Pag-IBIG releases P53.76B cash loans in 2022; Assists record-high 2.61M members
Pag-IBIG Fund disbursed P53.76 billion in cash loans, otherwise known as short-term loans, benefitting a record-high 2,612,491 members in 2022, agency officials stated Tuesday (21 March 2023).
For 2022, the amount of short-term loans released by the agency increased by 21% or P9.46 billion compared to the P44.30 billion released in 2021. With the amount, the number of members assisted through the program increased by 24% or over half a million more than the 2,090,851 members in 2021.
“We at Pag-IBIG Fund exert all efforts in providing our members with assistance on their financial needs. We are happy to note that through our Short-Term Loan Program, we were able to aid more than 2.6 million Filipino workers gain added funds to tend to their needs last year. All our efforts are in line with the call of President Ferdinand Marcos, Jr. to provide the best service to the Filipino people,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s Short-Term Loan Program includes the agency’s Multi-Purpose Loan (MPL) and Calamity Loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Borrowers may choose between a 24 or 36-month payment term and are provided a two-month grace period prior to their first payment. The MPL comes at an interest rate of 10.5 percent per annum. The Pag-IBIG Calamity Loan, on the other hand, is made available to members residing or working in areas declared under a state of calamity.
Of the total amount of cash loans released by the agency, P49.85 billion were in the form of Pag-IBIG MPLs which helped 2,313,143 members, while P3.91 billion were in the form of Calamity Loans which in turn aided 299,348 members.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, cited the reliability and ease of access in availing the Pag-IBIG’s MPL and Calamity Loan as the main drivers for its strong growth.
We at Pag-IBIG Fund are aware that millions of our members rely on our MPL for their immediate financial needs and our Calamity Loan to help rebuild their lives. That is why we have made these loan programs more accessible and easier to avail for our members. Today, our members can easily and conveniently apply for these loans through many channels, which include their employers, our more than 200 branches and services offices nationwide, or online via the Virtual Pag-IBIG or the Virtual Pag-IBIG Mobile App. What’s more, we also have our Lingkod Pag-IBIG On Wheels which are currently going around the country, ready to receive loan applications from members particularly those from underserved and calamity-stricken areas,” said Acosta. (END)
Pag-IBIG Board Approves Postponement of 2023 Contribution Hike
The Pag-IBIG Fund Board of Trustees officially approved the postponement of the agency’s contribution hike in 2023, citing the continuing recovery of both workers and business owners from the pandemic, its top officials announced Monday (06 March).
Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, said that they unanimously approved the recommendation of the Pag-IBIG Fund Management to defer the hike in the monthly contributions of its members in 2023 – affirming pronouncements made by the agency earlier this year – and move the implementation by one year to January 2024. The deferment also applies to the share of their employers.
“We recognize that many of our members and employers are still in the midst of recovering from financial challenges arising from the effects of the pandemic on the economy. After consulting with our stakeholders, we have officially approved the deferment of the increase of Pag-IBIG members’ monthly contributions for another year. This is in line with the call of President Ferdinand Marcos, Jr. to alleviate the financial burden of our fellow Filipinos due to the prevailing socio-economic challenges brought about by the Covid-19 pandemic,” Acuzar stated.
In 2019, agency officials approved the increase of its members’ monthly contributions after obtaining the concurrence of stakeholders to implement a planned contribution increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ contributions.
However, recognizing the effects of the pandemic on both its members and the business community, Pag-IBIG Fund has deferred for the third consecutive year the increase of its contributions rates which remain unchanged since 1986.
According to Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, the agency’s robust fiscal standing and strong collections driven by members opting to save more under the agency’s Regular and MP2 Savings programs, shall allow it to address the growing loan demand of members even without a contribution rate increase this year.
“Our strong financial position shall allow us to again postpone the increase in our contribution rates for a year. We are happy to report that even without any increase in our rates, we were able to post record-highs in 2022 with our membership savings collections reaching nearly P80 billion, loan payment collections amounting to P127.42 billion, short-term loan releases at 57.69 billion and home loan takeout amounting to P117.85 billion. And, with the continued trust and support of our members, the business community and housing industry partners, we look forward to achieving another banner year for Pag-IBIG Fund in 2023 despite not increasing our contribution rates for the 37th consecutive year,”Acosta said.
Pag-IBIG members save record-high P39.84 B under MP2, up 54% in 2022
Pag-IBIG Fund members continue to show preference in the MP2 Savings program in 2022 as total savings reached nearly P40 billion, setting yet a new record-high for the amount saved voluntarily by members under the program in a year, its top officials said Monday (27 February).
For 2022, members’ savings under the Modified Pag-IBIG 2 (MP2) Savings Program reached P39.84 billion, achieving an impressive 54% increase from the P25.95 billion collected in 2021.
“Pag-IBIG Fund has again set another record, this time in the amount saved by members under the MP2 Savings Program. This shows the unwavering trust of our members in our capability to excellently and prudently manage their hard-earned peso. With our strong collections, we can continue to finance the loans of our members and keep our interest rates low. These are in line with our efforts of supporting the call of President Ferdinand Marcos, Jr. to provide a better life for all Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and 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 P500 as 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. It provides members the option to claim the earnings of their MP2 Savings annually or compounded at the time of its maturity. The program is also open to pensioners and retirees who were once Pag-IBIG members and had at least two years worth of savings prior to retirement. Initially made available to members in 2010, the MP2 Savings has seen phenomenal growth over the past few years, as more members find it as a safe and low-risk savings facility which provides competitive returns.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted the increase in the total number of MP2 savers in 2022. From 750,267 in 2021, MP2 savers increased to 977,643 or 30.3% by the end of 2022. Acosta further emphasized that the MP2 has become an instrument that has allowed more workers to save, with 86% of the agency’s total MP2 Savers having an average savings of P19,357.
