Pag-IBIG Loans Achieve Record High in 2023

NEW HIGH Photo taken on Feb. 2, 2022 show beneficiaries line up at a Pag-IBIG Fund satellite office in Makati City. Pag-IBIG Fund announced on Wednesday, Oct. 11, 2023, that home loan releases in the last three quarters hit P88.30 billion. PHOTO BY AARON RONQUILLO
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The Home Development Mutual Fund (Pag-IBIG) has reached a significant milestone in 2023 by releasing a record-breaking amount of home loans in a single year. According to the agency, a total of P126.04 billion was disbursed to finance the houses of 96,848 members, surpassing the previous year’s figure of P117.85 billion by P8.19 billion.

This achievement marks the highest amount of home loans released in a single year in Pag-IBIG’s 43-year history. Secretary Jose Acuzar of the Department of Human Settlements and Urban Development, who also serves as the head of the Pag-IBIG Fund Board of Trustees, expressed his enthusiasm about the news.

“This is very good news because as the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own. This achievement is a testament to Pag-IBIG Fund’s unwavering commitment to help address the country’s housing backlog, in line with our efforts under the Pambansang Pabahay Para sa Pilipino or 4PH Program of the Marcos Administration,” Secretary Acuzar stated.

Inclusive Housing for Low-Income Sectors
Secretary Acuzar further revealed that a significant portion of the units financed by Pag-IBIG in 2023, totaling 11,257 units or 12 percent of the total, were designated as “socialized housing units.” These units are now owned by members from the minimum-wage and low-income sectors, highlighting Pag-IBIG’s dedication to providing inclusive housing opportunities for all Filipinos.

Maintaining Affordable Interest Rates
Despite the strong demand for home loans, Pag-IBIG Fund Chief Executive Officer Marilene Acosta emphasized that the agency has managed to keep interest rates low. She stated, “Our performance in 2023 is noteworthy because apart from releasing the highest amount of housing loans in our history, it was also during last year — July to be exact — that we further reduced our already low interest rates on our home loans to make them even more affordable.”

Ensuring Continued Affordability
Looking ahead, Acosta assured members that Pag-IBIG will maintain the affordability of its home loans. She explained that the agency has sufficient funds to address the increasing demand for home financing from its members, thanks to the implementation of new monthly saving rates starting this month. Acosta added, “We assure our members that they can continue to rely on us to provide them with the most affordable home loan in the market so that they too can achieve their dream of homeownership. That is our pledge as Lingkod Pag-IBIG.”

Conclusion
Pag-IBIG’s achievement in releasing a record amount of home loans in 2023 reflects its unwavering commitment to address the housing backlog in the Philippines. By providing affordable and inclusive housing opportunities, Pag-IBIG is empowering Filipinos from all income sectors to realize their dreams of homeownership. With the agency’s dedication and ongoing efforts, more and more Filipinos will have the chance to secure a place they can call their own, contributing to the overall development and prosperity of the nation.

Source: The Manila Times

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