THE Home Development Mutual Fund or Pag-IBIG said housing loan collections in the first quarter of this year grew 5 percent from a year ago to P9 billion thanks to its intensified collection efforts.
“Pag-IBIG Fund intensified its collection efforts which are essential in ensuring that our housing funds are replenished regularly. Thus, more and more Filipino workers will be given a chance to acquire affordable and decent homes, Pag-IBIG president and chief executive officer Darlene Marie Berberabe said.
Pag-IBIG noted that the first quarter figure is 20 percent higher than the average first quarter collections recorded from 2011 to 2015.
Berberabe emphasized that the amount excludes the P1.8 billion collections generated from asset recovery.
“Adding up the asset recovery collections will bring to P10.9 billion the total collections of the Fund in the first quarter of 2016,” Berberabe said.
Pag-IBIG explained that collections from asset recovery come from the successful disposition of the agency’s acquired properties, which are offered to the public at very affordable rates.
The Fund also generated an additional P822.4 million in collections from partnerships with collection agencies during the first quarter of 2016. Pag-IBIG has tapped these collection agencies for their expertise in delinquent accounts of the Fund.
From January 2013 to March 2016, these agencies have collected a total of P9.9 billion for Pag-IBIG.
“It is Pag-IBIG Fund’s duty to collect from its borrowers. The Fund has an obligation to protect and manage well the money of Pag-IBIG members,” the provident fund said.