THE HOME Development Mutual Fund (Pag-IBIG Fund) logged higher housing loans in the first 10 months of the year, boosted by its robust disbursements last month.
In a statement on Thursday, Pag-IBIG Fund said housing loan releases reached P58.78 billion in the ten-month period, 15% higher than the P51 billion released the previous year. The loans funded homes of 70,561 families, 11% higher than the 63,496 families recorded a year ago.
The mutual fund lent P7.02 billion for housing in October alone, helping 7,896 families. This amount, Pag-IBIG Fund said, is the highest non-December monthly disbursement in the fund’s 37-year history.
“Pag-IBIG Fund’s performance in October stands out as the best month so far this year in terms of our home loan disbursement,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti was quoted as saying in the statement.
He added that its low interest rate fuelled the disbursements in October.
If demand for housing loans is sustained in the next two years, Pag-IBIG said it will be able to release P73-75 billion worth of housing loans, which will exceed its full-year target of P71.5 billion.