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Pag-IBIG Fund posts record high loans, earnings

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STATE-OWNED Home Development Mutual Fund, also known as Pag-IBIG Fund, booked record-high home loan disbursements and earnings in 2017, it said on Friday.

In a statement, Pag-IBIG chairperson Eduardo D. Del Rosario said the mutual fund released P65.1 billion in home loans in 2017, which he noted was the highest ever housing loan disbursement in its 37-year history.

The home loans were doled out to its 80,964 members last year.

The fund’s net income of P30.27 billion in 2017 was likewise its highest thus far, and is also the first time it hit the P30-billion mark.

Pag-IBIG Fund’s total assets also grew to P488.74 billion.

“As Pag-IBIG Fund’s contribution to the pro-poor agenda of President Rodrigo [R.] Duterte, homeownership was made even more affordable especially to the low-income earners,” Mr. Del Rosario said, speaking at the 2017 Chairman’s Report held in Pasay City.

Pag-IBIG Fund added that its members will benefit from the upbeat financials as it will disburse the bulk of its earnings through dividends.

“For 2017, Secretary del Rosario said that if Pag-IBIG Fund will have the same pay out as in 2016 at 90%, it may credit to members’ accounts P27.29 Billion in dividends — the biggest amount ever credited by Pag-IBIG Fund,” the statement added, referring to Mr. Del Rosario who also heads the Housing and Urban Development Coordinating Council.

The mutual fund also posted a savings collections at P36.6 billion and multi-purpose loan releases at P45.37 billion.

“Our strong financials and record-breaking housing loan takeouts benefit primarily our members… We’ve reached our targets, and we’ve done it with flying colors,” Pag-IBIG Fund chief executive officer added. — K.A.N. Vidal