PAG-IBIG 2019 PROFIT HITS RECORD P34.3B
THE Home Development Mutual Fund (Pag-IBIG Fund) reported on Friday that its net income reached a record-high P34.37 billion last year.
In a presentation at the Philippine International Convention Center in Pasay City, Eduardo del Rosario, chairman of the Pag-IBIG Fund Board of Trustees, said the amount was a 4-percent increase from the P33.17 billion posted in 2018.
Calling 2019 an “excellent year,” he said the state-run agency “achieved record highs in our key result areas while delivering responsive services to our members.”
In his report, del Rosario said 14.69 million active Pag-IBIG members saved a record-high P50.38 billion in 2019, up 25 percent from the P40.17 billion collected in 2018.
He attributed the amount saved to the huge spike in the agency’s
Modified Pag-IBIG 2 (MP2) Savings collections, which grew by 169 percent to P12.01 billion from P4.47 billion 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,” said del Rosario, also the newly appointed secretary of the Department of Housing and
Urban
Development.
Pag
IBIG
Fund also released P86.74 billion to finance the homes of 95,276 members, up 15 percent from P75.31 billion a year ago.
O f these, P10.64 billion was released for socialized housing, benefiting 27,145 borrowers belonging to the minimumwage and lowincome sectors.
In terms of cash loans, Pag-IBIG Fund released P53.83 billion to 2,593,538 members, a 9-percent improvement from the 2018 figure.
Financially, Pag-IBIG Fund also performed better than expected, with total assets reaching P603.39 billion by the end of 2019, 13 percent higher than the year- earlier amount.
“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,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said.
“We want to apprise Filipino workers of our performance and tell them that their fund is working for them,” he added.
MAYVELIN U. CARABALLO