MANILA, Philippines – Government-run Pag-IBIG Fund posted a net income of P20.2 billion in 2015, up 27 percent year-on-year mainly due to improved collections and a growing membership base.
From only 72 percent, the Fund improved its performing loans ratio to an unprecedented 89.35 percent net of allowance for impairment loss.
Pag-IBIG president and CEO Darlene Marie Berberabe said membership base grew 82.8 percent to 15.9 million.
The agency also saw its branch network rise by more three-fold to 112.
“All these bigger and better benefits are being enjoyed by our members without increasing the mandatory contribution of P100 per month, Berberabe said.
In the last five years, Pag-IBIG doubled its home loan cap to P 6 million while cutting the interest rate to as low as 6.5 percent from 11.5 percent per annum, with a special rate of 4.5 percent for minimum wage earners.
Members from the informal sector who previously did not have access to banks, are now proud homeowners because of Pag-IBIG’s affordable loans, the Fund said.
Now, kasambahays, drivers, security guards can own houses.
Last year, the Fund launched the Loyalty Card program, which gives discounts and privileges from over 90 private sector partners such as up to 50 percent discount for selected medicines in Pfizer, discounts on LPG from Petron, discounts in educational institutions, and perks from Puregold.
According to Pag-IBIG, there are now over one million Loyalty cardholders.
Pag-IBIG is set to credit as much as P14.14 billion in dividends to members’ accounts, which is 17 percent higher than the previous year.
Pag-IBIG also maintained its 100 percent passing rate in the Anti-Red Tape Act (ARTA) survey, after full round of survey, with 30 of its branches rated “excellent.”
It received the same ARTA passing rate in 2013 and 2014.
Apart from this, the Fund maintained its Pag-IBIG ISO 9001:2008 certification, proof that its processes comply with international standards.
The agency also received its third “Unqualified Opinion” from the Commission on Audit, a testament to the Fund’s good governance.
“Pag-IBIG Fund maintains its twin values of integrity and excellence. Honesty and transparency should be the ‘better half’ of professionalism and hard work. These values go hand-in-hand to provide a bigger, better and faster service to the public that we serve,” Berberabe said.