Shelter agency Home Development Mutual Fund, or the Pag-IBIG Fund, recorded its highest-ever net income of P49.79 billion, amid the increasingly affluent Filipinos whose priority is to have a roof over their head.

Pag-IBIG chief executive officer Marlene Acosta said 97.86 percent of the Pag-IBIG Fund profit will go to members’ dividends.

“With millions of our countrymen denied the right to decent shelter, the stakes could not be higher. So, our task is clear: To build the most number of housing units by any administration,” President Ferdinand Marcos Jr. said in his address during the Pag-IBIG Fund Chairman’s Report at the Philippine International Convention Center on Tuesday.

Marcos challenged the fund to further make its home mortgage financing “even more accessible” to Filipinos while balancing sustainability.

“This is to inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own,” the President said.

Highlighting the housing needs of millions of Filipinos, Marcos emphasized the urgency of addressing the issue.

“With millions of our countrymen denied the right to decent shelter, the stakes could not be higher,” he said.

Proud DNA

Acknowledging the agency’s strong foundation, Marcos praised Pag-IBIG’s “proud DNA” built on the collaborative approach of “ikaw, bangko, industriya, gobyerno” (you, bank, industry, government), comparing it to the four sturdy posts of a house.

He further emphasized the importance of these four pillars, saying: “These are your funds’ greatest and strongest building materials.”

Drawing a parallel between building a nation and building a home, Marcos emphasized unity and faith as key drivers of success.

“I have always believed that when we are united behind one great purpose, there is nothing that can stop the Filipinos from realizing it. Whether building a nation or a home, this belief in ourselves is our fighting faith,” Marcos said.

Pag-IBIG Fund also attained its highest revenue in 2023, raising its dividend share for its members.

With this, the Pag-IBIG Regular Savings dividend stood at 6.55 percent in 2023, up from 6.53 percent.

Dividends of Modified Pag-IBIG II, or MP2, recorded 7.04 percent growth for 2023, up from the previous year’s 7.03 percent.

“We have remained productive and faithful to the vision which your parents had four decades ago — that of improving the lives of Filipino workers by providing the opportunity to save from their earnings and secure a home they can call their own with the establishment of Pag-IBIG Fund,” Acosta told President Marcos.

She added, “You have our assurance and unwavering commitment that we shall ensure the sustainability of the worker’s fund, remain true to the role of public service by embracing excellence and integrity in our duties, and continue to heed your call to ensure that Pag-IBIG Fund remains a reliable arm of the government to help our fellow Filipinos improve their lives.”

Also, Acosta said two new programs will be launched this April: the quick loan facility of P5,000 and P10,000 for members and the health and education loan program, which the latter can aid members to cover the costs of their hospitalization or educational needs.

Record-high lending

Meanwhile, Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and chair of the Pag-IBIG Fund board, said Pag-IBIG Fund released a record-high P126.04 billion in home loans to finance the housing units of 96,848 members in 2023.

On the other hand, housing loans released in 2023 grew by P8.19 billion or 7 percent compared to the P117.85 billion released last year, which was able to finance 96,848 housing units and now stands as the highest amount of home loans released by the agency in a single year.

Acuzar further stated that out of the total housing units financed by the agency last year, 11,257, or 12 percent, were socialized housing units that members from the minimum-wage and low-income sectors now own.