2018 banner year for Pag-IBIG Fund

The Pag-IBIG Fund reported a number of milestones achieved in 2018, including the double-digit rise in members’ savings exceeding P40 billion and housing loan take-outs pushing past the P70-billion mark for the first time. CONTRIBUTED PHOTO

According to Eduardo D. del Rosario, chairman of the Pag-IBIG Fund board of trustees and the Housing and Urban Development Coordinating Council (HUDCC), the fund has P40.27 billion in members’ savings, extended P75.31 billion in home loans and reported another P49.23 billion in cash loans.

Del Rosario reported on the record-breaking accomplishments in his 2018 Chairman’s Report held at the Philippine International Convention Center in Pasay City.

“On its 38th year, Pag-IBIG Fund showed that it keeps getting better and better. We previously declared that 2017 was our best year ever, but the following year was even better. We breached a lot of milestone figures in savings, housing, and finance. Pag-IBIG Fund continues to be a major player in President Rodrigo Duterte’s call for government to provide social benefits to more Filipinos,” he said.

The Pag-IBIG Fund collected from members P40.27 billion in members’ savings, 11 percent higher than in 2017. This included P4.47 billion saved under modified Pag-IBIG 2 savings program, a special savings mechanism offered to members and retirees who were former members. The program gained a 242 percent growth, breaching the P4 billion mark for the first time.

Pag-IBIG Fund chief executive officer Acmad Rizaldy P. Moti said, “With our members’ trust and support, Pag-IBIG Fund continues to grow in strength and numbers, scaling heights we never imagined and providing even better programs and services to our members.”

Pag-IBIG Fund further broke its housing records as it released P75.31 billion in housing loan takeout, which breached the P70 billion mark for the first time.

It was also the third consecutive year that the fund posted double-digit growth.

Of these, P8.36 billion was for socialized housing, benefitting 21,389 borrowers who were mainly minimum wage and low-income earners. They comprised 24 percent of the total 90,375 housing loan borrowers.

In terms of cash loans, Pag-IBIG Fund released P49.23 billion worth of short-term loans to 2,428,918 members. These included multi-purpose loans worth P46.96 billion, the highest the Pag-IBIG Fund released in its history.

Pag-IBIG Fund also maintained its high performing loans ratio of 90.26 percent, indicating nine of 10 housing borrowers religiously paid their housing loan obligations.

Financially, Pag-IBIG Fund also showed better than expected performance as it breached the P500 billion mark in terms of total assets as of May 2018, reaching P533.72 billion by end of 2018.

It also posted P33.17 billion in net income, the highest in its 38-year existence.

At the event, Pag-IBIG Fund also recognized its top-performing partners and other key stakeholders.