12/02/2019
Pag-IBIG Fund releases record-breaking P75.3B in home loans in 2018
Pag-IBIG Fund released almost P75.31 billion in home loans in 2018, besting its previous record of releasing P65.13 billion in home loans in 2017.
This amount financed the acquisition and construction of 90,375 homes for Pag-IBIG members.
“Pag-IBIG Fund’s performance in 2018 stands out as the best year so far. When we achieve record-breaking disbursements in home loans, we are happy because these signify our members’ satisfaction with our programs as we help more members with their housing needs. Pag-IBIG Fund remains as one of the key institutions in President Rodrigo Roa Duterte’s drive to provide social services to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.
Home loan releases in 2018 breached for the first time the P70-billion mark and grew 16% over the previous year, marking the third consecutive year for Pag-IBIG Fund to achieve double-digit growth in its home loan releases since 2012. The number of homes financed in 2018 is also 12% higher than the 80,964 homes financed in 2017.
“It took us 36 years for our home loan releases to reach the P50 billion level in 2016, and just one year to P60 billion in 2017. We replicated our success and worked harder than ever in 2018 to bring our home loans to P75.31 billion and help shelter more Pag-IBIG members,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.
In total, Pag-IBIG Fund home loans reached P95.02 billion in 2018 to finance homes for 108,012 families. This includes the amount released and the pending P 19.71 billion for 17,637 homes. Those pending for release are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements.
“We thank our members for continuously supporting Pag-IBIG Fund. Your support has led to our outstanding performance in 2018. And because of the record-breaking feats and sustained growth of the Fund, we are very confident that the rates of our loans will remain low and we don’t foresee an increase in housing interest rates in the next few years so that more members can achieve their dream of homeownership,” CEO Moti said
Over 21,000 socialized housing units for low-wage earners
Pag-IBIG also financed 21,389 socialized housing units worth around P 8.36 billion to low-wage and minimum-wage earners in 2018.
CEO Moti explained that socialized housing units make up 24% of the 90,375 homes that Pag-IBIG Fund financed in 2017.
“Pag-IBIG Fund also takes care of the housing needs of the underserved sector who are usually shunned by banks. And we are proud to have helped household helpers, public utility vehicle drivers, and other low-wage individuals acquire their own homes,” CEO Moti said.
Socialized housing units are priced not more than P580,000 for Socialized Subdivision Projects and from P 600,000 to P 750,000 for socialized Condominium Projects based on the ceiling set by the HUDCC.
Pag-IBIG Fund offers lowest interest rate of 3% per annum for loans up to P 580,000 for horizontal housing projects under its Affordable Housing Program which is exclusively for low-wage and minimum-wage earners.