Elections to weigh on Pag-IBIG 2016 income

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IT’S not only the developers holding their breath as the country’s election fever heats up. So does the government agency tasked to give affordable housing loans to first-time homebuyers.

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“Our net income now (as of end-2015) is P20 billion, (a 24.5-percent increase from P16.22 billion in 2014); for 2016, we are expecting (only) P22 billion, because we are anticipating that there will be a change in administration,” Pag-IBIG Fund President and Chief Executive Officer, lawyer Darlene Marie Berberabe, told reporters in a recent interview.

Berberabe said the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund sees its net income to growing further in 2016, albeit at a slower pace, as the agency would be affected by the change of administration.

The lady CEO said the housing agency would likely undergo a transition period that would last at least a quarter.

“Magkakaroon ng mga one quarter na transition (There will be around a quarter transition period) and possibly change in management as well,” she said.

Berberabe said she is hoping the next administration would not remove the successful programs of the housing agency, but improve on them instead.

“So, sana yung programs na successful, i-maintain or i-improve, pero huwag tatanggalin kasi sayang (It is hoped that the programs that proved successful will be maintained and improved, so they won’t go to waste.),” Berberabe said.

The Pag-IBIG Fund announced an almost 25-percent increase in its annual net income for 2015, on the back of better collection schemes, like outsourcing services.

Pag-IBIG Fund Chairman, lawyer Chito M. Cruz, said this was a 70-percent increase from the fund’s net income in 2010, when the current management took over the agency.

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