MANILA – Home loan releases of Pag-IBIG Fund in the first three quarters of the year posted double-digit growth and reached PHP83.31 billion -- the highest ever amount released by the agency for any January to September period, its top officials announced.
From January to September, the amount of home loans released by the agency increased by 27 percent, or PHP17.83 billion compared to the PHP65.48 billion in home loans released for the same period last year.
The number of financed homes also grew 17 percent year-on-year to 74,708.
"Pag-IBIG Fund’s performance in the first nine months of 2022 now stands as the best in our history. Higher loan releases and an increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund to have their own homes. All these are part of our efforts to achieve the goal of President Ferdinand R. Marcos, Jr. under the Pambansang Pabahay Para sa Pilipino program, as we continue our pursuit of providing each Filipino family an opportunity to own a home,” Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, said in a statement Wednesday.
Acuzar said that out of the total amount of home loans, PHP5.72 billion were released as socialized home loans benefitting 13,131 Pag-IBIG Fund members belonging to the minimum wage and low-income sectors.
Meanwhile, Pag-IBIG Fund chief executive officer Marilene Acosta said the record-high amount of home loans was further driven by a strong third quarter, with the agency releasing a record-high PHP31.35 billion for the period alone.
Acosta said that at this record-setting pace, it expects to again surpass PHP100 billion in home loans this year.
She said with home loan releases amounting to PHP83.31 billion in January to September, the agency nearly surpassed the amount released for the entire year in 2019, which was one of its best performing years.
“By the end of 2022, home loan releases may reach PHP110 billion, surpassing yet again the PHP100 billion housing loan takeout level for a single year. We shall do our best to achieve this, as this figure will translate to over 100,000 Filipino workers who shall fulfill their dreams of homeownership. This is one of our many ways of delivering Lingkod Pag-IBIG: Tapat na Serbisyo, Mula sa Puso to our members,” she added.
Acosta attributed the strong demand for the agency’s home loans to its interest rates which remain low despite the current market trend, high loan-to-appraised value ratio, long repayment period, and much-improved insurance terms. (PR)
