Pag-IBIG income hits a record high P22.41B as of 3rdQ of 2017

Pag-IBIG income hits a record high P22.41B as of 3rdQ of 2017

Another good news!!!

The Home Development Mutual Fund or more popularly known as Pag-IBIG Fund just gave the country a gift for the holidays.

Pag-IBIG fund, registered a record-high net income of P22.41 billion for the first nine months of 2017, a 14-percent increase from the same period last year. *
(photo credit to Pag-IBIG website)

In a statement they released, Pag-IBIG said the latest figure was only P2.72 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 during the first three quarters, representing an 11-percent surge from the same period last year.

Pag IBIG is very active in the promotion of its housing loan program which is in support of President Rodrigo Duterte’s call to provide Filipinos, mainly targeting the low-income earners to fulfill their dream to have a home of their own.

“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-to-September targets in fund management, resulting in an investment income of P2.66 billion.

Home Development Mutual Fund CEO Acmad Rizaldy Moti expressed optimism that 2017 will be another banner year for the agency.

“We’ve been hitting our quarter targets this year. I am confident 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 continue to expect better benefits and an increase in dividend returns for their savings,” he said.


Report from Manila Times



Post a Comment