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Pag-IBIG mortgage disbursements down 38% in first 9 months

Pag-IBIG Fund

The Home Development Mutual Fund, which operates under the trade name Pag-IBIG Fund, said home loan disbursements declined 38% to P36.43 billion the nine months to September, with the housing market hindered by the lockdown.

In a briefing Friday, the fund reported that its mortgages in the nine months funded 35,938 housing units, well below the targeted 100,000 units and mortgage volume of P100-billion.

“The restrictions themselves imposed to contain (the coronavirus) had a huge impact on our operations. For our partner developers, you know how difficult it was to conduct borrower validations and credit investigations,” Pag-IBIG said.

Loan releases peaked at P6.1 billion in February before hitting a low of P0.88 billion in April, at the height of the lockdown. In September, loan releases rebounded to P6.53 billion from P4.21 billion in August.

Pag-IBIG’s net profit was P21.65 billion in the nine months to September. In 2019, its profit was P34.37 billion, the highest in seven years. — Kathryn Kristina T. Jose

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Article and Photo originally posted by Business World last November 27, 2020, 7:00pm.

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