MANILA, PHILIPPINES – On Tuesday, February 26, 2024, the Pag-IBIG Fund announced that over the previous year, its Modified Pag-IBIG 2 (MP2) savings climbed to 7.05 percent, while its regular savings dividend rate reached 6.55 percent.
CEO of the Pag-IBIG Fund, Marilene Acosta, said during the Chairman’s Report at the Philippine International Convention Center in Pasay City that payout rates have reached their highest point since the pandemic.
PHP89.26 billion in membership savings was up 12% from 2022 for the Pag-IBIG Fund. MP2 savings rose 17% to PHP46.54 billion, the agency announced.
“We exceeded our 2022 achievements again in 2023. Our house and cash loans are most significant, collections and loan portfolios are solid, and fiscal standing is strongest, ” the CEO stated.
Jose Rizalino Acuzar, secretary of the Department of Human Settlements and Urban Development (DHSUD), emphasized that the Pag-IBIG Fund helped Filipinos save money for home purchases.
“Mula nang simulan natin ang programang ito, nasa 34 4PH na ang ongoing construction ngayon (Since we started this 4PH [Pambansang Pabahay Para sa Pilipino] program, there are already 34 projects that are under construction),” Acuzar stated.
DHSUD and other government organizations administer the 4PH national housing program. This was started in September 2022 to deal with the country’s backlog of 6.5 million poor housing.
Acuzar stated that loans of PHP20.17 billion were given to 17,791 housing units for 2023.
Building on the PHP250 billion pledge made by the Pag-IBIG Fund through 2028 is 159,814 residential units.
“The housing loan take out is PHP126.04 billion — seven percent higher than 2022 — and 96,848 members have new or better homes, which is a record high,” added Acuzar.
“Short-term loans reached PHP59.32 billion—10% higher than 2022—and covered 2.65 million members, 41,618 more than 2022,” he said.
Acuzar said that the Fund’s total loan payments were a record high of PHP142.19 billion (12 percent higher than in 2022), total assets were PHP925.61 billion, gross revenue was PHP77.22 billion, net income was PHP 49.79 billion, dividends were PHP48.76 billion, and dividend payout was 97.86 percent.
Three hundred ninety-five partners have offered discounts and rewards to over 100 members via Pag-IBIG on Wheels. The organization provides the lowest-rate home loans, at 3%, through its 207 service offices.
Acuzar said the Fund received 11 consecutive unmodified and unqualified opinions from the Commission on Audit, demonstrating its commitment to nation-building with Filipino workers and the government.
Keep Reading: GUIDE: PAG-IBIG Online Registration 2023
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