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Home Business Top Business Pag-IBIG Fund net income hits P33B

Pag-IBIG Fund net income hits P33B

Operational efficiencies helped state-run Home Development Mutual Fund or Pag-IBIG post a record-high net income last year.

Pag-IBIG Chairman Eduardo del Rosario. PHOTO BY JOSEPH GERARD SEGUIA

On Wednesday, Pag-IBIG said its net income reached P33.17 billion in 2018, 9.5 percent higher than the P30.27 billion in 2017.

“Such increase in our net income is attributable to our operational efficiencies,” Eduardo del Rosario, Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees chairman, said in a speech.

Del Rosario added the Fund breached a lot of milestone figures in savings, housing and finance. In particular, he said members savings totaled P40.17 billion, 11 percent higher than in 2017.

He said the amount included the P4.47-billion savings under the Modified Pag-IBIG 2 (MP2) Savings Program — a special savings mechanism offered to members and retirees who were former members. The 2018 MP2 savings rose 242 percent from the previous year.

The Fund’s housing loan takeout also rose by 16 percent to P75.31 billion, of which P8.36 billion was released for socialized housing, benefitting 21,389 borrowers who were mainly minimum-wage and low-income earners, which comprised 24 percent of the total 90,375 housing loan borrowers.

In terms of cash loans, the Fund released a total of P49.23 billion worth of short-term loans to 2,428,918 members, including multi-purpose loans worth P46.96 billion, the highest Pag-IBIG released.

It also maintained its high-performing loans ratio of 90.26 percent, indicating that nine of 10 housing borrowers religiously paid their housing loan obligations with the Fund.

Its total assets also reached P533 billion, 9 percent higher from a year ago.

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