Pag-IBIG fund's record-breaking growth continues in Q3 2024

After surpassing the historic PHP 1 trillion milestone in assets last August, Pag-IBIG Fund is pushing forward with remarkable momentum. According to the third quarter report of 2024, it showcases a growing community of members, totaling more than 16.37 million active savers. Together, they have set aside PHP 98.72 billion in savings, divided between PHP 49.27 billion from mandatory Regular Savings and PHP 48.86 billion contributed to the voluntary MP2 savings program. These numbers highlight Pag-IBIG Fund’s expanding reach and commitment to financial empowerment for Filipino workers.

In partnership with the Presidential Communications Office (PCO), Pag-IBIG Fund joined the Philippine Information Agency’s “Kapihan sa Bagong Pilipinas” on 12 November, hosting a regional townhall that connected Pag-IBIG’s updates across all 16 regions. This nationwide townhall underscored the organization’s commitment to transparency and service delivery, allowing members direct insight into Pag-IBIG’s recent performance.

Between January and September 2024, Pag-IBIG provided cash assistance to over 2.5 million members, issuing PHP 49.72 billion in Multi-Purpose Loans to more than two million borrowers—an impressive 16% increase in both the number of loans and total amount year-over-year. Furthermore, nearly 461,000 members affected by various calamities received PHP 5.92 billion in Calamity Loans, demonstrating the Fund’s focus on supporting members through difficult times. Notably, Pag-IBIG’s loan offerings come with no processing fees or interest deductions, keeping these short-term loans accessible and affordable.

In response to Typhoon Kristine, Pag-IBIG also approved a one-month moratorium on housing loan payments for affected members, allowing them to stabilize finances and prioritize recovery. Eligible borrowers in disaster-stricken areas have until 31 December 2024 to apply for this relief through Virtual Pag-IBIG or local branches.

On the housing front, Pag-IBIG has released PHP 88.17 billion in loans for 61,597 borrowers to help fund home purchases and improvements, with financing available at rates as low as 3% for socialized and low-cost housing. The Fund also actively supports the government’s Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program, having invested PHP 20.17 billion to fund 4PH developments that will benefit 17,791 low-income families across the nation.

CEO Marilene C. Acosta shared that these achievements highlight Pag-IBIG’s commitment to Filipinos, emphasizing, “Participating in the Kapihan sa Bagong Pilipinas allows us to directly engage with members, ensuring they know how their savings are managed and how our financial strategies benefit them through dividends and returns.”

This recent “Kapihan sa Bagong Pilipinas” townhall reflects Pag-IBIG Fund’s dedication to transparency and its mission of enhancing financial support for members across the country, affirming its role as a valuable resource for Filipino workers and businesses.