PAG-IBIG EARNED P16 BILLION IN 2013 – BINAY

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Vice Mayor Jejomar Binay and Pag-IBIG Fund President and Chief Executive Darlene Berberabe share a laugh after the presentation of the fund’s midterm report in Pasay City.  PHOTO BY EDWIN MULI

Vice Mayor Jejomar Binay and Pag-IBIG Fund President and Chief Executive Darlene Berberabe share a laugh after the presentation of the fund’s midterm report in Pasay City. PHOTO BY EDWIN MULI

THE Home Development Mutual Fund (HDMF) or Pag-IBIG earned a net income of more than P16 billion last year, according to Vice President Jejomar Binay.

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Binay, Pag-IBIG’s chairman of the board, said the increase in the fund’s income, which is comparable to the net income of the country’s biggest banks, proves the agency’s financial stability and health.

He said total assets reached P345.7 billion by yearend, making it one of the most profitable government corporations and the biggest key shelter agency in the country.

“With such robust financial standing, our members have the most gain. They can be assured that their savings are secure, and bigger profits bring bigger dividends to them,” Binay said in his first mid-term report on the fund’s record-breaking growth to its stakeholders.

Binay, who also heads the Housing and Urban Development Coordinating Council (HUDCC), said the agency may declare P10.03 billion in dividends for 2013.

“Pag-IBIG’s current stellar standing is supported by the enhanced loan programs implemented in the previous years,” he said.

In 2012, the agency doubled the home loan amount from P3 million to P6 million, and dropped interest rates for housing and calamity loans to 4.5 percent and 5.95 percent, respectively.

He said the fund maintained a high Performing Loan (PL) ratio for the past three years, averaging 87.66 percent.

“The accomplishment is credited to the enhanced collection mechanisms introduced by Pag-IBIG last year, including the outsourcing of payment collections for delinquent accounts,” Binay said.

As a result, the agency collected P3.356 billion in housing loan payments from accounts that were previously non-performing.

Since 2010, Binay said, the fund has implemented innovative programs that adhere to good corporate governance principles in a bid to make it more accessible and more responsive to the needs of its members.

The program resulted in the increase in membership by 5.3 million, bringing the total number to 13.5 million members by the end of 2013.

“Members’ savings also jumped in the last three years. The agency collected P82.3 billion in savings during this period,” he added.

Binay reported that since the 1980s, the fund has not increased the monthly contribution of its members, which is P100.

Pag-IBIG President and Chief Executive Officer (CEO) Darlene Marie Berberabe said the board in 2010 approved a resolution raising the monthly contribution but Binay talked them out of it.

“Our chairman engaged us in a discussion on the timeliness and propriety of the strategy to increase the Fund at that time,” she said.

She said Binay proposed to increase the membership base first, improve collection platform and collect the loan amortizations.

At the same time, the Vice President assured that the agency will not enter into any settlement with fugitive developer Delfin Lee. Pag-IBIG filed syndicated estafa charges against Lee and other officers of Globe Asiatique in December 2010 for defrauding the agency of P6.6 billion using ghost borrowers and spurious documents.

“Gusto ko pong bigyan diin na may collateral na hinahawakan ang Pag-IBIG na katumbas sa loan value ng borrowers ng Globe Asiatique at hanggang ngayon po ay hawak natin ang mga collateral na ito,” Binay said.

“Tinitiyak ko po sa inyo na hindi tayo bibitaw, hindi tayo makikipag-areglo, hindi tayo papayag na babaan ang kaso at hindi tayo titigil hangga’t hindi sila napaparusahan,” he added.

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