MANILA, Philippines: President Ferdinand Marcos Jr. praised the Home Development Mutual Fund (Pag-IBIG) as it announced its highest-ever dividend payout of P48.76 billion to be distributed to its members in 2023. This achievement marks a significant milestone in the agency’s 43-year history.
During the Pag-IBIG Fund Chairman’s Report for 2023, the President addressed a gathering of agency members, partners, and stakeholders at the Philippine International Convention Center in Pasay City. The report highlighted the dividend rates on the members’ savings, with Pag-IBIG Regular Savings earning an annual dividend rate of 6.55 percent and the Modified Pag-IBIG 2 (MP2) Savings gaining an annual return rate of 7.05 percent. Both rates represent record highs since the onset of the pandemic.
In his speech, President Marcos commended Pag-IBIG for its outstanding performance, describing it as a “labor of love” that has made significant contributions during what he referred to as a banner year. However, he acknowledged that there is still work to be done, particularly in addressing the substantial housing backlog inherited by his administration.
The President emphasized the need to translate the recent gains into tangible homes for the people. He urged Pag-IBIG Fund to make home mortgage financing more accessible while maintaining sustainability. The goal is to provide happy and secure homes where Filipino families can create joyful memories.
Under the leadership of the Marcos administration, the Pambansang Pabahay Para sa Pilipino Housing Program was implemented to address the demand for decent housing and leverage the potential impact of a robust housing sector on the growing economy. The program aims to build one 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 and achieve their goal of owning a house. He emphasized the urgency of the housing issue, with millions of fellow countrymen still lacking access to decent shelter. The objective is clear: to construct the highest number of housing units by any administration.
In addition to the record-breaking dividends, Pag-IBIG Fund achieved remarkable financial milestones in 2023. The agency’s net income reached a record high of P49.79 billion, a 12 percent increase from the previous year. Home loans disbursed amounted to P126.04 billion, benefiting 96,848 members who were able to acquire new or improved homes. The total membership savings collected reached P89.26 billion, and cash loan releases amounted to P59.32 billion, assisting over 2.65 million members with their financial needs. Furthermore, Pag-IBIG Fund’s total assets reached an all-time high of P925.61 billion.
Pag-IBIG Fund, a government-owned and controlled corporation under the Department of Human Settlements and Urban Development (DHSUD), is responsible for administering the national savings program and providing affordable shelter financing for Filipinos.
DHSUD Secretary Jose Rizalino Acuzar attributed the agency’s record-high dividend rates to its exceptional net income and the approval of the highest dividend payout ratio by the Pag-IBIG Board. While the agency is required to distribute at least 70 percent of its annual net income as dividends, the board approved a record-high payout ratio of 97.86 percent, resulting in the significant dividend amount of P48.76 billion.
The year 2023 stands as a testament to Pag-IBIG Fund’s outstanding performance, reflecting its commitment to serving its members and contributing to the nation’s housing needs. With its continued dedication and the support of its stakeholders, Pag-IBIG Fund is poised to make a lasting impact on the lives of Filipinos in the years to come.
Source: The Manila Times