Pag-IBIG Calamity Loan ready for members affected by North Luzon Quake
Top executives of Pag-IBIG Fund announced on Monday (August 01) that the agency has initially allocated P3 billion in calamity loan funds for members in calamity-stricken areas, including those affected by the strong earthquake that hit North Luzon.
“Pag-IBIG Fund has allocated calamity loan funds to help affected members in Ilocos Region, Cagayan Valley and the Cordillera Administrative Region (CAR) recover from the devastation caused by last week's earthquake. We are also working closely with our fellow government agencies, as directed by President Ferdinand Marcos, Jr., so that we can maximize our collective assets towards providing for the needs of our fellow Filipinos affected in these areas,” said newly appointed Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development and Chairperson of 11-member Pag-IBIG Fund Board of Trustees.
Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned. And in consideration of the plight of the members, the calamity loan is offered at a rate of 5.95% per annum which is the lowest rate in the market. The loan is payable over a period of up to three years, with a grace period of two months so that initial payment is due only on the third month after the loan is released. Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti stated that the agency has deployed its mobile branch, the Lingkod Pag-IBIG On-Wheels and established offsite service desks to receive applications for calamity loans from members, as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties may have been damaged by the tremors.
“In the wake of calamities, we are aware that our members need to have immediate access to our benefits and services. Immediately after the earthquake was felt, we deployed our mobile branch – the Lingkod Pag-IBIG-On-Wheels – to go around Ilocos Region, Cagayan Valley and the CAR and provide services where it’s needed most. In coordination with local government units, we have also set up on-the-ground service desks near evacuation areas and government centers in these regions so that members can easily access us. Our Virtual Pag-IBIG also remains ready to accept calamity loan applications online from members who have access to internet service. And, even while our own offices and personnel in earthquake-hit areas have also been affected, our branches are open and ready to receive calamity loan applications and housing loan insurance claims. Our members can be assured that during difficult times, Pag-IBIG will always be there to help them,” Moti said. (END)
Pag-IBIG Fund finances 8,471 homes for low-wage earners in H1 2022
Pag-IBIG Fund financed 8,471 socialized homes for minimum-wage and low-income members amounting to P3.67 billion in the first half of 2022, its top officials said Wednesday (July 20).
Socialized home loans make up 19% of the total number of housing loans financed by the agency from January to June this year. The amount, meanwhile, represents 7% of the total housing loans released by the agency for the said period. Pag-IBIG Fund posted record-highs of 47,184 in housing units financed and P51.96 billion in home loans released during the first half of the year.
“We at Pag-IBIG Fund remain committed in pursuing our mandate to provide a home for every Filipino worker. With our Affordable Housing Program, achieving the dream of homeownership is made possible especially for minimum-wage workers. The program’s lowest rates and longest payment term allow our members from the low-income sector to buy or build a home of their own,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.
Pag-IBIG Fund's Affordable Housing Program (AHP) is a special home financing program specifically designed for minimum-wage and low-income members from the National Capital Region (NCR) who earn up to P15,000 a month, and from outside the NCR who earn up to P12,000 per month. Under the AHP, eligible borrowers enjoy a special subsidized rate of only 3% per annum for home loans of up to P580,000 for socialized subdivision projects.
Pag-IBIG Fund Deputy Chief Executive Officer for Home Lending Operations Marilene C. Acosta, meanwhile, said that the AHP’s 3% rate translates to a monthly amortization of as low as P2,445.30 for a socialized home loan amounting to P580,000, making homeownership within reach of low-income earners.
“We first offered the AHP’s subsidized 3% rate in May 2017 to help more members, particularly those from the minimum-wage sector, realize their dreams of owning a home. With our very low rates, our members are able to enjoy a monthly amortization on their home loans that is lower than the cost of rent. And, since qualified borrowers do not need to put out cash for equity under the program, payments are even more within budget of low-income members. Makakaasa ang aming mga miyembro na patuloy nila kaming katuwang sa pag-abot ng kanilang pangarap na magkaroon ng sariling tahanan,” Acosta added. (END)
Pag-IBIG Fund releases record-high P40.41B home loans in Jan-May 2022, up 15%
Pag-IBIG Fund again surpassed its own record by releasing over P40 billion in home loans in the first five months of 2022, top officials announced on Tuesday (June 28).
From January to May, the agency released home loans worth P40.41 billion, the highest ever amount released during the first five months of any year in its history. Compared to the same period last year, the amount disbursed so far this year grew 15% from the P35.28 billion released during the same period in 2021.
