Top officials of Pag-IBIG Fund reported earnings of over P22.8 billion in the first half of 2020.
Pag-IBIG Fund’s gross income reached P22.82 billion from January to June, driven by earnings from housing loans, short-term loans (cash loans) and trading gains from investment activities.
The agency’s net income, meanwhile, amounted to P14.14 billion.
“Coming from a record-breaking year in 2019, Pag-IBIG Fund’s performance in the first half of the year remains decent despite the impact of community quarantines implemented to fight the spread of COVID-19. We are sure to endure these extraordinary times and continue to provide social services to more Filipino workers and continue helping the government with the nation’s economic recovery under the lead of President Duterte,” said Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development and chairman of the 11-member Pag-IBIG Fund board of trustees.
The agency ended 2019 with its highest ever gross income of P56.90 billion and net income of P34.37 billion. In the first six months, it posted P24.59 billion and P16.04 billion in gross and net incomes, respectively.
It said that as the pandemic induced economic slowdown in the first few months of 2020, gross and net income declined by 7 percent and 12 percent, respectively, in the first half from the same period last year.
“We had our best year in 2019 and that’s a tough act to follow with the challenge posed by this year. We have been enjoying a string of ‘best-year ever’ and we were poised to achieve another one this year, that is until the pandemic happened,” said Pag-IBIG Fund chief executive Acmad Rizaldy Moti.
He said that while the pandemic caused the agency to post lower incomes from housing loans and cash loans this year, he said there were already signs of recovery in the second quarter as quarantines were either eased or lifted.
Home loan releases have been on the rise in the last two months. From a low P880 million in April, home loan releases increased to P1.2 billion in May and jumped to P2.9 billion in June.
“We in Pag-IBIG Fund are confident because our financial position remains stable and strong, even amid these challenging times. A slowdown in business is expected as the pandemic impacted both the availment and payment of our loans, but Pag-IBIG continues to be strong. What is important to us now is being a reliable partner to our members and stakeholders on our shared road to recovery. That is the Lingkod Pag-IBIG way,” Moti said.