NEWLY-APPOINTED Housing Department secretary Eduardo D. Del Rosario took the stage on Friday, Feb.7 to report Pag-IBIG Fund’s record-breaking earnings, housing loan releases, and cash loan releases to its members, partners, and other stakeholders in this year’s Chairman’s Report.
“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. 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. This is in line with President Rodrigo Roa Duterte’s call for government to provide social benefits to more Filipinos,” said secretary Eduardo D. del Rosario, chairperson of the Pag-IBIG Fund Board of Trustees and the secretary of the Department of Human Settlements and Urban Development (DHSUD).
In his report, del Rosario said that the 14.69 million active Pag-IBIG members collectively saved P50.38 billion in 2019, which is the highest on record. Compared to members’ savings collected in 2018, the amount jumped 25 percent.
More savings entrusted by members with Pag-IBIG Fund
The growth in members’ savings collections was largely due to the huge spike in the agency’s Modified Pag-IBIG 2 (MP2) Savings collections, which posted growth of 169 percent to P12.01 billion from the P4.47 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 further broke its housing-related accomplishments as it released a total of P86.74 billion to finance the homes of 95,276 members. Of these, P10.64 billion was released for socialized housing, benefitting 27,145 borrowers belonging to the minimum-wage and low-income sectors.
In terms of cash loans, Pag-IBIG Fund released a total of P53.83 billion to 2,593,538 members.
Assets and net income highest in Pag-IBIG history
Financially, Pag-IBIG Fund also showed better than expected performance, as its total assets amounted to P603.39 billion by end of 2019.
The Fund also posted a net income of P34.37 billion, the highest in its history.
“The Chairman’s Report gives us an opportunity to update our members and stakeholders of what we have achieved in the past year, this is why we hold it every year. 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,” said Pag-IBIG Fund chief executive officer Acmad Rizaldy P. Moti./PN
