program. "The Barkada Loan is a new loan concept under our short-term multi-purpose loan program. At least three members of Pag-IBIG can pool funds for a joint business," he stated during a media interview.

The program is designed to offer capital assistance to members interested in investing in franchises, thereby transforming personal connections into sustainable financial stability. Iglesia highlighted that an available ramen franchise, Yummy Tokyo, has been accredited by Pag-IBIG. Active members have the opportunity to acquire this franchise at a discounted rate of PHP110,000, with payment options spanning one to three years. The franchise was initially launched in Dagupan City, Pangasinan, and the second franchise is expected to be established in Ilocos Norte.

This initiative aims to support economic empowerment and housing accessibility by enabling members to create sustainable income sources, moving beyond sole reliance on salaries for housing loan payments. Pag-IBIG developed the program after observing that many Ilocanos possess a strong "culture of saving" rather than a "culture of borrowing."