Pag-IBIG Fund books P39.54-billion net profit
HOME Development Mutual Fund or the Pag-IBIG Fund booked a net income of P39.54 billion in the first nine months of the year as it continued to grow its loan book and savings.
“We’re trending towards another P100-billion year in terms of housing loans matched by more than P100 billion in savings collections. The housing loans are doing well, our savings collections are doing also well, and what’s doing outstandingly well is our performing loans ratio, which is around 93%,” Pag-IBIG Fund Acting Vice-President Domingo C. Jacinto, Jr. told reporters on Tuesday.
“It shows sustainability in terms of cash inputs,” he added.
Pag-IBIG Fund’s total member savings stood at P98.72 billion at end-September.
Of this, P49.27 billion were collected from the mandatory Regular Savings program, while P48.86 billion were under the voluntary MP2 savings program.
Mr. Jacinto said the fund hopes to increase the MP2 savings rate this year. At end-2023, the MP2 savings rate was at 7.05%.
Under the Housing Loan program, Pag-IBIG Fund released P88.17 billion in loans to 61,597 members. The Pag-IBIG Housing Loan allows borrowers to access financing of up to P6 million with a 3% interest rate for socialized and low-cost housing.
Mr. Jacinto said the decreasing vacancy rates of condominiums after the ban on Internet Gaming Licensees, formerly known as Philippine Offshore Gaming Operators, could help drive growth in Pag-IBIG’s housing loans.
“Hopefully more members, more inventories, and more quality housing units come in that members can consider buying… I hope that gives a surge that pushes the needle when it comes to housing loan availments,” he said.
“We are looking at the landscape of the housing industry. We are looking at the inventories available for our accredited developers, from sellers who are willing to sell their properties or buy properties through the Pag-IBIG housing loan. These are things that we all consider,” he added.
The fund also released P20.17 billion in loans under its Pambansang Pabahay para sa Pamilyang Pilipino Housing Program, which is set to benefit 17,791 low-income borrowers, as well as P55.65 billion in short-term loans to P2.53 million borrowers.
Meanwhile, loans disbursed under the Multi-Purpose Loan program rose by 16% to P49.72 billion at end-September from the same period a year ago and went to more than two million borrowers.
Pag-IBIG Fund also released P5.92 billion under its Calamity Loan program to almost 461,000 victims affected by calamities.
As a result, its total assets reached P1.2 trillion at end-September. Total active members stood at 16.37 million. — Aaron Michael C. Sy
