Marcos Commends Pag-IBIG Fund for Historic Dividend Declaration

President Ferdinand Marcos Jr. PHOTO BY MIKE ALQUINTO
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President Ferdinand Marcos Jr. praised the Home Development Mutual Fund (Pag-IBIG) for announcing a record-breaking dividend payout of P48.76 billion, the highest in its 43-year history. This announcement was made during the Pag-IBIG Fund Chairman’s Report for 2023. The President commended the agency’s accomplishments and referred to it as a labor of love.

However, President Marcos acknowledged that there is still work to be done. He highlighted the challenge of reducing the significant housing backlog inherited by Pag-IBIG, the housing sector, and local government units. The President emphasized the importance of translating recent gains into tangible homes for people to move into.

To address this challenge, President Marcos urged Pag-IBIG Fund to make home mortgage financing more accessible while ensuring sustainability. He envisioned these homes as happy places where families can create joyful memories. The Marcos administration has implemented the Pambansang Pabahay Para sa Pilipino Housing Program, aiming to build 1 million low-cost housing units annually until the end of the President’s term.

President Marcos expressed his desire to inspire Filipinos to work hard towards owning their own homes. With millions of Filipinos still lacking decent shelter, the President emphasized the urgency of building the highest number of housing units by any administration.

In 2023, Pag-IBIG Fund achieved remarkable success. The agency’s net income reached a record high of P49.79 billion, a 12 percent increase from the previous year. Several other significant milestones were reported, including P126.04 billion in home loans, helping 96,848 members acquire new or improved homes. Additionally, total membership savings collected amounted to P89.26 billion, while cash loan releases reached P59.32 billion, assisting over 2.65 million members with their financial needs. Pag-IBIG Fund’s total assets also reached an all-time high of P925.61 billion.

As a government-owned and -controlled corporation under the Department of Human Settlements and Urban Development (DHSUD), Pag-IBIG Fund is responsible for administering the national savings program and providing affordable shelter financing for Filipinos.

DHSUD Secretary Jose Rizalino Acuzar attributed the agency’s highest dividend rates since the pandemic to the record-high net income and the Pag-IBIG Board’s approval of the highest dividend payout ratio. While the agency is required to return at least 70 percent of its annual net income as dividends, the Pag-IBIG Board approved a record-high 97.86 percent payout ratio, resulting in the substantial dividend amount of P48.76 billion.

Secretary Acuzar commended CEO ‘Manang’ Malen Acosta for her capable leadership, which has led Pag-IBIG Fund to achieve new milestones and record-high accomplishments in all areas, from members’ contributions to housing and cash loans released, loan collections, total assets, and net income.

In conclusion, Pag-IBIG Fund’s announcement of the highest dividends in its history is a testament to its dedication to providing financial assistance and affordable housing for Filipinos. President Ferdinand Marcos Jr. lauded the agency’s achievements and called for continued efforts to address the housing backlog and make homeownership accessible to more people. With the record-breaking accomplishments in 2023, Pag-IBIG Fund is poised to make a significant impact on the lives of Filipinos and the nation’s growing economy.

Source: The Manila Times

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