Pag-IBIG booked 96% increase in home loan releases to P58.52b in first eight months

Pag-IBIG Fund posted record-high loan releases in the January-to-August period as members availed of its housing loan and voluntary savings programs in large numbers amid the pandemic, top officials of the agency said during a virtual stakeholders’ accomplishment report held online on Friday.

Data showed home loans released in the eight-month period amounted to P58.52 billion, helping 57,235 members realize their dream of homeownership. Members’ savings under the voluntary Modified Pag-IBIG 2 Savings program reached P17.73 billion.

“Pag-IBIG Fund has remained resilient and responsive to the needs of its members and stakeholders, despite the many challenges that the pandemic continues to bring. Our performance in generating funds which we plough back to the housing industry, not only helps in bringing the country’s housing roadmap closer to reality, but is also key to our nation’s economic recovery,” said Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development.

“These are our contributions to our nation’s efforts led by President Duterte, as we continue our journey in overcoming this pandemic,” said del Rosario, who also chairs the 11-member Pag-IBIG Fund board of trustees.

The agency’s release of P58.52 billion in home loans in the first eight months represented an increase of 96 percent from the P29.9 billion released last year and a 14-percent growth from the previous record-high of P51.54 billion in 2019, prior to the pandemic.

Meanwhile, members saved P13.3 billion in the MP2 in 2020, setting the record for the highest amount saved in one year. With the agency’s collections reaching P17.73 billion in the first eight months of this year alone, it already surpassed the figure by 33 percent, while growing 124 percent year-on-year.

Pag-IBIG Fund chief executive Acmad Rizaldy Moti expressed optimism that the agency would finish the year strong, especially as the government ramps up the vaccination drive towards reopening the economy.

He said the agency would continue implementing responsive programs to help members and stakeholders with their continued recovery.

“Even with the ongoing pandemic, the amount of home loans released and MP2 Savings collections from January to August 2021 are not only record highs but are higher than what we achieved during the same period in 2019, prior to the pandemic. The continued trust of our members and stakeholders gives us the confidence that we shall achieve another best year in fulfilling our mandates. In return, we shall remain as their reliable partner by providing programs that address their needs, especially during this health crisis,” said Moti.

Topics: Pag-IBIG Fund , Department of Human Settlements and Urban Development , Eduardo del Rosario
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