May 21, 2019
THE Home Development Mutual Fund (Pag-IBIG Fund) reported on Monday that it had released P17.22 billion in home loans in the first quarter of 2019, a P3.12-billion or 22-percent increase from P14.1 billion in the same period last year.
According to the state-run agency, the latest amount is the highest released so far in any January-to-March period.
That amount, Pag-IBIG explained, financed the acquisition and construction of 19,696 homes for Pag-IBIG members — also a record-high for the first quarter of a year — which is 13 percent higher than the 17,398 funded in the same period in 2018.
Of these, 5,789 — 29 percent — were for socialized housing units benefitting minimum-wage and low-income earners.
“Pag-IBIG Fund’s performance in the first quarter of 2019 stands out as the best so far. Bigger loan releases and increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund achieve their dream of homeownership,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund board of trustees.
“This is why Pag-IBIG Fund remains as a major player in President Rodrigo Roa Duterte’s drive to uplift the lives of Filipino families through sustainable social development programs and access to decent and affordable housing,” he added.
Home-loan releases in the first three months breached the P15-billion mark for the first time — something that Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said “took us a while” to achieve, noting that “in the first quarters of 2017 and 2018, our releases hovered above P14 billion.”
“The P17.22 billion in home loans we released for the first quarter of 2019 is yet another testament to our continued growth and reliability. We commit to continue working hard to maintain our strong performance and help more members achieve their own homes,” Moti added.
In total, Pag-IBIG Fund home loans from January to March totaled P29.25 billion to finance homes for 30,762 members. This includes the amount released and P12.03 billion pending for takeout to 11,066 members. These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements.
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