High rates prompt MP2 popularity — agency chief

High rates prompt MP2 popularity — agency chief | Daily Tribune

Regular savings dividend rate of the state-owned Pag-IBIG Fund reached 6.55 percent while the popular Modified Pag-IBIG 2 (MP2) rate increased to 7.05 percent, according to a report of the agency.

In a report, Pag-IBIG Fund chief executive officer Marilene Acosta said the dividend rates were the highest since the pandemic as the agency posted P89.26 billion worth of total membership savings in 2023, which is 12 percent higher than 2022.

The agency also reported that MP2 savings reached P46.54 billion or 17 percent higher than the previous year.

“Pag-IBIG has again reported surpassing previous accomplishments. Our home loans and cash loans are at their highest, our collections and loan portfolio is robust, and our fiscal standing is at its strongest,” Acosta said.

Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar emphasized that the Pag-IBIG Fund continued providing opportunities for Filipinos to save money and have their own homes.

“Since we started this 4PH (Pambansang Pabahay Para sa Pilipino) program, there are already 34 projects that are under construction,” he said.

The 4PH is a government national housing program being implemented by the DHSUD in collaboration with other government agencies.

It was launched in September 2022 to address the 6.5 million backlogs on housing nationwide.

For 2023, Acuzar said P20.17 billion worth of loans have been approved for 17,791 housing units.

A total of 159,814 housing units are already under construction as Pag-IBIG Fund commitment has reached P250 billion up to 2028.

“The housing loan take out is P126.04 billion -- seven percent higher than 2022 -- and 96,848 members have new or better homes, which is a record high,” Acuzar said.

“Short-term loans reached P59.32 billion -- 10 percent higher than 2022 --- and short-term loan borrowers covered 2.65 million members and that is 41, 618 members more than 2022,” he added.

Indicators ever improving

He said the Fund’s total loan payments have reached a 2023 record high of P142.19 billion (12 percent higher than 2022); total assets are at P925.61 billion (12 percent higher than 2022); gross income at P77.22 billion (12 percent higher than 2022); net income at P 49.79 billion (12 percent higher than 2022); dividend amount reached P48.76 billion (14 percent higher than 2022); and dividend payout of 97.86 percent.

The Fund’s Pag-IBIG on Wheels has served more than 100 members and provided discounts and rewards from 395 partners.

The agency likewise provides affordable housing loans at 3 percent, the lowest in the market, through it 207 service branches.

Acuzar said the Fund got 11 consecutive unmodified and unqualified opinions from the Commission on Audit, showing its commitment to being a reliable partner of Filipino workers and the government in nation-building.