Pag-IBIG Fund reported higher savings and loans in the first three quarters of 2024.
Pag-IBIG Fund announced this in coordination with the Presidential Communications Office (PCO) during the Philippine Information Agency’s (PIA) Kapihan sa Bagong Pilipinas on Nov. 12, 2024.
The regional townhall, held simultaneously across 16 regions, became the venue for Pag-IBIG Fund to report its performance in the first three quarters of the year.
Following a historic milestone in August when Pag-IBIG Fund surpassed the P1-trillion mark in total assets, the organization continues its strong growth. It said that as of the third quarter, Pag-IBIG Fund had more than 16.37 million active members, who collectively saved P98.72 billion including P49.27 billion from the mandatory Regular Savings program and P48.86 billion under the Fund’s voluntary MP2 savings.
Pag-IBIG Fund also assisted more than 2.5 million members in need of immediate short-term cash financing, approving Multi-Purpose Loan applications of more than two million borrowers amounting to a total of P49.72 billion. This represented a 16-percent increase in both the number of borrowers and the total loan amount compared to the same period last year.
Nearly 461,000 victims affected by various calamities this year were also assisted with the release of P5.92 billion in Pag-IBIG calamity loan. Applications for Pag-IBIG Fund’s short-term loans do not have processing fees. Loan proceeds are also not deducted with advanced payments or interests, allowing it to be one of the most affordable cash loans in the market.
Aside from the calamity loan, Pag-IBIG Fund also approved the implementation of a one-month moratorium for housing loan payments of affected borrowers residing and working in areas declared under a state of calamity due to Typhoon Kristine.
The one-month housing loan payment moratorium allows the calamity victims to prioritize finances to help them recover from the effects of the typhoon. Eligible members may apply for the availment of the moratorium program until 31 December 2024, either through the Virtual Pag-IBIG or at the nearest Pag-IBIG branch.
Pag-IBIG Fund also released P88.17 billion to 61,597 housing loan borrowers who needed funds to purchase or improve their homes. The Pag-IBIG housing loan allows borrowers to access financing of up to P6 million at interest rates as low as 3 percent for socialized and low-cost housing.
Pag-IBIG Fund also remained active in the promotion of the government’s flagship program, the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program. As of September 2024, Pag-IBIG Fund released P20.17 billion for the development of various 4PH projects nationwide, which is set to benefit 17,791 low-income borrowers.
“Our accomplishments this year underscore our dedication to serving the financial needs of Filipinos across the country. Participating in the PIA’s Kapihan sa Bagong Pilipinas serves as a good opportunity for us to directly engage with our members and inform them how Pag-IBIG Fund is working towards a stronger financial institution. After all, our members are the true owners of the Fund. It is just proper that they know how their savings are used and how effectively managing Pag-IBIG’s finances will result to their benefit through dividends and returns on their savings,” said Pag-IBIG Fund chief executive Marilene Acosta.
Pag-IBIG Fund’s participation in the Kapihan sa Bagong Pilipinas is part of its commitment to transparency and stakeholder engagement, aiming to keep members and partners informed on the impact of its operations to the workers, employers, and businesses in each region.
