Pag-IBIG Q3 payments reached record P57.6B

Because of its record-high collections, the agency has exceeded its yearend target on its performing loans ratio earlier than projected

Driven by the strong collection of home loan payments in the last 10 months, Pag-IBIG Fund’s performing loans ratio climbed to 89.96 percent in October, exceeding the agency’s yearend target by 196 basis points, top executives announced Monday.

From January to October, home loan payments amounted to P57.58 billion, a double-digit increase of 30 percent, or P13.31 billion higher than the P44.27 billion collected in the same period last year.

The amount is a record high in terms of home loan payments collected by the agency for any January to October period.

“We are happy to report that the amount of home loan payments we have collected so far this year is the highest in our history. This is good news as it reflects the continued recovery of our borrowers from the financial difficulties caused by the pandemic,” said Secretary Jose Rizalino L. Acuzar, who heads both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

“Our strong collections is key in maintaining our financial sustainability, as the amount we collect are plowed back to our housing portfolio so that more members can avail of affordable home loans from Pag-IBIG Fund. This is one of our ways of heeding President Ferdinand Marcos Jr.’s call in solving the country’s housing backlog within the next six years,” he added.

Yearend target exceeded

For her part, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said that because of its record-high collections, the agency has exceeded its yearend target on its performing loans ratio earlier than projected.