Pag-IBIG Fund netted an income of over P30 billion for the fifth consecutive year in 2021 despite the ongoing pandemic, the agency’s top executive announced on Thursday (Feb.24) during the Pag-IBIG Fund Chairman’s Report.
“As we close our books for 2021, I am happy to report that your Pag-IBIG Fund achieved another milestone. Our strong performance last year led us to reach a net income of P34.73 billion! This is our highest net income ever, surpassing by 9.5% our P31.71 billion net income in 2020 and topping the previous record of P34.37 billion netted in 2019. I’d also like to note that this is the fifth time that our net income breached the P30-billion mark. Our members will directly benefit because we shall again go beyond what is required of us by declaring over 86% of our net income as dividends for their savings,” said Secretary Eduardo D. del Rosario who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Under the Pag-IBIG Fund charter, the agency is required to declare at least 70% of its annual net income as dividends, which shall be credited proportionately to its members’ savings. However, Management has a recommendation to set aside 86.56% of its net income as dividends to maximize the benefit to its members during the second year of the pandemic. This is now up for approval of the Board, he added.
With robust financials, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti meanwhile said that the dividend rates on member’s savings – both mandatory and voluntary – will remain higher than other instruments available in the market.
“We know that many of our members have been asking about the dividend rates. Now we can finally share the news. For 2021, dividend rates will remain above 5%. Returns for the Pag-IBIG Regular Savings is recommended to be at 5.16% per annum, and the Modified Pag-IBIG 2 Savings to be at 5.66% per annum. Considering the challenges caused by the pandemic, Pag-IBIG’s dividend rates are still much higher than other savings accounts and financial products in the market today,” he said.