“Pag-IBIG has once again set a new record in the amount of home loan releases to begin the first five months of the year. We are happy that the number of Filipino workers who are able to become homeowners through the Pag-IBIG home loan programs continue to grow. Our consistent performance also indicates that the home loan policies we have set in place have been effective, and we expect that these would continue to enable even more Filipino workers to have decent and affordable homes in safe, sustainable and resilient communities,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the amount released as of May financed the acquisition and construction of 36,865 homes for Pag-IBIG Fund members, 5% higher than the 34,979 homes financed during the same period last year.
He added that out of the total number of homes financed, 6,787 or 18% were socialized housing units which are now owned by minimum-wage and low-income workers and their families.
“Last year, we surpassed the P100-billion peso level in home loan releases, a feat we previously thought was impossible. This year, with our record-high home loan releases from January to May, we are optimistic that Pag-IBIG Fund is well on its way to yet another banner year. Should the current trend hold, we expect to release at least P105 billion pesos in home loans by year's end. I am confident that our outstanding performance on the home loan front will be sustained, especially under the leadership of our Deputy CEO for Home Lending Marilene C. Acosta, who has been instrumental in our record-breaking performance in home loan releases since 2017”, Moti said (END).
Pag-IBIG Fund finances 5,411 homes for low-wage earners in Jan-Apr 2022
Pag-IBIG Fund has financed 5,411 socialized homes for minimum-wage and low-income members in the first four months of 2022, its top executives said Wednesday (May 18).
Socialized home loans make up 18% of the 29,310 units financed by the agency from January to April 2022. In terms of amount, socialized home loans represent 7%, or P2.35 billion out of the record-high P31.97 billion home loans released by the agency for the period.
"Socialized housing is designed especially for minimum and low-wage workers. With Pag-IBIG Fund’s Affordable Housing Program, we make sure that all our members, particularly those from the low-income sector, are given the opportunity to own a home. This is the essence of the BALAI (Building Adequate, Livable, Affordable and Inclusive) Filipino Communities Program of the government’s housing sector towards providing decent shelter for every Filipino family,” said Secretary Eduardo D. del Rosario, Chairperson of the 11-member Pag-IBIG Fund Board of Trustees and Secretary of the Department of Human Settlements and Urban Development (DHSUD).
The Pag-IBIG Fund’s Affordable Housing Program (AHP) is for members from the low-income and minimum-wage sectors who earn up to P15,000 a month in the National Capital Region (NCR), and up to P12,000 per month outside the NCR. Under the AHP, borrowers enjoy a subsidized rate of 3% per annum for home loans of up to P580,000 for socialized subdivision projects, and up to P750,000 socialized condominium projects.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the AHP’s 3% rate remains as the lowest in the market – a rate that the agency has provided for low-income members since May 2017, and is able to offer due to its tax-exempt status as prescribed under Republic Act No. 9679 or the Home Development Mutual Fund (Pag-IBIG Fund) Law of 2009.
“Because of our Charter, Pag-IBIG Fund is able to provide the lowest rates for the home loans of minimum and low-wage workers. We first offered our subsidized 3% rate in May 2017 to help more members realize their dreams of owning a home. And, until now, that special rate still stands. Aside from keeping our interest rates low, we also keep the insurance premiums at a minimum, so that our borrowers would only need to pay a low monthly amortization of P2,445.30 for a socialized home loan of up to P580,000. And what’s more, qualified borrowers will never have to put out cash for equity under our Affordable Housing Program. All of these are part of our efforts to provide the best home financing program for our members who earn minimum wage,” Moti said
Pag-IBIG home loan releases reach record-high P24.2B in Q1 2022, up 16%
Pag-IBIG Fund released a record-high P24.20 billion in home loans during the first quarter of 2022, an increase of P3.26B or 16% compared to the P20.94 billion released during the same period in 2021, its top officials announced on Thursday (April 21).
“We are happy to report that we have again posted a record-high in home loan releases in the first three months of 2022. Our strong start this year means that more Filipino workers have been helped by Pag-IBIG Fund in acquiring their own homes. The sustained growth in our home loan disbursements also contributes to the economy, as we continue to help our members and the country recover from the pandemic,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Del Rosario added that the amount of home loans released by the agency during the first quarter enabled 22,210 members to acquire their own homes, a 7% increase from the 20,712 members helped during the same period in 2021. He further added that out of the total amount, P1.78 billion were released as socialized home loans benefitting 4,114 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti noted that the agency’s performance at the start of the year is a continuance of its record-high achievement in 2021 when the agency surpassed P100 billion in home loan releases.
