Pag-IBIG Fund said on Tuesday it has continued to grow, now boasting over 16.37 million active members who have collectively saved P98.72 billion.
The growth follows a historic achievement in August when the Fund surpassed P1-trillion in total assets.
At the Kapihan sa Bagong Pilipinas organized by the Philippine Information Agency (PIA) in coordination with the Presidential Communications Office (PCO), Pag-IBIG Fund Acting Vice President Domingo Jacinto said that, as of the third quarter of 2024, the agency had racked up P49.27 billion in its mandatory Regular Savings program and P48.86 billion in the voluntary MP2 (Modified Pag-IBIG 2) savings program.
From January to September 2024, Pag-IBIG Fund assisted over 2.5-million members with short-term cash financing. The Fund approved more than two million Multi-Purpose Loan (MPL) applications totaling 49.72 billion, marking a 16-percent increase in both the number of borrowers and total loan amount compared to the same period last year.
Jacinto highlighted that nearly 461,000 individuals affected by various calamities this year were assisted with the release of P5.92 billion in Pag-IBIG Calamity Loans.
“Applications for Pag-IBIG Fund’s Short-Term Loans do not have processing fees and advance payments or interest are not deducted from the loan proceeds, making it one of the most affordable cash loans available in the market,” Jacinto said.
In addition to calamity loans, he said Pag-IBIG has approved a one-month moratorium on housing loan payments for borrowers residing or working in areas declared under a state of calamity due to typhoon “Kristine.”
“The one-month housing loan payment moratorium allows calamity victims to prioritize their finances to help them recover from the typhoon’s impact. Eligible members can apply for the moratorium until 31 December 2024, either through Virtual Pag-IBIG or at the nearest Pag-IBIG branch,” he said.
For shelter financing, Pag-IBIG has released P88.17 billion to 61,597 housing loan borrowers for the purchase or improvement of their homes. The Pag-IBIG Housing Loan offers financing up to ₱6 million at interest rates as low as three percent for socialized and low-cost housing.
Pag-IBIG Fund is also actively supporting the government’s flagship housing program, the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) program.
“As of September 2024, Pag-IBIG has released P20.17 billion for the development of various 4PH projects nationwide which will benefit 17,791 low-income borrowers,” Jacinto said.