Year 2019 Press/Photo Release

Del Rosario and Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti led the launch of the Virtual Pag-IBIG in an event held at the Philippine International Convention Center in Pasay City. The Virtual Pag-IBIG can be accessed through the agency’s website and has been in beta version since October.

"Pag-IBIG Fund is celebrating its 39th anniversary this month with the theme ‘Serving the Nation with Excellence and Innovation.’ And what better way to mark our 39th year than with the unveiling of one of the most innovative services in our history, the Virtual Pag-IBIG. With this new service, it’s like having your own personal Pag-IBIG Fund branch at your fingertips. With just a smartphone and an internet connection, our members can now do their transactions with Pag-IBIG Fund online, anytime, wherever they are,” Moti said.

Virtual Pag-IBIG Services

By logging into the Virtual Pag-IBIG, Moti said that one can immediately enjoy the agency’s services such as securing a Pag-IBIG Fund Membership ID (MID) number, taking the initial step to enroll for an MP2 Savings account, and monitoring their loan application status. Members may access even more services by creating their own Virtual Pag-IBIG accounts. With an account, members can have access to their savings records, view their loan balances and get the latest news and updates about Pag-IBIG Fund. Members can also monitor and view the last ten transactions made with their Pag-IBIG Fund Loyalty Card Plus.

The Virtual Pag-IBIG also features an Online Payment Facilities that allows members to pay for their loans and remit their monthly savings through PayMaya or with their Visa, Mastercard, or JCB credit cards. It also has a real-time chat facility that allows members to talk to a Pag-IBIG Fund service personnel to address any concern.

Virtual Pag-IBIG Access

Pag-IBIG Fund members can create an account in three ways. Pag-IBIG Fund Loyalty Card Plus holders can activate their account using their card number. Those who do not have a Loyalty Card Plus can also open an account online, which they can later activate by visiting any Pag-IBIG Fund Branch. The Pag-IBIG Fund International Operations has also set up an activation process specially designed for Overseas Filipino Workers (OFWs).

“We know that our members have been clamoring for this kind of service, so we’re glad that we can finally unveil the Virtual Pag-IBIG today. We have been working on this for quite some time. We first had to upgrade our systems, migrate records, rework our website, and do a lot of work in between. A few years ago, we launched the Lingkod Pag-IBIG campaign to establish our standards for public service. And with the Virtual Pag-IBIG, we are taking our brand of public service to the next level. Virtual Pag-IBIG is Lingkod Pag-IBIG 24/7,” Moti said. (END)

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Pag-IBIG Fund’s MPL program serves as an affordable and readily-accessible source of funds. 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. The proceeds can be used to pay for tuition fees, medical expenses, minor home improvement, a family trip, or even serve as capital for small businesses. The loan is payable in 24 months with the first payment deferred for two months. The MPL comes at an interest rate of 10.5 percent per annum. Up to 90 percent of the income derived by the agency from the program is returned to its members in the form of dividends.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, noted the upward trend in the loan program, saying that the amount of MPL released in January to September increased by 9 percent or P3.39 billion while the number of borrowers increased by 10 percent or 165,397 borrowers, compared to the same period last year. Moti attributed these record-high numbers to the loan program’s reliability and faster processing in 2019.

“We still have one quarter left in the year but we’re seeing double-digit growth in the MPL as early as now. With the increased demand, we’re working doubly hard to process our members’ loan applications promptly. This year, with our upgraded system fully in place, members are now able to receive their loan proceeds at an average of 1.8 working days. This faster processing time allowed us to serve more members this year," he said.

In total, the Pag-IBIG Fund released P40.89 billion in short term loans benefitting 1,960,102 members in the last nine months. This includes the amount disbursed through its MPL Program and the P1.02 billion in Calamity Loans it released to aid 60,083 members. (END)

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Under the agency’s Calamity Loan Program, qualified members may borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Eligible borrowers may avail of the Calamity Loan within 90 days from the declaration of a state of calamity in their area of residence.

The loan is payable over a period of 24 months at an interest rate of 5.95% per annum – the lowest rate available in the market. And considering the plight of the borrowers, the first payment of the loan is deferred, with the initial payment due on the third month after the loan is released.

“Pag-IBIG Fund is always ready to assist members recover from effects of calamities. This year, we have already released P1.02 billion in Calamity Loans to aid 60,083 members in various areas around the country. And, considering the condition of our members affected by this string of earthquakes, we are also in active coordination with the national government and concerned local government units to determine where we could best establish service desks and thus, bring our services in locations nearer to our calamity-stricken members,” del Rosario said.

