Pag-IBIG Fund posts record high P20.61B income in H1 2023, up 11%

by Info @Brand Zone | July 22, 2023

Pag-IBIG Fund netted a record high income of P20.61 billion in the first half of 2023, the agency’s top executives announced on Thursday (July 20).

From January to June, Pag-IBIG Fund’s gross income reached P35.03 billion, while net income amounted to P20.61 billion. Compared to the same period last year, gross income grew by 12% or P3.80 billion while net income increased 11% or P2.05 billion, driven mainly by earnings from its housing and short-term (cash) loans, and investment portfolios.

“I am happy to report that Pag-IBIG Fund’s performance this year remains strong. Our P20.61 billion net income during the first half of the year is the highest for any January to June period in our history. Our performance shows how excellently we are managing the funds that our members have saved with us. With our strong fiscal standing, we remain in a strong position to finance more homes under the Pambansang Pabahay para sa Pilipino or 4PH Program, in line with the directive of President Ferdinand Marcos, Jr under the Bagong Pilipinas Campaign to help more Filipinos have better and more dignified lives,” 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.

He also added that as of June, the agency’s total assets have already reached P873.15 billion, a 6% or P45.75 billion growth from the yearend 2022 level of P827.40 billion.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized that the increase in net income shall redound to the benefit of its members. She noted that under its charter, Pag-IBIG Fund is mandated to return at least 70% of its annual net income to its members in the form of dividends and returns, which are credited to their savings.

“Pag-IBIG Fund is owned wholly by its members - the Filipino workers. That is why as administrators of the Fund, it is our responsibility to manage their contributions wisely and excellently. With our second half projections on our loan releases, collections and performing loans ratio high, we are optimistic that we can maintain our financial performance and provide Filipino workers the best returns on their savings as well as the means to acquire their own homes through our affordable home financing," Acosta said.

Pag-IBIG Fund earns COA’s highest audit rating for record 11th straight year

by Info @Brand Zone | July 3, 2023

Pag-IBIG Fund has earned the Commission on Audit’s highest audit rating on the presentation of its financial statements for the 11th consecutive year, top officials announced on Monday (July 03).

State auditors, in a letter dated June 22, informed Pag-IBIG Fund that it has rendered an unmodified opinion on the fairness of the presentation of its financial statements for the years 2021 and 2022. In the same letter, COA upgraded its prior issued modified opinion on the agency’s books for the year 2021, after Pag-IBIG Fund enhanced its data migration system following the state auditors’ recommendations. These developments have enabled the agency to maintain its streak of garnering COA’s highest audit rating for the 11th straight year.

“This is truly a significant milestone in Pag-IBIG Fund’s history. Earning the highest opinion from COA for the 11th consecutive year is yet another proof that Pag-IBIG Fund has been, and continues to be, managed properly. This is a testament to how Pag-IBIG Fund upholds excellence and integrity in managing their funds, in the fulfillment of our mandates and in line with the directive of President Marcos of providing Filipinos with more stable and more prosperous lives,” 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.

COA rendered unqualified opinions on Pag-IBIG Fund’s financial statements from 2012 to 2017 and unmodified opinions for the years 2018 to 2022. Auditors use both unqualified and unmodified opinions, which are the highest opinions that COA can give to a government agency or corporation, to mean that the financial statements of a company or agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized the value of the state auditor’s findings citing that these fittingly complete the agency’s best performing year of 2022.

“The year 2022 stands out as our best performing year yet, as we posted our highest ever annual net income of P44.50 billion. We also posted record-highs in home loan takeout worth P117.85 billion which benefitted 105,212 members who now have new or better homes, membership savings collections amounting to P79.90 billion and loan payment collections worth P127.42 billion. We also extended P53.76 billion in short-term loans to aid a record-high 2,612,491 members with their financial needs. In the same year, we also launched service innovations such as the Virtual Pag-IBIG Mobile App and the Lingkod Pag-IBIG On Wheels, which now provide our members better access to our services and benefits.” Acosta said.

“With our 2022 performance capped by this unmodified opinion from COA, this shows that we have achieved our best performance ever while maintaining the highest standards of financial integrity. This is what our members and stakeholders can expect from us, that we shall remain transparent in our operations and serve them with excellence and integrity,” Acosta added.

Pag-IBIG home loan payments reach record-high P31.97B in Jan to May, up 15%; PLR climbs to 92.53%

by Info @Brand Zone | June 30, 2023

Pag-IBIG Fund’s performing loans ratio surged to 92.53% as top executives reported double digit growth in its housing loan payment collections in the first five months of the year.

From January to May, the agency collected P31.97 billion in home loan payments, which is 15 percent or P4.22 billion higher than the amount collected in the same period last year. The amount is also a record-high in terms of home loan payments collected by the agency for any January to May period.

“We are happy to report that our total collections for the first five months of the year already stand as the highest in our history. Strong collections not only reinforce Pag-IBIG Fund’s financial sustainability, but also benefits our members because the amount we collect are then ploughed back to our housing portfolio so that more members can avail of our home loans. This is one of our ways of heeding President Ferdinand Marcos, Jr.’s call in solving the country’s housing backlog under the Pambansang Pabahay para sa Pilipino or 4PH Program,” said Secretary Jose Rizalino L. Acuzar, who heads both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that because of the agency’s continued strong collections in home loan payments in the first five months of the year, Pag-IBIG Fund’s performing loans ratio continued its rise. From 90.69 percent as of December last year, the agency’s PLR has climbed 184 basis points to reach 92.53 percent as of May.

“We are grateful to our members for their efforts in fulfilling their payment obligations on their loans. Their on-time payments are clearly reflective of their trust in us as we continue to provide relevant programs and services to respond to their needs. Our strong collections and PLR would allow us to not only address the loan needs of our members, but also to keep our interest rates low despite the prevailing market conditions. These are all part of our Lingkod Pag-IBIG commitment to provide accessible and affordable home loans for each Filipino worker,” Acosta added.