THE HOME Development Mutual Fund (Pag-IBIG Fund) saw its net income drop by 10.9% last year amid the coronavirus pandemic, with its housing loans reaching an all-time high towards the end of 2020, the Department of Finance (DoF) said on Wednesday.
The DoF said Pag-IBIG Fund posted a net income of P31.18 billion in 2020, citing a report from the mutual fund. This is lower than the record high of P35 billion it logged in 2019, based on its annual report for that year.
Housing loans released in December alone hit an all-time high of P12.11 billion which benefited 12,275 members, up by six percent from P11.47 billion in the same month of 2019.
Housing loans released in 2020 totalled P63.75 billion in 2020, down 41.5% from the P109 billion logged year before. Pag-IBIG Fund released P7.1 billion worth of socialized housing loans to 16,975 minimum-wage earners and low-income members last year.
Members’ savings under the voluntary MP2 Savings Program also rose by 11% year on year to P13.3 billion in 2020.
“We look forward to new records that the agency will achieve this year. The housing program is a key component in our economic recovery strategy. This should help create more jobs in the construction sector,” DoF Secretary Carlos G. Dominguez III was quoted as saying on Wednesday.
“I trust that the Pag-IBIG Fund will be even more relentless in the coming period to close the housing gap and spur domestic activity,” he added. — BML