Home loan releases of Pag-IBIG Fund reached P88.30 billion in the first three quarters of 2023 as demand remains strong, agency officials said.
The amount of home loans released grew by almost P5 billion, or 6 percent, compared to the P83.31 billion it released in the same period last year.
The amount financed 68,211 housing units and now stands as the highest released by the agency for any January to September period.
“Pag-IBIG Fund remains at the forefront in home financing as it accounts for nearly 40 percent of the total home mortgages in the country. This shows that it continues to fulfill its mandate, not only by providing affordable home financing to Filipino workers, but also by effectively stimulating the housing industry. These are all in line with the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos with better and dignified lives,” said Secretary Jose Rizalino Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund board of trustees.
Acuzar said P3.49 billion was released as socialized home loans for the benefit of 8,216 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Pag-IBIG Fund chief executive Marilene Acosta said demand for the agency’s home loans was expected to remain high particularly in the fourth quarter of the year when the market’s behavior to secure home financing is at the highest.
“Our home loan releases amounting to P88.30 billion in the last nine months alone have already surpassed the annual releases since Pag-IBIG Fund’s inception up to 2019. And, by the end of the year, we are optimistic that our home loan releases may even reach P130 billion,” she said.
“We thank our members for choosing the Pag-IBIG Housing Loan to achieve their dream of owning a home. That is why we shall do all that we can to maintain our low interest rates so that we can enable more Filipino workers become homeowners under the most affordable terms,” Acosta said.
Pag-IBIG Fund approved P111.35 billion in home loans from January to September to finance the acquisition of 83,063 housing units.
These included P23.05 billion in approved loans for 14,852 borrowers which were ready for release upon their submission of post-approval requirements.