“After coming off a record-setting 2021 with P100.8 billion in home loans released, we have yet again set another record-high in housing loan takeouts for the first quarter of 2022. Our performance in the housing loan front is an indication of the trust of our members in our programs. More importantly, our record-high numbers show the increasing number of Filipino workers we have enabled to have homes of their own. We aim to keep our loan interest rates low and help more Filipinos become homeowners. That is the Lingkod Pag-IBIG way,” said Moti. (END)
Pag-IBIG Fund On The Go
Top executives of Pag-IBIG Fund held a send-off of their mobile branch called Lingkod Pag-IBIG On Wheels. The mobile branches will bring Pag-IBIG services closer to more members and serve as a quick-deploy assistance vehicle to calamity- stricken areas when necessary. Pag-IBIG Fund Board Chairman and Housing Department Secretary Eduardo D. del Rosario and Pag-IBIG Fund CEO Acmad Rizaldy P. Moti led the send-off ceremony, along with other members of the Pag-IBIG Fund Board of Trustees and officials at the DHSUD grounds in Quezon City on Thursday (April 7)
Pag-IBIG declares record-high P31.79B as 2021 dividends; Regular Savings at 5.5%, MP2 at 6%
The Pag-IBIG Fund Board of Trustees has approved the dividend for members’ savings for 2021, declaring a record-high amount of over P31 billion which shall be credited directly to its members’ savings accounts, top executives announced on Friday (Mar.11).
“During the Pag-IBIG Chairman’s Report last February 24, I announced that the rates of Pag-IBIG Savings remained higher than other instruments in the market. This announcement came with a caveat that these were to be approved by the Board. And now, I’m happy to announce once again that the Pag-IBIG Board has approved dividends for our members’ savings in the amount of P31.79 billion – the highest declared amount in the history of Pag-IBIG! The Board also adjusted upwards the previously announced indicative rates. The final dividend rates are now 5.5% for the Pag-IBIG Regular Savings and 6% for MP2. Giving higher returns on members’ savings is part of our efforts to give the best benefit to our members, especially as they face economic challenges due to the ongoing pandemic, while ensuring the Fund’s sustainability and stability”, said Secretary Eduardo D. del Rosario who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti explained that the higher rates are a result of a higher dividend pay-out ratio approved by the Board. He said that while the agency is required to give back to members only at least 70% of its annual net income as dividends, the Management and the Board always sought to give back more.
"Pag-IBIG Fund has always looked out for the wellbeing of our members. And when we perform well, it’s our members who benefit the most. For 2021, I’m glad to say that the Board decided to retain the highest payout ratio of 92.15%. We are able to do this for the second consecutive year because of our strong financial position and improving loan portfolio despite the economic effects of the pandemic. We, the Management, thank all members of the Board for recognizing the Fund's efforts to maintain a stable Fund. We also recognize that the members themselves - their trust and confidence in the Fund's programs - helped us deliver a great performance year after year. This is your Lingkod Pag-IBIG at work when you need us most,” Moti said. (END)
Pag-IBIG posts record-high P34.73B net income in 2021; Members to earn dividend rate of 5.16% on Regular Savings, 5.66% on MP2
Pag-IBIG Fund netted an income of over P30 billion for the fifth consecutive year in 2021 despite the ongoing pandemic, the agency’s top executive announced on Thursday (Feb.24) during the Pag-IBIG Fund Chairman’s Report.
“As we close our books for 2021, I am happy to report that your Pag-IBIG Fund achieved another milestone. Our strong performance last year led us to reach a net income of P34.73 billion! This is our highest net income ever, surpassing by 9.5% our P31.71 billion net income in 2020 and topping the previous record of P34.37 billion netted in 2019. I’d also like to note that this is the fifth time that our net income breached the P30-billion mark. Our members will directly benefit because we shall again go beyond what is required of us by declaring over 86% of our net income as dividends for their savings,” said Secretary Eduardo D. del Rosario who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Under the Pag-IBIG Fund charter, the agency is required to declare at least 70% of its annual net income as dividends, which shall be credited proportionately to its members’ savings. However, Management has a recommendation to set aside 86.56% of its net income as dividends to maximize the benefit to its members during the second year of the pandemic. This is now up for approval of the Board, he added.
