In a significant milestone, the Home Development Mutual Fund (Pag-IBIG) released a record-breaking amount of housing loans in 2023, signaling the agency’s unwavering dedication to addressing the country’s housing backlog. According to a press statement issued by Pag-IBIG on Thursday, a total of P126.04 billion was disbursed to finance the homes of 96,848 members last year.
The amount of housing loans released in 2023 witnessed a remarkable growth of P8.19 billion or 7 percent compared to the previous year’s figure of P117.85 billion. This substantial increase in funding enabled the agency to finance a record number of housing units, making it the highest amount of home loans disbursed in a single year in Pag-IBIG’s 43-year history.
Secretary Jose Acuzar, the Department of Human Settlements and Urban Development Secretary, expressed his enthusiasm about this achievement, highlighting the positive impact it has on Filipino families. He stated, “As the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own. This accomplishment 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.”
Out of the total units financed by the Pag-IBIG fund in 2023, 11,257 or 12 percent were “socialized housing units,” which are now owned by members from the minimum-wage and low-income sectors. This emphasizes the agency’s commitment to providing affordable housing options for those who need it the most.
Marilene Acosta, the Chief Executive Officer of Pag-IBIG Fund, attributed the remarkable performance in 2023 to the agency’s low interest rates and the strong demand for home loans. Acosta stated, “Apart from releasing the highest amount of housing loans in our history, we further reduced our already low interest rates on our home loans to make it even more affordable.” This demonstrates Pag-IBIG’s continuous efforts to ensure that homeownership remains accessible and attainable for its members.
Moving forward, Acosta assured members that Pag-IBIG will continue to prioritize affordability, as the agency has sufficient funds to address the increasing demand for home financing. This assurance comes amid the implementation of new monthly saving rates starting this month. Acosta emphasized, “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.”
The record-breaking amount of housing loans disbursed by Pag-IBIG in 2023 not only reflects the agency’s commitment to addressing the housing backlog but also signifies the positive impact it has on the lives of countless Filipino families. By providing affordable housing options and maintaining low interest rates, Pag-IBIG Fund continues to empower its members to realize their dreams of owning a home.
Source: The Manila Times
