Pag-IBIG home loans hit P37B in H1
Credit to Author: The Manila Times| Date: Thu, 04 Jul 2019 16:20:39 +0000
THE Home Development Mutual Fund (Pag-IBIG Fund) released P37.07 billion in home loans in the first half of 2019, a P4.37-billion or 13-percent increase from the P32.70 billion released in the same period last year. The amount is the highest released by the state-run agency in any January-to-June period.
The amount financed the acquisition and construction of 41,746 homes for Pag-IBIG Fund members — also a record-high for the first half of the year — and is 4 percent higher than the 40,094 homes funded in the same period in 2018.
“Pag-IBIG Fund’s performance in the first six months of 2019 stands out as the best so far. Bigger loan releases and increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund achieve their dreams of homeownership,” said Secretary Eduardo D. del Rosario, head of both the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund Board of Trustees.
“This is why Pag-IBIG Fund remains as a major player in President Rodrigo Duterte’s drive to uplift the lives of Filipino families through sustainable social development programs and access to decent and affordable housing,” he added.
Del Rosario also said that, of the total amount, P4.52 billion were released for socialized housing loans benefiting 11,894 members from the minimum-wage and low-income sectors.
“In 2018, we achieved our best year yet. Demand for our home loans last year was at its highest, as the amount released for the whole year increased [by] 16 percent to P75.31 billion, while the number of borrowers rose [by] 12 percent to 90,375,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said.
“We are thankful, because with the unending support of our members and industry partners, the double-digit growth continued for the first half of 2019,” he added.
According to Moti, the continued demand for the agency’s home loans can be attributed to its lowest-ever interest rates, high loan-to-appraised value ratio, long repayment period and much-improved insurance terms.
In total, Pag-IBIG Fund home loans from January to June this year totaled P58.77 billion to finance homes for 52,257 members. This includes the amount released and the P21.7 billion pending for takeout to 10,511 members.
These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon borrowers’ submission of post-approval requirements.
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