Pag-IBIG Fund’s gross assets exceeded the P1-trillion mark as of end-June 2024, its top executive said Monday.
“Our total assets as of June 2024 was P986 billion, net. If we consider the gross, it is over a trillion,” Pag-IBIG Fund chief executive Marilene Acosta said in a briefing at Luxent Hotel in Quezon City.
The fund also posted a net income of P24.3 billion as of June 2024, making it one of the most profitable government-owned and controlled corporations. It has more than 16.2 million members as of end-June.
Acosta said the fund continued to post record home loans despite the decline in the number of socialized housing units financed by the agency due to lower production by developers.
Pag-IBIG Fund released P76.94 billion in home loans in the first eight months of 2024, in line with its target of financing P143 billion worth of housing units this year. This was 6 percent higher than P72.71 billion released in the same period in 2022 and financed 59,840 homes of Pag-IBIG Fund members.
Acosta expressed confidence in meeting the 2024 target, saying the final four months of the year usually see the largest home loan takeout. About P20 billion worth of loans are also expected to be finalized soon, she said.
She said the fund also expects to finance more socialized housing units under the government’s Pambansang Pabahay Para sa Pilipino Housing (4PH) program.
“Pag-IBIG housing loan remains the most affordable home financing plan in the country,” Acosta said. “Depending on your capacity to pay, you can borrow up to P6 million.”
Pag-IBIG Fund released P126.04 billion of home loans in 2023, the highest in its 43-year history, helping 96,848 members acquire new or better homes. Roderick T. dela Cruz
Membership savings amounted to P76.45 billion as of end-June 2024. In the whole of 2023, membership savings hit P89.26 billion, up by 12 percent from the 2022 level. Pag-IBIG Fund declared P48.76 billion in dividends last year.
Pag-IBIG Fund’s regular savings dividend rate reached 6.55 percent, while its modified Pag-IBIG 2 (MP2) savings rate increased to 7.05 percent in 2023. MP2 savings grew 17 percent in 2023 to P46.54 billion.
“Last year, we declared a rate of return amounting to 7.05 percent,” said Acosta. Roderick T. dela Cruz
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