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The Pag-IBIG Fund, one of the country’s leading government financial institutions and the biggest financier of the national shelter program, released a total of P47.57 billion in 2006 helping over 1.8 million members nationwide.

Atty. Romero Quimbo, president and CEO of the Fund, attributed the positive lending performance to the synchronized institution-wide reforms that were implemented, such as a strengthened IT infrastructure and an aggressive marketing drive.

Of the total, more than half or 53 percent is accounted for by short term loans (STL) covering multi-purpose and calamity at P25.68 billion; 34 percent by end-user home financing at P16.09 billion; and the rest by provident claims at P4.06 billion, institutional shelter loans at P1.66 billion and death claims at P0.87 billion.

Worthy to note is the Fund’s short term lending performance in 2006 which posted a 110 percent accomplishment against targets. Total STL release of P25.68 billion --broken down into P21.13 billion for multi-purpose loan and P4.55 billion for calamity loan -- helped address the urgent financial needs of some 1.7 million members.

Compared to the Fund’s 2005 multi-purpose loan disbursement of P17.27 billion, the 2006 figure also represents a 22 percent increase. The Program provides immediate financial assistance to Pag-IBIG members for various needs such as minor home improvements, capital for livelihood ventures, payment of medical bills, tuition fees and other educational expenses, and purchase of furniture and appliances.

Meanwhile and due to the spate of calamities which hit the country last year, releases under the Fund’s calamity loan program soared 258 percent to reach P4.55 billion which benefited a total of 297,888 members. The Fund stands today as the biggest calamity loan provider in the country.

In the area of shelter finance, the Fund approved an all-time high of P17.75 billion. The amount helped finance the development of 40,241 shelter units during the past year.

For end-user and retail financing alone, the Pag-IBIG Fund lent out P16.09 billion, which made possible the construction or purchase of 32,939 housing units by 33,038 members.

The Fund also released a total of P1.66 billion under its various Institutional Loan Programs, including the highly popular Medium and High Rise Building Program which generated 10,283 units for urban dwellers last year .

In the area of provident benefit claims, 127,538 members and other beneficiaries collectively withdrew about P4.06 billion in 2006. The Fund likewise released additional death benefits totaling P86.81 million to 15,911 legal heirs of deceased members.