Pag-IBIG Fund reported a net income of P16.09 billion for the first half of 2018, up by 20 percent from same period last year, the agency said in a press statement Monday.
The six-month revenue breached Pag-IBIG’s half-year target, boosted by its good home lending performance, it added.
Over P32.71 billion worth of housing loans were released in the first half of 2018, a 13 percent or almost P4-billion increase compared to the similar period in 2017.
This translates to 40,094 families served by Pag-IBIG Fund from January to June 2018, 11 percent more than the 36,139 families served in the 1st half of 2017.
Housing and Urban Development Coordinating Council chairperson Secretary Eduardo D. del Rosario said “Pag-IBIG Fund is on track, not only in carrying out their mandate to provide shelter financing for our Filipino workers but also in following President Rodrigo Duterte’s directive to provide for 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.”
Complementing its housing mandate, Pag-IBIG Fund also performed well in promoting savings among its members, it said.
For the 1st half of 2018, Pag-IBIG members saved P18.46 billion, up by 4 percent from the P17.69 billion of the first six months of 2017.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said“Our campaigns promoting Pag-IBIG Fund as a viable savings facility are now paying off.
“Our members are recognizing the advantage of saving for their future through Pag-IBIG Fund. Not only do we see an increase in the collections from the regular, mandatory Pag-IBIG savings program, we have also seen a surge in applications for the voluntary Modified Pag-IBIG 2 (MP2) savings program.
“This only means that we have gained the trust of our members in terms of financial management.”