Pag-IBIG grants P17.3-B benefits in '99

Pag-IBIG Fund has granted over P17.33 billion in benefits last year. The amount covers releases made under the Provident Benefit Program and loans availed of under the Fund's housing loan programs and the Multi-Purpose Loan Program.

Pag-IBIG has approved and released more than P7.115 billion in housing loans to individual borrowers and accredited developers last year. The loan amount covers the construction or purchase of over 33,269 housing units all over the country. Pag-IBIG president and CEO Ramon P. Palma Gil made this announcement, adding that Pag-IBIG shall continue to support the shelter program of the government through the granting of special financial assistance to special groups like the Philippine National Police and the Armed Forces of the Philippines, among others.

Palma Gil also disclosed that as of December last year, Pag-IBIG posted an asset level of more than P97.43 billion and a net income of over P4.12 billion.

Pag-IBIG grants retail housing loans under its Mortgage Financing programs, which include the Expanded Housing Loan Program, Group Land Acquisition and Development (GLAD) Program, the Pag-IBIG Overseas Program, and others. Last year, Pag-IBIG has granted over P7.005 billion under its Mortgage Financing Programs. Under the Unified Home Lending Program, more than P10.9 million in loan values have been released by Pag-IBIG in 1999.

Meanwhile, pipeline projects carried over 1999 under the Fund's Developmental Financing Programs were granted a total loan value of more than P110.7 million. This is intended for the construction of some 1,159 housing units to be made available of Pag-IBIG members.

While the Fund honors its commitment to the government's housing program, it does not lose sight of its role as a provident fund. Under its Provident Program, Pag-IBIG has returned over P1.67 billion to 71,299 Pag-IBIG members last year. Pag-IBIG guidelines on the program provides that a member may withdraw his total savings with the Fund, which include his personal contributions, employer counterpart shares and dividend earning upon occurrence of any of the following reasons: membership maturity, retirement, total disability/insanity, separation from service due to health reasons, permanent departure from the country, or upon death of the member. When a member dies his beneficiaries would receive an additional death benefit of P6,000 aside from the deceased member's total savings from the Fund. Last year, death benefits amounting to a total of P78,112-million death was granted to 13,146 beneficiaries.

Under the Multi-Purpose Loan (MPL) Program, Pag-IBIG released a gross loan value of more than P8.542 billion to 914,244 member-borrowers nationwide. The MPL Program is a short-term loan program where active Fund members who have made at least 24 monthly contributions may borrow up to 60 percent of his total savings with Pag-IBIG. The loan is payable within a maximum period of 24 months and may be renewed after paying at least 50 percent of the loan principal and upon the anniversary date of the loan release.