Pag-IBIG Fund recently reported that for the year 2019, they booked record-breaking earnings, housing loan releases and cash loan releases to its members, partners, and stakeholders in this year’s Chairman’s Report.
Chairman Eduardo del Rosario shared that Pag-IBIG Fund’s total assets for 2019 reached P603.39 billion, 13 percent higher from last year’s P533.72 billion. While total net income reached P34.37 billion in 2019 — the highest in history — four percent higher compared to the P33.17 billion in 2018.
High home and cash loans were also recorded. A total of P86.74 billion were released to finance the homes of 95,276 members; P53.83 billion were released to over 2.5 million members, with P10.64 billion for socialized housing for 27,145 borrowers that belonged in the minimum wage and low-income sectors.
The growth in Pag-IBIG Fund’s collective savings was due largely to the huge spike in the Modified Pag-IBIG 2 (MP2) Savings collections, which posted a growth of 169 percent or P12.01 billion from the P4.47 billion collected in 2018.
“The phenomenal increase in our savings collections is critical to Pag-IBIG Fund’s growth because it is through the collective savings of our members that Pag-IBIG is able to extend more loans and benefits at affordable rates to our borrowers,” del Rosario said.
Pag-IBIG Fund CEO Acmad Moti said that the agency would revisit the MP2 program to improve it and make it a (much) stronger fund, as the program helped the agency sustain its funds while maintaining lower savings rate for its existing members. However, starting next year, Pag-IBIG Fund members’ mandatory monthly savings will increase to P150 from P100, and will further increase to P200 by 2023.