THE HOME Development Mutual Fund (Pag-IBIG Fund) booked a higher net income of P8.332 billion in the first quarter, supported by savings in operation costs due to the new normal.

Pag-IBIG Fund’s net profit increased by 3.7% from the P8.028 billion recorded in the same period in 2020, based on its financial statement.

The agency’s gross income stood at P12.3 billion, down by 1.37% from the P12.472 billion a year earlier. This was on the back of lower service and business earnings.

Meanwhile, Pag-IBIG Fund’s expenses dropped by 10.7% to P3.967 billion from P4.443 billion on lower personnel, maintenance and other expenses amid the pandemic.

The new normal helped the firm post lower costs, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said in an online briefing.

“We’ve saved a lot. The new normal actually is giving us a lot of opportunities to save,” he said.

The fund’s assets increased by 10% to P678.244 billion from P614.749 billion.

During the quarter, the mandatory regular savings of the fund rose by 13% to P9.1 billion.

Meanwhile, the voluntary MP2 savings climbed by 43% to reach P6.7 billion in the first three months of 2021 from P4.67 billion last year.

The agency also released housing loans worth P20.94 billion during the period, rising by a third from the P15.77 billion booked a year ago.