Pag-IBIG Fund said it posted a record net income of P22.41 billion in the first three quarters, up 14 percent over the same period last year.
The fund said the amount was only P2.72 billion shy of the full-year income target.
Strong performance of Pag-IBIG Fund’s housing program led the nine-month income growth. Loan releases from the End-User Home Financing program exceeded the nine-month target by P1.42 billion, and efforts to update past due accounts resulted in an additional income of P2.34 nillion.
These strategies allowed Pag-IBIG to earn P16.80 billion in interest income on home loans during the nine-month period, an 11 percent growth from a year ago.
“Pag-IBIG will play a very big role in achieving our target of having 250,000 housing units per year…Pag-IBIG will take care of the formal sector, which comprises about 60 percent to 70 percent of our housing deliverables,” Pag-IBIG chairperson Eduardo del Rosario said.
Pag-IBIG Fund chief executive Acmad Rizaldy Moti is optimistic that 2017 will be another banner year for the fund. “We’ve been hitting our quarter targets this year. I am confident that we will surpass our 2016 performance. This means that our members are assured that Pag-IBIG Fund remains very stable, and continues to become even stronger,” Moti said.