PAG-IBIG INCOME HITS P22.41B AS OF END-SEPT
THE Home Development Mutual Fund, or Pag-IBIG Fund, registered a record-high net months of 2017, a 14-percent increase from the same period last year.
In a statement, Pag-IBIG said billion shy of its income targets for the year. It also said loan releases from its End-User Home Financing Program exceeded the nine-month target by P1.42 billion, and efforts to update past due accounts resulted in P2.34 billion in an additional income.
These allowed the state- run corporation to earn P16.80 billion in interest income on home loans - resenting an 11-percent surge from the same period last year.
The Fund said its active promotion of its housing loan program is in support of President Duterte’s call to provide Filipinos, especially low- income earners, with opportunities for homeownership.
“Pag-IBIG will play a very big role in achieving our target of having 250,000 housing units a year. Other shelter agencies, like the NHA (National Housing Authority) and SHFC (Social Housing Finance Corp.), will address the needs of informal-settler families, or ISFs. Pag-IBIG will take care of the formal sector, which comprises about 60 percent to 70 percent of our housing deliverables,” Pag-IBIG Chairman Eduardo del Rosario said.
In addition to increased availments of home loans, Pag-IBIG said its short-term loan program also contributed to its end-third quarter income growth, with active accounts and new applications earning an interest income of P4.96 billion.
Improved market conditions during the period also allowed the Fund to surpass its January-toSeptember targets in fund management, resulting in an investment income of P2.66 billion.
Pag- IBIG Fund CEO Acmad Rizaldy Moti expressed optimism that 2017 will be another banner year for the agency.
“We’ve been hitting our quarter that we will surpass our 2016 performance. This means that our members are assured that Pag-IBIG Fund remains very stable, and continues to become even stronger. This also means that they can con an increase in dividend returns for their savings,” he said.