Pag-IBIG net income rises 21% in 6 months

MANILA, Philippines — State-run Home Development Mutual Fund (HDMF) or Pag-IBIG Fund reported a net income of P16.09 billion in the first half, 20.9 percent up from P13.3 billion recorded in the same period last year.

Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG board of trustees, said the growth in the fund’s net income was driven by the increase in housing loans during the period.

In the first six months, Pag-IBIG extended P32.71 billion worth of housing loans, 13 percent or P4 billion more than the loans it extended the same period in 2017.

A total of 40,094 families benefited from the loans, 11 percent more than the 36,139 families served in the first half of 2017.

Del Rosario said 32 percent of the units funded by PAG-IBIG from January to June comprised of socialized housing, consistent with the government’s thrust to provide shelter to the unserved and underserved sectors.

“I am happy to know that 32 percent of the number of units that Pag-IBIG Fund has financed in the first half of the year are under the socialized housing program. This is in keeping with the housing sector’s BALAI Filipino (Building Adequate, Livable, Affordable, and Inclusive Filipino Communities) program,” Del Rosario said.

Complementing its housing mandate, Pag-IBIG chief executive officer Acmad Rizaldy Moti said the fund also performed well in promoting savings among its members.

For the first semester, he said Pag-IBIG members saved P18.46 billion, up by four percent from the P17.69 billion posted the same period in 2017.