Bannering the record-breaking accomplishments of Pag-IBIG Fund in 2018, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti delivered a comprehensive report on figures and data that described the Fund’s achievements and stellar performance, during the Stakeholders Accomplishment Report (StAR) last April 3, at Crowne Plaza Manila Galleria.
Last year, Pag-IBIG Fund broke records by earning P33.17 billion in net income, releasing P75.31 billion in home loans and disbursing P49.23 billion in short-term loans. Loan payment collections were also at its highest at P55.73 billion for housing loans and P53.21 billion for short term loans.
The Pag-IBIG StAR stemmed from the Pag-IBIG Fund Chairman’s Report held in January, aiming to disclose important importation on the efforts of the agency. Aside from the report, there were also an awards ceremony where top real-estate developers, employers, and institutions and individuals were recognized and given special citations for their invaluable efforts and contributions.
“We could not have done these without the tremendous effort of our stakeholders and personnel, and such determination in providing service to our members needs to be duly recognized,” CEO Moti shares.
“Pag-IBIG achieved another banner year in 2018 as our net income, loan releases, and payment collections broke previous records. With the 2018 Pag-IBIG StAR, we would like to recognize the support of our partners as we continue to provide our members with social benefits, which is aligned with the directive of President Rodrigo Roa Duterte,” explains Secretary Eduardo D. del Rosario, chairperson of both the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.
After its debut in the National Capital Region (NCR), the Pag-IBIG Fund StAR is set to recognize stakeholders in North Luzon, South Luzon, Visayas, and Mindanao in the coming weeks.
“Pag-IBIG Fund’s performance in 2018 stands out as the best year so far. When we achieve record-breaking disbursements in home loans and cash loans, we are happy because these signify our members’ satisfaction with Pag-IBIG Fund’s programs as we help more members with their housing and financial needs. Pag-IBIG Fund remain as one of the key institutions in President Rodrigo Duterte’s drive to provide social services to more Filipinos,” Del Rosario concludes.
“Pag-IBIG Fund performed better this year than in 2017, which was our best year ever. We thank our members for continuously supporting Pag-IBIG Fund in the last 12 months. And because of the strong performance and robust financial standing of the fund, we are very confident that the rates of or loans will remain low and we don’t foresee an increase n housing interest rates in the next few years,” Moti assures.
Meanwhile, Pag-IBIG Fund also revealed that it is considering raising the decades-old P100 monthly savings by 2021. This is in response to the increasing demand for low-interest housing and calamity loans; whose growth may soon outpace the collections derived mostly from the mandatory P100 monthly savings of members.
“In order to sustain our low housing loan and calamity loan interest rates, we may have to raise the monthly contributions to P200. We can also borrow money from other institutions to raise more funds, but doing this will affect our low interest rates,” Moti says.
“We might have to increase the P100 monthly savings in order to continue providing the low interest rates. But because President Rodrigo Roa Duterte has standing orders to consider the plight of the Filipino workers, this will not happen immediately. If we have to increase, the increase will happen in two, maybe three years, from now because we have to consult our stakeholders first,” del Rosario reveals.