Tue, 15 Jun 2021

More savings recorded from Pag-IBIG Fund members this Q1 of 2021

Philippine Information Agency
17 May 2021, 10:38 GMT+10

DAVAO CITY, May 14 (PIA) - Despite the expected impact of the pandemic felt by Pag-IBIG Fund members, it has reported in its Virtual Kapihan today that P9.1 billion is recorded in the first quarter of 2021 from its regular savings while P6.7 billion is recorded from the Pag-IBIG MP2 Savings.

Pag-IBIG Fund Chief Executive Officer Acmad Moti bared to the media in the said online presser that amid the pandemic, members saved a record-high P6.7B in the MP2 savings in the first quarter of this year.

"It is the highest-ever amount collectively saved by members in the program for any first quarter," Moti said.

In the first quarter of 2020 which marked the start of the pandemic, members saved on MP2 about P4.6 billion.

The regular savings of Pag-IBIG Fund members also increased by 13 percent in the first quarter of 2021 as compared to last year's P8.04 billion which dipped by 13 percent low from the P9.22billion mandatory savings recorded in the first quarter of 2019.

The Pag-IBIG Fund CEO also reported that P63 billion was released in 2020 for housing loans benefitting 63,750 borrowers while P35 billion was released in the same year for short-term loans benefitting 1.74 million borrowers.

"Our net income in 2020 reached P31.7 billion which is significantly high because we initially thought that because of the pandemic net income will only be between P20 to 25 billion. Many of our members continue paying their loans and saving as well," Moti explained.

The significant net income led to the 2020 dividend rates which is 5.62% for the regular savings while 6.12% for the MP2 savings.

The Pag-IBIG Fund also allocated 10 billion for housing projects to serve as a bridge financing facility so developers can produce more homes, boost business, supports suppliers and prevent layoffs. It has also encouraged construction of socialized and low-cost housing units.

At present, about 31 projects were approved for this purpose amounting to P2.15 billion.

"This is our way of sending a strong signal that Pag-IBIG is there for the members and the developers. We have P10 billion ready for this financing facility", Moti said. (PIA XI/Frances Mae Macapagat)

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