Pag-IBIG posts net income of 16 billion pesos in the first half of the year

The Filipino star

August 27, 2021 | 00h00

MANILA, Philippines – The Pag-IBIG fund posted a profit of 16.11 billion pesos in the first half of the year amid challenges posed by the lingering health crisis, an increase of 14% over the same period last year , its senior officials said.

From January to June, the gross income of the Pag-IBIG fund reached 27.14 billion pesos while its net income amounted to 16.11 billion pesos.

Compared to the same period last year, gross income increased by 13% and net income by 14%, mainly thanks to income from its home and short-term loans (cash loans) and business gains.

“We are happy to report that the Pag-IBIG Fund remains strong in the midst of the pandemic. The double-digit increase in our revenues proves that today we remain one of the most successful Crown corporations in the country. This places us in a strong position to continue to provide social services to more Filipino workers, as directed by President Duterte as we continue to recover from the challenges caused by the pandemic, ”Secretary Eduardo del Rosario said, Chairman of the Department of Human Settlements. and Urban Development (DHSUD) and the Board of Directors of the Pag-IBIG Fund, composed of 11 members.

He said that in July, the Pag-IBIG Fund had so far released 52.22 billion pesos to finance the acquisition of 51,206 housing units for its members.

During the same period, the agency released 25.42 billion pesos in cash loans, helping more than 1.18 million members meet their immediate financial needs as the health crisis continues.

Its members’ savings also reached 37.46 billion pesos in July, heavily driven by the agency’s popular MP2 Savings, where members collectively saved 15.83 billion pesos.

Pag-IBIG Fund chief executive Acmad Rizaldy Moti said the agency’s earnings would benefit its members.

He noted that under its charter, Pag-IBIG Fund is mandated to return at least 70 percent of its annual net income to its members in the form of dividends which are credited to their savings.

“The real owners of the Pag-IBIG Fund are the Filipino workers. This is why it is our responsibility, as administrators of the fund, to manage their contributions with prudence and excellence. In 2020, we returned 92.15% of our net income to members in the form of dividends, even though our charter only requires a minimum of 70%, ”said Moti.