iRemit to accept payments for OFWs' home loans

MANILA, Philippines - Starting June, iRemit will allow its customers – mainly Filipinos working abroad – to remit and credit their housing payments to the Pag-IBIG Fund, an agency that helps Filipinos purchase their own homes.

Under an agreement with the Home Development Mutual Fund (HDMF) also known as Pag-IBIG Fund, iRemit will use the agency’s electronic collection system (ECS) to handle remittance transactions and credit "Fund members’ contributions and loan amortizations."

Compared to the conventional process of accepting payments manually, the electronic collection system features the electronic capture of payment information, iRemit said in a statement sent to the Philippine Stock Exchange (PSE).

Contributions and loan payments settled by the members thru iRemit are transmitted instantly to Pag-IBIG fund for valid transaction entries.

Once the payment transaction is processed, the data is automatically recorded / documented in the ECS system that also generates and forwards an electronic proof of payment or EOR to iRemit.

The facility also allows secure access, and creates, retains and safeguards the resulting detailed transaction records which can be accessed only by authorized personnel.

The new arrangement was enabled since iRemit serves as an accredited non-bank remittance agent of the Pag-IBIG Fund.

The new service was also introduced as part of Pag-IBIG Fund’s Pag-IBIG Overseas Program (POP) for members, iRemit said.

The improved electronic collection system facility “seeks to expand and improve Pag-IBIG’s collection infrastructure in countries where there are significant numbers of Filipino workers," Bansan Choa, iRemit’s chairman and chief executive officer said in the same statement.

Overseas Filipino Workers (OFWs) encountering difficulties in settling their dues “may [also] request to have their loans restructured and may continue paying their arrears under Pag-IBIG’s new condonation program," Choa said.

The new electronic collection facility will be available in all iRemit branches and tie-ups in 25 countries in the Asia Pacific, Europe, North America, and the Middle East. - GMANews.TV

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