Pag-IBIG Fund reports record income, loan releases in 2019

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Metro Manila (CNN Philippines) — Newly-appointed housing czar Eduardo Del Rosario reported Pag-IBIG Fund's record-breaking earnings, home loan releases, and cash loan disbursement in 2019.

“We are happy to report that Pag-IBIG Fund has again achieved an excellent year in 2019. We achieved record highs in our key result areas while delivering responsive services to our members," Del Rosario, Secretary of the Department of Human Settlements and Urban Development,

ang PAG-IBIG chairman, said in his report on Friday, February 7. "By so doing, we continue to perform our mandate of effectively managing the Filipino workers’ savings, while providing affordable and accessible home financing programs for our members."

He said the achievement "is in line with President Rodrigo Roa Duterte’s call for government to provide social benefits to more Filipinos."

The 14.69 million active Pag-IBIG members collectively saved ₱50.38 billion in 2019, the highest on record, Del Rosario added. The amount jumped 25 percent when compared to members’ savings collected in 2018.

More savings entrusted to Pag-IBIG Fund

The growth in members' collections was largely due to the huge spike in placements under the agency's Modified Pag-IBIG 2 Savings, which nearly tripled to ₱12.01 billion from the ₱4.47 billion collected in 2018.

“The phenomenal increase in our savings collections is critical to Pag-IBIG Fund’s growth because it is through the collective savings of our members that Pag-IBIG is able to extend more loans and more benefits at affordable rates to our borrowers,” Del Rosario said.

Highest-ever home loans and cash loans

Pag-IBIG Fund also broke its housing-related accomplishments as it released a total of ₱86.74 billion to finance the homes of 95,276 members. Of these, ₱10.64 billion has been released for socialized housing, helping 27,145 borrowers belonging to the minimum-wage and low-income sectors.

In terms of cash loans, Pag-IBIG Fund released a total of ₱53.83 billion to 2,593,538 members.

Assets and net income highest in history

Pag-IBIG Fund also showed better than expected performance, with its total assets rising to ₱603.39 billion by end of 2019.

The Fund also posted a net income of ₱34.37 billion, the highest in its history.

“We want to apprise Filipino workers of our performance and tell them that their Fund is working for them. We are always excited because we always have good news for them. The 'Lingkod Pag-IBIG' is not just a tagline for us, it is a work standard aimed at raising the bar each year, in the name of public service and transparency,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said.