Pag-IBIG income rises to P11 billion in 4 month

MANILA, Philippines — The Home Development Mutual Fund (Pag-IBIG) realized a two percent increase in its net income in the first four months of the year to P11.08 billion.

“Although the increase is just two percent, for the first four months of this year under the pandemic, we still did better than last year, two months of which there was no pandemic yet,”Pag-IBIG Fund CEO Acmad Rizaldy Moti said.

Moti said expects to the fund to register a net income in the vicinity of P30 billion by the end of the year, roughly the same as last year’s.

The fund’s total assets stood at at P685.66 billion as of end-April. The number of active members, meanwhile, stood at 12.98 million.

During the first four months of the year, members participated in its voluntary savings program and availed of housing loans in record numbers.

Savings under the Modified Pag-IBIG 2 (MP2) Savings Program rose to P8.65 billion from P4.78 billion.

Home loans released to 27, 041 members also reached a record P27.39 billion, the highest volume of housing loans released in any such period.

Nearly 25 percent of the home loans released during the period were for socialized housing availed of by low-wage earners. Moti said this segment grew by 53 percent from last year.

“We are happy to report that we are able to achieve two ‘highest ever’ numbers early on in 2021,” said Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development (DHSUD), who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

“The strong showing of our MP2 and housing loan programs is a testament to the trust of Filipino workers in Pag-IBIG Fund. Our members can rest assured that we will continue doing our best, so that we can provide them high earnings on their savings while maintaining the low interest on our loans. These are our contributions to the national government’s efforts towards economic recovery,” Del Rosario said.

In 2020, members saved P13.3 billion in MP2, growing by 11 percent from the previous year and setting the record for the highest amount saved in one year.

Moti expressed optimism that the agency’s strong performance will continue throughout the year, especially as the restrictions are being eased to help the economy.

“Even with the ongoing pandemic, the amount of home loans released and MP2 Savings collections for the first four months of 2021 are not only record-highs but are higher than what we achieved during the same period in 2019, prior to the pandemic,” he said.

“These give us hope that, barring another black swan event, we are on our way to another best year.”

Article and Photo originally posted by Philippine Star last June 5, 2021 12:00am and written by Czerina Valencia.