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Home Development Mutual Fund or Pag-IBIG said the agency’s net income hit a record-high at P33.17 billion in 2018, 9.5 percent higher than the P30.27 billion in 2017.
According to Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees Chairman Eduardo del Rosario, the increase can be attributed to operational efficiencies.
Del Rosario added the Fund breached a lot of milestone figures in savings, housing, and finance. In particular, he said members savings totaled P40.17 billion, 11 percent higher than in 2017.
He said the amount included the P4.47-billion savings under the Modified Pag-IBIG 2 (MP2) Savings Program — a special savings mechanism offered to members and retirees who were former members. The 2018 MP2 savings rose 242 percent from the previous year.
Furthermore, Pag-IBIG’s housing loan also increased by 16 percent to P75.31 billion. P8.36 billion of this was released for socialized housing, of which 21, 389 minimum-wage and low-income earners benefitted from.
A total of P49.23 billion worth of short-term loans to 2,428,918 members, including multi-purpose loans worth P46.96 billion, the highest Pag-IBIG released.
It also maintained its high-performing loans ratio of 90.26 percent, indicating that nine of 10 housing borrowers religiously paid their housing loan obligations with the Fund.
Its total assets also reached P533 billion, 9 percent higher from a year ago.
Source: Manila Times