Pag-IBIG Fund launches online shopping of properties through Online Public Auction

by Info @Brand Zone | Nov. 15, 2024

Pag-IBIG Fund officially launched the Pag-IBIG Acquired Assets Online Public Auction (OPA) on Friday (November 15), which allows homebuyers to conveniently select from Pag-IBIG Fund’s properties for sale and submit their bids using an online platform, Pag-IBIG Fund’s top officials announced today (15 November). 

Using any device with an internet connection, homebuyers can register for their permanent Buyer ID and explore available properties—all without needing to visit a Pag-IBIG branch. The “Add to Cart” feature also allows them to submit their bids on multiple properties with just one click. 

“The OPA is Pag-IBIG Fund’s response to the government’s call to be innovative in the approach to making homeownership more accessible to Filipino workers. Through this new platform, we hope to make the process of buying Pag-IBIG Fund’s acquired assets convenient and more accessible,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund Chief Executive Officer Marilene Acosta, who led the launch, emphasized the Fund’s commitment to digitalization and capitalizing on technology for improved service offerings.

“We are in the digital age. The OPA is part of our continued commitment to harness technology, with the ultimate objective of helping the Filipino worker achieve their dream of homeownership,” Acosta said.

Those who wish to bid manually can still do so until 31 December 2024. Full implementation of the OPA will be effective 1 January 2025 for First (1st) and Second (2nd) Public Auction, while OPA for negotiated sale will be rolled out within November this year.

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

by Info @Brand Zone | Nov. 12, 2024

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

The regional townhall, which was held simultaneously across sixteen (16) regions, became the venue for Pag-IBIG Fund to report its performance for the first three quarters of the year, reflecting their commitment to the delivery of their mandates for the benefit of the Filipino workers.

Following a historic milestone last August when Pag-IBIG Fund surpassed the PHP 1 trillion mark in total assets, the organization continues its strong growth. As of the third quarter, Pag-IBIG Fund continues to grow with more than 16.37 million active members, who have collectively saved P98.72 billion -- P49.27 billion collected from the mandatory Regular Savings program and P48.86 billion collected under the Fund’s voluntary MP2 savings.

From January to September 2024, Pag-IBIG Fund was able to assist more than 2.5 million members in need of immediate short-term cash financing, approving Multi-Purpose Loan applications of more than two million borrowers amounting to a total of P49.72 billion, a 16% increase in both the number of borrowers and the total loan amount compared to the same period last year.  Almost 461,000 victims affected by various calamities this year were also assisted with the release of P5.92 billion in Pag-IBIG Calamity Loan. Applications for Pag-IBIG Fund’s Short-Term Loans do not have processing fees. Loan proceeds are also not deducted with advanced payments or interests, allowing it to be one of the most affordable cash loans in the market.

Aside from the calamity loan, Pag-IBIG Fund also approved the implementation of a one-month moratorium for housing loan payments of affected borrowers residing and working in areas declared under a state of calamity due to Typhoon Kristine. The one-month housing loan payment moratorium allows the calamity victims to prioritize finances to help them recover from the effects of the typhoon. Eligible members may apply for the availment of the moratorium program until 31 December 2024, either through the Virtual Pag-IBIG or at the nearest Pag-IBIG branch.

In terms of shelter financing, Pag-IBIG Fund has released P88.17 billion to 61,597 housing loan borrowers who needed funds to purchase or improve their homes. The Pag-IBIG Housing Loan allows borrowers to access financing of up to P6 million at interest rates as low as 3% for socialized and low-cost housing.

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

Pag-IBIG Fund CEO Marilene C. Acosta said, “Our accomplishments this year underscore our dedication to serving the financial needs of Filipinos across the country. Participating in the PIA’s Kapihan sa Bagong Pilipinas serves as a good opportunity for us to directly engage with our members and inform them how Pag-IBIG Fund is working towards a stronger financial institution. After all, our members are the true owners of the Fund. It is just proper that they know how their savings are used and how effectively managing Pag-IBIG’s finances will result to their benefit through dividends and returns on their savings.”

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

Pag-IBIG Fund’s assets breached P 1 trillion

by Info @Brand Zone | Nov. 5, 2024

BY: Justin B. Santos/ Photos by Justin B. Santos

Pag-IBIG Fund reached new heights as the agency breached the P1-trillion mark in Total Net Assets in August 2024, reflecting a 14% growth versus September last year. The growth is largely driven by higher net revenues, increased member savings, and strategic management of its investment portfolios, top officials announced. 

“We have just celebrated the National Shelter Month and we are proud to share that Pag-IBIG Fund has breached the P1-trillion mark in assets. This serves as a testament to our commitment of fulfilling our mandate. Not only can we assure that our members’ fund is prudently managed, it also means that we are ready and able to finance our Filipino workers’ dream of home ownership. This remains consistent with the directive of President Ferdinand R. Marcos, Jr. to provide quality and accessible social benefits to our countrymen,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees.

As of the end of September 2024, Pag-IBIG Fund’s fiscal performance continues to grow, recording a Total Net Assets of P1.02 trillion – a P125.74 billion increase compared to September last year. The agency’s gross income reached P62.09 billion, while net revenues amounted to P39.54 billion – higher by 17% compared to P33.66 billion in September 2023.

Member savings as of the third quarter of 2024 amounted to P98.72 billion, an increase of 48% from P66.73 billion collected within the same period last year. This double-digit growth was due to the increase in both the Pag-IBIG Regular Savings and Pag-IBIG MP2 Savings.

Buoyed by the implementation of the Maximum Fund Salary(MFS) increase early this year, total collections for the Pag-IBIG Regular Savings amounted to P49.86 billion as of September 2024, while MP2 voluntary savers remitted P48.86 billion collectively, a year-on-year increase of 58% and 39%, respectively.

The agency also reported a net unrealized gain of P320 million, a reversal from the P2.28 billion net unrealized loss in September 2023. This movement is attributed to improved market valuations of investments measured at fair value through other comprehensive income, further strengthening the agency’s financial position.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta remarked that members will benefit the most from the agency’s strong performance.

“Ang panalo po dito ay ating mga miyembro. With our strong fiscal standing, we continue to provide our members with the best benefits and programs, to help them prepare and secure a better future, not just for themselves, but also for their families. They are assured that the money that they entrust with us is not just well accounted for but continues to grow. We remain steadfast in our commitment to help improve the lives of the Filipino workers,” Acosta said.

Acosta emphasized that the growth in Pag-IBIG Savings does not only translate to available funds for the members but also helps the Philippine economy grow.

“As a money multiplier, every P100 saved by members and employers in Pag-IBIG Fund can potentially help generate P1,800 in the economy through future loans and infusion of cash into the economy. Of course, this can be easily achieved if our members and partner-developers continue to avail of our housing loan, development loan, and cash loan programs. For those whose loans have already been approved, on-time repayment is also important so that we can continue the financial cycle. In the end, whatever revenues that Pag-IBIG generates, it will still benefit our members through the crediting of dividends,” she added.

Aside from showcasing proper fiscal management through its exponential growth in assets and revenues, the Commission on Audit also rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s 2023 financial statements, in accordance with applicable financial reporting frameworks. It is the 12th consecutive unqualified/unmodified opinion, which the Fund has received from the commission, since 2012.