“We are very happy that the MP2 Savings continues to encourage more and more Filipino workers to save. Through the program, we have made more Filipino workers appreciate the value of saving by providing them with a secure savings channel for their future goals. Our members can rest assured that we shall do our best to grow their savings and provide them the highest possible returns. That is Lingkod Pag-IBIG at work,” Acosta said. (END)
Pag-IBIG Members save record-high P79.9B in 2022, up 25%; MP2 Savings reach nearly P40B, up 53%
Pag-IBIG Fund members collectively saved nearly P80 billion in 2022, setting yet another record for the highest amount saved by members with the agency in a single year, its top officials said.
In 2022, the amount collectively saved by Pag-IBIG members totaled P79.9 billion – the highest in the agency’s 42-year history. The total savings collected last year increased by 25%, or P16.2 billion from the P63.7 billion collected in 2021. Forming part of the total savings is the agency’s Pag-IBIG Regular Savings, which also increased by 6% from P37.71 billion in 2021 to P40.06 billion in 2022.
“The sustained growth in Pag-IBIG Members’ Savings collections has been truly remarkable. It denotes our members’ trust and confidence in our programs, and our capacity to manage each hard-earned peso they have saved with us. And, as our collections remain strong, we remain able to finance and maintain the low interest rates of our loan programs. These are among our many efforts in adhering to the call of President Ferdinand Marcos, Jr. towards advancing the welfare of our fellow Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the agency’s popular MP2 Savings continues to drive the growth of its members’ savings. The voluntary savings program maintained its growth in 2022, as members saved a record-high P39.84 billion in the program, an increase of 53%, or P13.89 billion from the P25.95 billion collected in 2021.
“We are happy that we continue to gain the trust of our members, as shown by the record-high amounts that they have saved with us in 2022, as well as in the past years. This shows their growing appreciation of the value in saving with Pag-IBIG Fund. That is why we remain committed in responsibly and prudently managing their savings, so that we can provide them the best possible returns,” Acosta said. (END)
Pag-IBIG finances over 18,000 socialized homes for low-wage earners in 2022
Pag-IBIG Fund financed 18,657 homes for low-income and minimum-wage earners in 2022, its top officials announced Friday (January 27).
Socialized homes represent 18% of the 105,212 homes financed by the agency for 2022. The aggregate amount released for socialized housing loans, meanwhile, is 7% or P8.28 billion of the P117.85 billion released by the agency last year.
“I am happy to report that Pag-IBIG Fund continues to provide members from the low-income sector the means to own a home through the Pag-IBIG Affordable Housing Program. This shows its strong commitment in promoting inclusive growth by continuing to provide Filipino workers from underserved sectors with affordable shelter financing. All these are in line with the directives of President Ferdinand Marcos, Jr. in addressing the country’s housing backlog under the Pambansang Pabahay Para sa Pilipino Program,” said Secretary Jose Rizalino L. Acuzar, who chairs the Department of Human Settlements and Urban Development (DHSUD) and the 11-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 earning not more than P15,000 per month within the National Capital Region (NCR) and those earning not more than P12,000 per month outside of NCR. Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3% per annum - the lowest rate available in the market today - for socialized home loans worth up to P580,000 and socialized condominium units worth up to P750,000.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said that special subsidized rates have been made available by the agency for its members from the minimum-wage sector since 2012, with the current 3% rate made available in May 2017.
“Through the years, the Pag-IBIG Affordable Housing Program has made it possible for low-income and minimum-wage earners to own a home. With the lowest rate offered in the market, our members can enjoy a low monthly payment of as low as P2,445.30 for a socialized home loan of P580,000 with a loan term of 30 years,” said Acosta. “And what’s more, borrowers under our AHP do not have to put out cash for equity because of its 100% loan-to-value ratio. This is in keeping of our commitment to uplift the lives of Filipino workers, especially those from the underserved sectors, through accessible and affordable shelter financing. Ito po ang aming panatang Lingkod Pag-IBIG para sa manggagawang Pilipino,” Acosta added. (END)
Pag-IBIG releases record-high P118B home loans in 2022: Over 100,000 members with new homes
Pag-IBIG Fund released a record-high P117.85 billion in home loans to finance the housing units of 105,212 members in 2022, its top officials announced January 18 (Wednesday).
For 2022, the amount of home loans released by the agency increased by 21% or P20.57 billion compared to the P97.28 billion released in 2021. With the amount, Pag-IBIG financed the acquisition and construction of 105,212 homes for its members, or an increase of 11% from the 94,533 homes financed in 2021.
“We are happy to report that Pag-IBIG Fund has once again set a new record-high in home loan releases in 2022. This is very good news because as the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own. Pag-IBIG Fund’s performance is a testament to our united and unwavering efforts to resolve the country’s housing backlog, in line with the objective of President Ferdinand Marcos, Jr. under the Pambansang Pabahay Para sa Pilipino Program,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the 105,212 housing units financed in year 2022 is also a record-high, and marks the first time that the agency has financed more than 100,000 housing units in a single year. She further stated that out of the total housing units financed by the agency last year, 18,657 or 18% were socialized housing units which are now owned by members from the minimum-wage and low-income sectors.
“We at Pag-IBIG Fund have always strived to provide our members – the Filipino workers, the means to have their own homes through affordable shelter financing. That is why we take great pride in achieving a record-high number of housing units financed in 2022 because it means that we have empowered even more Filipinos in gaining their own homes. And, as we embark on yet another year, our members can continue to rely on Pag-IBIG Fund to provide them the most affordable home loan in the market, so that they too can achieve their dream of homeownership. That is the Lingkod Pag-IBIG pledge,” Acosta added.