Home loan releases of Pag-IBIG Fund in the last three quarters posted double-digit growth and reached P83.31 billion – the highest ever amount released by the agency for any January to September period, its top officials announced on Wednesday (October 12).
From January to September, the amount of home loans released by the agency increased by 27%, or P17.83 billion compared to the P65.48 billion in home loans released for the same period last year. The number of financed homes also grew 17% year-on-year to 74,708.
“Pag-IBIG Fund’s performance in the first nine months of 2022 now stands as the best in our history. Higher loan releases and an increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund to have their own homes. All these are part of our efforts to achieve the goal of President Ferdinand R. Marcos, Jr. under the Pambansang Pabahay Para sa Pilipino program, as we continue our pursuit of providing each Filipino family an opportunity to own a home,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Acuzar added that out of the total amount of home loans, P5.72 billion were released as socialized home loans benefitting 13,131 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that the record-high amount of home loans was further driven by a strong third quarter, with the agency releasing a record-high P31.35 billion for the period alone. She added that at this record-setting pace, the agency expects to again surpass P100 billion in home loans this year.
“With our home loan releases amounting to P83.31 billion in the last nine months, we have nearly surpassed the amount released for the entire year in 2019, which was one of our best performing years. By the end of 2022, home loan releases may reach P110 billion, surpassing yet again the P100 billion housing loan takeout level for a single year. We shall do our best to achieve this, as this figure will translate to over 100,000 Filipino workers who shall fulfill their dreams of homeownership. This is one of our many ways of delivering Lingkod Pag-IBIG: Tapat na Serbisyo, Mula sa Puso to our members,” said Acosta. Acosta added that the strong demand for the agency’s home loans can be attributed to its interest rates which remain low despite the current market trend, high loan-to-appraised value ratio, long repayment period and much-improved insurance terms.
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The article was originally published in Manila Bulletin.
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