With robust financials, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti meanwhile said that the dividend rates on member’s savings – both mandatory and voluntary – will remain higher than other instruments available in the market.
“We know that many of our members have been asking about the dividend rates. Now we can finally share the news. For 2021, dividend rates will remain above 5%. Returns for the Pag-IBIG Regular Savings is recommended to be at 5.16% per annum, and the Modified Pag-IBIG 2 Savings to be at 5.66% per annum. Considering the challenges caused by the pandemic, Pag-IBIG’s dividend rates are still much higher than other savings accounts and financial products in the market today,” he said.
Pag-IBIG members save record-high P26 B in MP2, up 95% in 2021
Amid the ongoing health crisis, Pag-IBIG Fund members still showed preference for the MP2 savings program in 2021 as total savings reached nearly P26 billion, setting yet another record for the amount saved voluntarily by members in a year, agency officials said.
In only 12 months, members’ savings under the Modified Pag-IBIG 2 (MP2) Savings Program reached P25.95 billion in 2021, achieving a staggering growth of 95% from the P13.23 billion collected in 2020.
“Even amid some uncertainties caused by the pandemic, the MP2 proved to be one of our most sought-after programs. Because the MP2 has traditionally provided higher returns on savings, more and more members are preferring to grow their hard-earned savings in Pag-IBIG Fund. As we finalize all reports for the year, we will be announcing the dividend rates for 2021 very soon. Helping create more financially secure Filipino workers is our contribution to the national government’s efforts towards economic recovery," said Secretary Eduardo D. del Rosario of the Department of Human Settlements and Urban Development (DHSUD) who also chairs the 11-member Pag-IBIG Fund Board of Trustees.
The MP2 Savings Program is a special voluntary savings facility of Pag-IBIG Fund that comes with a maturity period of five years. With a low entry point of a P500 minimum savings, it is designed for active Pag-IBIG Fund members who wish to save more and earn higher dividends, in addition to the mandatory Pag-IBIG Regular Savings they save every month. The program is also open to workers who were once Pag-IBIG members. These include pensioners and retirees, as long as they had at least two years worth of savings prior to retirement.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, said that the number of cumulative MP2 savers also increased last year. In 2020, there were 508,522 MP2 savers. By the end of 2021, the total number of MP2 savers increased 42% to 721,980.
“We thank our members for their enduring support for the MP2 even during these challenging times. Because you choose to save in MP2, it has always been one of our most impressive programs. Prior to the pandemic, we had just achieved our best year in 2019. And while many lessons were learned during the last two years of the pandemic, we’ve also learned that your trust in Pag-IBIG never waned as the MP2 not only remained firm, but also grew to record-levels in 2020 and 2021. With our robust financial position and the Lingkod Pag-IBIG brand of service, our members can rest assured that their savings are safe and will continue to grow in the coming years,” Moti said. (END)
Members save record-high P63.7 B in Pag-IBIG Fund in 2021, up 32%; MP2 jumps 95% to P26 B
Pag-IBIG Fund members saved more than P63 billion last year, attaining yet another record-high amid the pandemic, according to agency officials.
In 2021, the amount collectively saved by members with Pag-IBIG totaled P63.67 billion – the highest amount in the agency’s history. The total savings collected last year jumped 32% from the P48.18 billion collected in 2020 and is 26% higher compared to P50.38 billion collected in 2019, which was the agency’s best performing year prior to the pandemic. Forming part of total savings, collections under the Pag-IBIG Regular Savings also increased by 8% from P34.90 billion in 2020 to P37.71 billion in 2021.
“During these challenging times, we are glad to report that Pag-IBIG remains resilient. While our members were not spared from the pandemic’s effect on the economy, they still chose to save and grow their hard-earned peso with Pag-IBIG. This shows their significant trust that Pag-IBIG Fund shall manage their savings prudently. And, with more funds, Pag-IBIG is in a better position to finance its programs to help more members in the coming months, as we continue to contribute to the recovery of the whole nation,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Behind the growth of its members’ savings is the agency’s voluntary savings program, the Modified Pag-IBIG 2 or MP2, which has become increasingly popular among members in recent years, said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. In fact, he said that savings in the MP2 in 2021 nearly doubled the P13.29 billion saved by members in 2020, with collections soaring 95% to a record-breaking P25.95 billion.
