Pag-IBIG Members save record-high P59.52B in Aug 2023, up 11%; MP2 Savings reach P31.50B, up 16%

by Info @Brand Zone | September 22, 2023

Pag-IBIG Fund members collectively saved P59.52B in January to August this year, growing 11.45 percent year-on-year and setting a new record for the highest amount saved by members for any January to August period.

"We are happy to see that more Filipino workers recognize the importance of saving and are choosing to save with Pag-IBIG Fund. The record high in Pag-IBIG members’ savings collected from January to August 2023 shows their continuing trust and confidence in us and in our programs. This is good news because as our collection increases, the more funds we are able to utilize for the benefit of our members who seek to apply for home loans and short-term loans. All these are in line with the directive of President Ferdinand Marcos Jr. to improve the Filipino workers’ access to finance,” said Secretary Jose Rizalino L. Acuzar, who leads 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 C. Acosta, meanwhile, noted that the growth in members’ savings collected were seen in both the agency’s mandatory Regular Savings and its voluntary MP2 Savings.

Collections for the Pag-IBIG Regular Savings reached P28.03 billion, a 7 percent increase from the P26.16 billion collected during the same period in 2022. On the other hand, the agency’s popular MP2 Savings reached P31.50 billion, a 16 percent increase from the P27.25 billion collected in January to August last year. In 2022, the Pag-IBIG Regular Savings earned an annual dividend rate of 6.53%, while the MP2 Savings posted an annual return rate of 7.03%.

“The continued growth of our members’ savings is truly remarkable. We are grateful to the business community for responsibly remitting the Pag-IBIG contributions of their employees and their counterpart share on time.We are also thankful to our members for their trust in saving with Pag-IBIG - by saving more than the required P100 monthly contribution under the Pag-IBIG Regular Savings, and by continuing to save in our MP2 Savings. This trust is clearly displayed by the amount voluntarily saved by our members, which has in fact surpassed the amount of mandatory savings we have collected. That is why we remain steadfast in our commitment to prudently and excellently manage each and every hard-earned peso that our members have entrusted us, and provide their savings with the best possible returns,“Acosta said.

Pag-IBIG sets record anew as home loans reach P76.94B in Jan to Aug, up 6%

by Info @Brand Zone | September 15, 2023

Pag-IBIG Fund has released P76.94 billion in home loans in the last eight months, breaking its record on the highest home loan disbursement for any January to August period, agency officials announced on Friday (September 15).

“We are happy to report that Pag-IBIG Fund has once again set a record high in terms of home loan releases during the first eight months of the year. The sustained growth of our home loans mean that more and more Filipino workers are being helped by Pag-IBIG Fund to have homes they can call their own. This is one of our ways to heed the call of President Marcos to provide sustainable and inclusive housing for Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

Acuzar added that the amount of home loans released by the agency during the period is P4.23 billion or 6 percent higher compared to the P72.71 billion released during the same period in 2022, and financed 59,840 homes of Pag-IBIG Fund members. He further noted that out of this total number, 7,450 or 12 percent are members from the minimum-wage and low-income sectors, who were able to secure a total of P3.15 billion in socialized home loans.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that the agency expects to sustain its performance for the remainder of the year, mainly driven by the agency’s move to further lower its home loan rates last July.

“We thank our members for choosing and trusting the Pag-IBIG Housing Loan to help them achieve their dream of homeownership. We assure our borrowers that we shall do all that we can to maintain the low rates of their loans and keep their monthly payments affordable. This is because we at Pag-IBIG Fund highly value sustainability, so that our current borrowers can maintain their ability to pay their loans and allow even more members to avail of our home financing programs.

With four months to go before we end the year, we are optimistic that we shall once again set a banner year in the home loan front, and thus empower more Filipinos to become homeowners,” Acosta said.

Pag-IBIG cash loan ready to provide financial assistance to members as school season begins

by Info @Brand Zone | August 9, 2023

Pag-IBIG Fund officials announced on Wednesday (09 August) that its cash loan, the Pag-IBIG Multi-Purpose Loan, is ready to assist members with their school-related fees as the academic season starts this month.

As of June this year, the agency has assisted 1,182,996 members with their financial needs with the release of cash loans totaling a record high P26.17 billion. Of this amount, 13.8% or P3.61 billion were released to aid 134,140 members with tuition and enrolment fees, and other school-related expenses.

“We at Pag-IBIG Fund recognize that many of our members rely on us for immediate financial assistance. This becomes more prevalent when school season begins. That is why we are always ready to assist our members, particularly those seeking funds to address school-related expenses with our Pag-IBIG Multi-Purpose Loan. All these efforts are in line with the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos the means to gain better and dignified lives,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s Multi-Purpose Loan or MPL is the agency’s affordable and easily

accessible cash loan. Under the Pag-IBIG MPL, qualified members can borrow up to

80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly

contributions, their employer’s contributions, and accumulated dividends earned.

Loan processing is as fast as 3 days, with the loan conveniently credited to the

borrower’s Pag-IBIG Loyalty Card Plus. The proceeds can be used to pay for tuition

fees and other school-related expenses, as well as medical expenses, minor home

improvement, or even serve as capital for small businesses. The loan is payable in 24

or 36 monthly installments, with the first payment deferred for two months. The

Pag-IBIG MPL comes at an interest rate of 10.5 percent per year. In the past years,

the agency has returned more than 90 percent of its income, mostly derived from

interest on loans, to members in the form of dividends.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said that

Pag-IBIG Fund understands the plight of Filipino workers particularly those who

seek funds to provide family members with formal education. She added that the

agency has made its cash loan more accessible with its more than 200 branches, its

online facility Virtual Pag-IBIG, and the Virtual Pag-IBIG mobile app, ready to

accept loan applications from members.

“The Pag-IBIG MPL can be used to pay for tuition and school-related fees. Pag-IBIG Fund

believes that education is one of the keys to a brighter future and a better life. We aim to aid parents in securing these for their children and hopefully, we can contribute to bettering the lives not just of the individual Filipino worker but their families as well. These are all part of our Lingkod Pag-IBIG, Tapat na Serbisyo, Mula sa Puso," Acosta said.