November 7, 2024 | 12:00am
MANILA, Philippines — The assets of the Home Development Mutual Fund, commonly known as the Pag-IBIG Fund, have breached the P1-trillion level due to increased revenues and member savings.
In a statement, Pag-IBIG said its total assets stood at P1.02 trillion as of end-September, up by 14 percent year-on-year.
Reaching the P1-trillion mark was attributed to Pag-IBIG’s higher revenues, increased member savings and strategic management of its investment portfolios.
As of the third quarter, member savings soared by almost 50 percent to P98.72 billion, as both regular and voluntary savings via the Modified Pag-IBIG 2 Savings (MP2) increased.
This increase was also driven by the implementation of the maximum allowable salary contribution earlier this year.
Further, Pag-IBIG reported a net unrealized gain of P320 million, a reversal from the P2.28-billion loss during the same period last year.
This gain was due to improved market valuations of investments measured at fair value through other comprehensive income.
Pag-IBIG Fund CEO Marilene Acosta said the agency’s strong financial performance is expected to benefit its members the most.
“With our strong fiscal standing, we continue to provide our members with the best benefits and programs to help them prepare and secure a better future,” Acosta said.
“As a money multiplier, every P100 saved by members and employers with Pag-IBIG can potentially help generate P1,800 in the economy through future loans and cash infusions,” she said.
Currently, Pag-IBIG has 16.24 million active members.
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