Pag–IBIG Fund again surpassed its own record amid the ongoing pandemic by releasing more than P65 billion in home loans in the last nine months, agency officials announced on Friday, November 5.
From January to September, the agency released home loans worth P65.48 billion, which is the highest amount ever released compared to any previous nine–month period. Compared to recent years, the amount disbursed so far this year grew 80% from the P36.43 billion released during the same period in 2020 and is 11.5% higher than the P58.73 billion released in the same period in 2019, which is the Fund’s best performing year.
“Even as the country continues to face the challenges posed by pandemic, Pag–IBIG Fund was able to set a new record in terms of housing loan takeouts by the end of the third quarter. This means that more and more Filipino workers are becoming homeowners which is good news as this growth contributes to the economic recovery efforts of the government led by President Rodrigo Duterte,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11–member Pag–IBIG Fund Board of Trustees.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti noted that the amount released as of September financed the acquisition of 77% more homes this year – totaling so far to 63,765 units for its members.
He added that out of the P65.48 billion released, over P6.71 billion went to finance the acquisition of 15,456 socialized housing units for the minimum-wage and low-income sectors and that these socialized housing units make up more than 24% of the entire number of homes financed from January to September.
“We have one more quarter left before 2021 ends and judging by our home loan releases in the previous three quarters, I am confident of achieving another banner year. So far, our average monthly home loan releases hovers around P7 billion. It even peaked at over P9 billion in June. In the third quarter alone, our home loan releases amounted to P21.14 billion. If this trend holds, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion. This shows the grit and resilience of Pag-IBIG to serve our members no matter the circumstance,” said Moti. (PR)