Pag-IBIG Q1 earnings expand to P8.32 B

STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) reported on Friday that its net income improved to P8.32 billion in the first quarter of this year.

The latest amount was up 3.72 percent from the P8.02 billion it posted in January-March 2020.

In a virtual news conference held on Friday, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti attributed the figure to the savings generated by the fund.

“Why? Because of a lot of savings that we have been experiencing also because of the new normal,” he said.

For example, Moti explained that because of the community quarantine restrictions since last year, the Pag-IBIG has saved a lot of expenses on hotel rental and food costs for its events and trainings.

He also reported that Pag-IBIG’s mandatory regular savings increased by 13 percent to P9.1 billion in the first three months of 2021 compared to P8.04 billion a year earlier.

Collections of voluntary savings, also known as the Modified Pag-IBIG 2 (MP2) Savings, jumped by 43 percent to P6.7 billion in the three months to March this year from P4.67 billion the previous year.

“This is the highest-ever MP2 collection for the first quarter of any year,” Moti emphasized.

Despite the community quarantine, he added, the fund managed to release P20.9 billion in housing loans during the three-month pe

riod, an uptick of 33 percent from P15.77 billion a year earlier.

“This is the highest amount we have released for any first quarter in our history,” Moti said.

A total of 20,700 members benefited from these loans during the time, accelerating by 32 percent from 15,729 a year earlier.

Of the total amount, P2.2 billion were released as socialized home loans for the benefit of 5,074 Pag-IBIG members belonging to the minimum-wage and low-income sectors.

Despite the effects of the coronavirus disease 2019 pandemic, the fund earned P31.18 billion last year, marking the fourth consecutive year it exceeded the P30-billion mark.