Manila: Members of Pag-IBIG Fund can ensure better savings for themselves in the future aside from having a possible source of additional income by putting up a business.

According to Philippines News Agency, Jacqueline Constantino, vice president for North Luzon of Pag-IBIG's Member Services Operations Group (MSOG), announced during a press conference that the Barkada Franchise Financing (BFF) loan is designed to assist members in establishing businesses while their savings with Pag-IBIG continue to earn a high annual dividend of 6.55 percent tax-free. Constantino emphasized the dual benefit of savings growth and potential business income for members utilizing this program.

Speaking on the sidelines of a memorandum of agreement (MOA) signing with a private business provider, Constantino explained that the BFF allows groups of two or more friends or family members to pool resources and secure capital through a loan. This initiative also includes business assistance for members even before they apply for the loan, guiding them through the process of starting and running a business efficiently.

"This is like a multi-purpose loan but here, they are guided on how to use the loan amount obtained. Pag-IBIG, on the other hand, will help them as they go through the process of improving their business and even after the business has been set up, we will continue to monitor to extend help," Constantino elaborated. She also mentioned the availability of a list of franchises that have partnered with Pag-IBIG, offering discounted prices to loyalty cardholders.

The BFF program is flexible, catering to a variety of business needs, whether it's acquiring equipment or expanding an existing business. Constantino highlighted that 30 members have already benefited from the BFF program, with their businesses currently thriving.

Vivienne Nicdao, CEO of YenMarc Food Cart Inc., which recently signed a MOA with Pag-IBIG, expressed the program's significance for overseas Filipino Workers (OFWs) who face capital challenges in starting franchises. With the BFF program, Pag-IBIG membership provides a solution, enabling OFWs to establish businesses domestically without needing to work abroad.

Additionally, Constantino noted that approximately 500 establishments have partnered with Pag-IBIG for the 'Loyalty Card,' granting members access to discounts, further enhancing the program's value for Pag-IBIG members.