Pag-IBIG posts 2% profit rise to P11.1 billion

THE HOME Development Mutual Fund (Pag-IBIG Fund) booked a net income of P11.08 billion in the first four months of the year, 2% higher than the P10.85 billion recorded in the same period last year, its top official said on Friday.

In an online media advisory, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the agency’s sustained performance amid the health crisis is supported by the voluntary savings of its members and improved performance of home loans.

“We’re already looking at setting another, hopefully another P13 billion net income by end of the year,” he said.

Housing loans released hit an all-time high of P27.39 billion, which benefited 27,041 borrowers, 64% higher than 2020’s P16.66 billion and 2019’s P23.09 billion.

If annualized, these loans would translate into a record P91.5 billion at the end of the year, higher than the P86.7 billion recorded in 2019.

For the month of May, the agency released more than P7.8 billion, or a total of P35.3 billion in the first five months of 2021.

The number of borrowers that benefitted reached 27,041, of whom 25% availed of their loans for socialized housing.

“One of every four of our housing borrowers are socialized housing borrowers,” Mr. Moti said.

He also said that the agency saw a drop in its performing loan ratio as of April at 82.03% from 87.17% in December 2020.

“Many of our housing loan borrowers have not been able to fulfill their obligations to Pag-IBIG fund. But we are confident that with the resumption of our loan remediation activates, that our performing loans ratio would go up,” Mr. Moti added.

Members of Pag-IBIG Fund are able to access their savings, loan records, loan applications, process and file online claims through the agency’s Virtual Pag-IBIG website. — Isabel B. Celis