STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) saw its housing loan releases climb in the first nine months of the year, in line with its goal of higher disbursements.
In a statement on Tuesday, Pag-IBIG Fund said its housing loan releases totalled P51.76 billion in the January-September period, up 14% or P6.4 billion from P45.36 billion in the same period a year ago.
The housing loans benefitted 62,665 families. Out of all the houses financed by the agency, 31% or 19,189 of which are socialized housing units, or homes within the affordability of low- and middle-income earners, with an aggregate amount of over P7.44 billion.
Acmad Rizaldy P. Moti, Pag-IBIG Fund chief executive officer, said its members can continue to avail of low interest rates from its housing programs supported by the agency’s performance.
“Current rates are pegged at only 3% per annum for loans up to P450,000 under Pag-IBIG Fund’s Affordable Housing Program, while our regular housing program offers as low as 5.375% per annum for loans as high as P6 million,” Mr. Moti was quoted as saying in the statement.
Pag-IBIG Fund is eyeing to end the year with P73-75 billion worth of housing loan disbursements, higher than the P71.5 billion it previously targeted.
If fulfilled, this will also be higher than the P65.1 billion in loan releases in 2017, which benefitted 80,964 families.
For his part, Pag-IBIG Fund Board Chairperson Eduardo D. Del Rosario said the agency’s performance contributes to the anti-poverty thrust of the government.
“Under the BALAI Filipino (Building Adequate, Livable, Affordable and Inclusive Filipino Communities) program, we are committed to bringing housing opportunities to every Filipino family,” said Mr. Del Rosario, who is also the chairperson of the Housing and Urban Development Coordinating Council. — KANV