Pag-IBIG Fund released P37.07 billion in home loans in the first half of 2019, up by P4.37 billion or 13 percent from P32.70 billion disbursed a year ago.
Pag-IBIG said this was the highest amount released by the agency for any January-to-June period.
The amount financed the acquisition and construction of 41,746 homes for Pag-IBIG Fund members, also a record-high for the first half of the year. It was 4 percent higher than the 40,094 homes financed in the same period last year.
“Pag-IBIG Fund’s performance in the first six months of 2019 stands out as the best so far. Bigger loan releases and the increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund achieve their dreams of homeownership,” said Secretary Eduardo del Rosario, who heads both the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund board of trustees.
“This is why Pag-IBIG Fund remains as a major player in President Rodrigo Roa Duterte’s drive to uplift the lives of Filipino families through sustainable social development programs and access to decent and affordable housing,” said del Rosario.
Del Rosario said that of the total amount, P4.52 billion was released for socialized housing loans benefitting 11,894 members from the minimum-wage and low-income sectors.
“In 2018, we achieved our best year yet. Demand for our home loans last year was at its highest as the amount released for the whole year increased 16 percent to P75.31 billion while the number of borrowers rose 12 percent to 90,375. We are thankful because with the unending support of our members and industry partners, the double digit growth continues for the first half of 2019,” said Pag-IBIG Fund chief executive Acmad Rizaldy Moti.
Moti said the continued demand for the agency’s home loans could be attributed to its lowest-ever interest rates, high loan-to-appraised value ratio, long repayment period and much-improved insurance terms.
Pag-IBIG Fund home loans from January to June this year totaled P58.77 billion to finance homes for 52,257 members. This included the amount released and P21.7 billion pending for takeout to 10,511 members.
The amount pending for takeout refers to approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements.