Pag-IBIG Fund reports Q3 growth in savings and shelter, highlights success in PIA Kapihan

The Pag-IBIG Fund, in collaboration with the Presidential Communications Office (PCO), participated in the Philippine Information Agency’s (PIA) Kapihan sa Bagong Pilipinas on Nov. 12, 2024.

The regional townhall, which was held simultaneously in 16 regions, was the Pag-IBIG Fund’s place to report its performance in the first three quarters of the year, showing its commitment to the delivery of its mandate for the benefit of Filipino workers.

Following the milestone last August when the Pag-IBIG Fund crossed the P1-trillion mark in total assets, the organization continues its strong growth. As of the third quarter, the Pag-IBIG Fund continues to grow with more than 16.37 million active members, who collectively saved P98.72 billion – P49.27 billion collected from the Mandatory Savings Program and P48.86 billion collected under the Fund. optional MP2 saving.

From January to September 2024, the Pag-IBIG Fund was able to help more than 2.5 million members who needed short-term financing, approved Multi-Purpose Loan applications of more than 2 million borrowers amounting to P49.72 billion. , a 16% increase in both the number of borrowers and the total number of loans compared to the same period last year. About 461,000 victims affected by various calamities this year were also helped by the release of P5.92 billion from the Pag-IBIG Calamity Loan. Pag-IBIG Fund Short Term Loan Applications have no processing fee. The proceeds of the loan are not subject to advanced payments or interest, allowing it to be one of the most affordable loans on the market.

Apart from disaster loans, the Pag-IBIG Fund also approved the implementation of a one-month moratorium on mortgage payments for affected borrowers living and working in areas declared under a state of disaster due to Typhoon Kristine. A one-month moratorium on mortgage payments allows disaster victims to prioritize finances to help them recover from the effects of the typhoon. Eligible members may apply for the suspension program until December 31, 2024, through Virtual Pag-IBIG or at the nearest Pag-IBIG branch.

In terms of housing financing, the Pag-IBIG Fund disbursed P88.17 billion to 61,597 home borrowers who needed money to buy or improve their homes. The Pag-IBIG Housing Loan allows borrowers to get financing up to P6 million at interest rates as low as 3% for public and low-cost housing.

The Pag-IBIG Fund also remained active in promoting the government’s flagship program, the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program. As of September 2024, the Pag-IBIG Fund has already disbursed P20.17 billion for the development of various 4PH projects nationwide, slated to benefit 17,791 low-income borrowers.

Pag-IBIG Fund CEO Marilene C. Acosta said, “Our achievements this year underscore our commitment to helping the financial needs of Filipinos across the country.” Participating in PIA’s Kapihan sa Bagong Pilipinas is a great opportunity for us to communicate directly with our members and let them know how the Pag-IBIG Fund works to have a strong financial institution. After all, our members are the real owners of the Fund. It is appropriate for them to know how their savings are being used and how good management of Pag-IBIG funds will benefit them with their dividends and returns on their savings.”

Pag-IBIG Fund’s participation in Kapihan sa Bagong Pilipinas is part of its commitment to transparency and stakeholder engagement, aimed at keeping members and partners informed about the impact of its operations on workers, employers, and businesses in each region.

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