“The growth of our members’ savings in 2021 is truly remarkable. The MP2 has bucked the downward trend experienced by the market. As I have said before, we have seen the dramatic increase in MP2 in the last five years but reaching almost P26 billion despite the continuing pandemic is truly exceptional. We are thankful to our members for growing their savings with Pag-IBIG Fund, and particularly, in favoring the MP2 even during the health crisis. And as we close our books for 2021, we know that our members are eagerly waiting for the announcement of the dividend rates for the regular savings and MP2 for 2021. We will make the announcement within the quarter, following the approval from our Board. With our strong performance and robust fiscal standing, I am optimistic that our dividends will still be higher than most instruments available in the market,” Moti said.
Pag-IBIG Fund finances 22,028 socialized homes in 2021, up 30%
Pag-IBIG Fund financed more homes for low-income earners in 2021 even during the pandemic, top executives said on Monday (January 24).
In 2021, the number of socialized homes financed by Pag-IBIG Fund increased 30% to 22,028 compared to the 16,975 socialized units funded in 2020. The amount of socialized housing loans, meanwhile, surged 37% to P9.71 billion compared to the P7.10 billion released in 2020.
“As the pandemic subsists, Pag-IBIG Fund’s Affordable Housing Program continues to help more low-income workers secure homes of their own. For 2021, we have released more funds so that more of our low-wage members have a safe place of their own. Providing service to the underserved is our contribution to the recovery of our country,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and the 10-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimum-wage and low-income members who earn up to P15,000 a month in the National Capital Region (NCR) and members who earn up to P12,000 per month outside the NCR. Under the AHP, home loans worth up to P580,000 come with a subsidized rate of 3% per annum, which is still the most affordable rate in the market today.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that socialized units make up 23% of the 94,533 total homes funded by the agency in 2021. Meanwhile, socialized home loans comprise 10% of the P97.28 billion in home loans released last year.
“For years, we have been striving to break the glass ceiling of releasing home loans worth P100 billion in a year. In 2021, I’m glad to say that we have achieved this seemingly impossible goal! And we did that by steadily growing our home releases year in and year out. Best of all, we achieved our goal by also growing the number of socialized homes and the number of members helped by the AHP. As I always say, our approach to housing has always been comprehensive. Even amid the pandemic, the AHP still offers the lowest rate in the market, which in turn keeps monthly amortization lower than the cost of rent. And, since qualified borrowers do not need to put out cash for equity under the program, payments are always within budget of low-income members. Walang iwanan lalo na sa panahon ng pandemya. That is the mark of our Lingkod Pag-IBIG brand of service,” said Moti. [END]
Pag-IBIG home loan releases surpass P100 B in 2021 for record-high; up 58%
Pag-IBIG Fund has once again set a record-high as home loans breached P100 billion, even amid the ongoing pandemic, agency officials announced on Friday (Jan.21).
For 2021, Pag-IBIG Fund released home loans worth P97.28 billion. And, with interim releases for loans for house construction and renovation amounting to P3.5 billion, total releases have reached P100.8 billion - the highest amount ever released by the agency in a year. The amount disbursed in 2021 grew 58% compared to the P63.75 billion released in 2020 and has surpassed by 16% the P86.74 billion released in 2019, the agency’s previous record-high.
“While the country is still facing challenges caused by the pandemic, I am happy to report that Pag-IBIG released more than P100 billion in home loans in 2021, surpassing its ‘best-ever’ figure which it achieved in 2019, before the health crisis started. This is very good news for our members because bigger releases mean that more Filipino workers have become homeowners even during the pandemic. The growth in home loan disbursements also contributes to the economic recovery efforts of the government,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 10-member Pag-IBIG Fund Board of Trustees.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the amount released financed the acquisition of a record-high 94,533 housing units for its members, an increase of 48% compared to the 63,750 housing units financed in 2020. Of the amount released, P9.71 billion financed the acquisition of 22,028 socialized housing units for members belonging to the minimum-wage and low-income sectors, or 23% of the entire number of homes financed for the whole year of 2021.
“We previously thought that releasing P100 billion in home loans in one year was impossible. Yet, even when our home loan releases were at P57 billion in 2016, we still targeted the release of P100 billion by 2022. And, thanks to the commitment of your Lingkod Pag-IBIG and the support of our stakeholders, we have already surpassed P100 billion in home loan releases in 2021 - a year earlier than our target date and even during a pandemic! What truly is significant behind this number is that we were able to serve more Filipino workers during the most difficult times and we remain a catalyst for the Philippine housing industry to thrive even amid the pandemic. I am grateful to everyone who helped make this seemingly impossible goal come true.” said Moti. (END)