Pag-ibig apologizes for delay in online services rollout

Pag-ibig Fund president and chief executive officer Acmad Rizaldy Moti apologizes for the delay

A TOP official of the state-run Pag-ibig Fund said the agency is preparing to roll out its online services this year.

Pag-Ibig Fund president and chief executive officer Acmad Rizaldy Moti apologized for the delay in the online rollout, which was supposed to be launched in 2018, as they wanted to give complete online services to members.

“There’s a slight delay (in the implementation) because what the housing (sector) wants is an ‘all-in’ online service for the members,” he said.

“Unlike before that we only wanted to introduce the online scheduling or appointment, the housing (sector) wants a service where members will submit everything like IDs, proof of income, among other documents online, which the Pag-ibig Fund will process (for them),” said Moti.

Moti said they eye to implement the online loan transactions this year, which means members no longer have to physically go to their office and wait to be served.

The agency, though, is in the process of perfecting the system.

In earlier interviews, Moti said going online is part of the bigger reform the agency will undertake to facilitate smooth transactions and convenience for its members.

In 2018, Pag-ibig Fund earned P33.17 billion in net income, which was the highest net income in the history of the agency.

Secretary Eduardo del Rosario, chairperson of the Housing and Urban Development Coordinating Council and Pag-ibig Fund board of trustees, said 86 percent of the net income—amounting to P28.23 billion—will be given back to members in the form of dividends and will be credited to their respective accounts. “This is the highest dividend amount we have ever declared,” he said.

The Fund declared dividend rates at 6.91 percent for regular Pag-ibig savings and 7.41 percent for the Modified Pag-ibig 2 Savings program.

Pag-ibig Fund’s net income in 2018 grew 10 percent from 2017, sustaining its double-digit growth in the last five years.

Moti said the high collections of loan amortizations and operational efficiencies pushed the income to record-breaking levels.

In 2018, home loan payments reached P55.73 billion, growing nine percent from 2017, and breaking the record for the highest home loan collected in a year.

Moti said this can be attributed to the Fund’s high performing loans ratio of 90.26 percent, which means nine out of 10 borrowers are paying their housing loan obligations religiously.

Pag-ibig Fund’s total assets, meanwhile, have grown nine percent to P533.72 billion by the end of 2018–also the highest recorded in the agency’s history. /