Pag-IBIG Fund posted earnings of P20.48 billion in the first half, up 27 percent from the same period last year, top executives said Monday.
Pag-IBIG Fund said gross income reached P32.19 billion from January to June, while net income amounted to P20.48 billion.
Compared to the same period last year, gross income grew 19 percent and net income rose 27 percent, driven by earnings from housing and short-term loans, and trading gains.
“Pag-IBIG Fund continues its strong performance this year. The double-digit increase in our income figures proves that we remain as one of the best performing government corporations in the country today. This places us in a strong position to continue providing social services and help more Filipinos gain better lives, in line with the directive of President Ferdinand Marcos, Jr.,” said Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar.
Acuzar, who also serves as chairperson of the 11-member Pag-IBIG Fund board of trustees, said that as of June, Pag-IBIG Fund posted record-highs in both home loan releases and membership savings collections.
The agency released P51.96 billion in home loans to finance the acquisition of 47,184 homes for members in the first half of the year.
Savings from its members reached P38.82 billion, strongly driven by the agency’s popular MP2 Savings where members collectively saved P19.40 billion.
Pag-IBIG Fund chief executive Acmad Rizaldy Moti said the agency’s gains would redound to the benefit of members. He said that under its charter, Pag-IBIG Fund is mandated to return at least 70 percent of its annual net income to members in the form of dividends which are credited to their savings.
“Pag-IBIG Fund is wholly-owned by the Filipino workers. That is why it is our responsibility, as the administrators of the Fund, to manage their contributions responsibly and excellently. With our second half prospects in terms of loan releases and collections high, we are optimistic that we will achieve at least P30 billion in annual net income level for the sixth consecutive year. This is our commitment to our members,” Moti said.