Pag-IBIG Fund has maintained its position as one of the single biggest sources of emergency loans in the country. In the last five years, the agency has released P11.04 billion in calamity loans to assist 803,858 members.

“We have seen the destruction brought by the strong tremors and even we weren’t spared. Some of our branches in Mindanao, like the ones in Kidapawan and Digos sustained damages. A number of our employees were also affected. But this will not deter us from providing the needed service. We are actively helping our employees there and bringing in supplies and added manpower, so we can help more members living in devastated areas,” he added. (END)

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Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the increase in savings was not confined to the mandated Regular Savings of its members. Moti also attributed the record-high number to the increasing popularity of its Modified Pag-IBIG 2 (MP2) Savings Program. Collections from its MP2 Savings in the first nine months surged to P8.28 billion, nearly double the amount saved by members in 2018, and up by a phenomenal 176 percent from the P3 billion collected during the same period last year

The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that yields higher dividends compared to the agency’s Regular Savings program. The program has a 5-year maturity period and a minimum savings requirement of only P500. The Fund also opened the program to retirees and pensioners who are former Pag-IBIG Fund members last year, further driving growth.

“Our MP2 Savings Program continues to grow at a remarkable pace. It was only in 2017 when collections from our MP2 Savings surpassed the P1 billion peso mark, which was then a historic feat. And by the end of 2019, in a span of just two years, we expect to surpass the P10 billion peso mark in collections. We thank our members for their continued support and enduring trust in our savings programs. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings. The record-high in Members’ Savings we collected from January to September of this year show the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund,” CEO Moti said. (END)

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“Collections remain robust as we sustained our momentum from 2018, which is our best year yet. We still have another quarter to go before this year ends but we are confident that 2019 will be another banner year because we continue to grow at a double-digit pace. In the third quarter alone, home loan payments grew 20 percent year-on-year to P13.98 billion. Strong collections not only reinforce Pag-IBIG Fund’s financial sustainability, but also benefits our members because the amount we collect are then plowed back to our housing portfolio so that more members can avail of affordable home loans from Pag-IBIG Fund. This is our way of heeding President Rodrigo Roa Duterte’s call to address the growing housing needs of Filipino workers,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the 12-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that because of the improvements in its collection efficiency, the agency was able to reach a record high performing loans ratio (PLR).

As of September, PLR reached 91.03 percent - the highest in the history of the Pag-IBIG Fund. In 2012, the agency’s PLR stood at a low 75 percent. Through several reforms, the agency improved its portfolio until it reached 90 percent for the first time in 2017. Its PLR further improved to 90.23 percent by the end of 2018 and increased further to its highest figure to date.

“We are happy to report that our efforts to maintain efficiency of collections enabled us to keep our performing loans ratio at above 90 percent. The high PLR shows that nine out of 10 of Pag-IBIG Fund’s home loan borrowers regularly pay their monthly amortizations, which is a vast improvement compared to previous years. We take pride in having a single-digit non-performing loans ratio considering that our portfolio is unique, as we cater to minimum-wage earners who are usually unserved by most lending institutions because of their financial capacity,” Moti said.

“Achieving the highest PLR is a notable feat for us. This is the result of both the reforms we have put in place and the growing appreciation of the Fund’s home loan programs among our borrowers. We appreciate our borrowers who regularly pay their monthly amortizations because they help us provide accessible and sustainable home financing to other members who need it too,” Moti added. (END)

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“Pag-IBIG Fund has a socialized housing program designed specifically to help minimum and low-wage workers secure their own homes at the price of renting one. We call it the Affordable Housing Program and it is aligned with President Rodrigo Roa Duterte’s directive to government institutions to carry out programs that address the needs of the underserved sector,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

The Affordable Housing Program is open to members earning not more than P15,000 per month within the National Capital Region (NCR) and those earning not more than P12,000 per month if outside of NCR. Under this program, Pag-IBIG Fund maintains the lowest interest rate in the market of 3% per annum – a subsidized rate it has provided for minimum and low-wage workers since May 2017. This rate applies to socialized home loans up to P580,000. The Fund is able to subsidize this low interest rate due to its being a tax-exempt agency as prescribed under Republic Act No. 9679.

“Because of our Charter, Pag-IBIG Fund can afford to offer the lowest rates for home loans of minimum and low-wage workers. Aside from keeping our interest rates low, we also reduced the insurance premiums of our home loans under our Affordable Housing Program. As a result, qualified borrowers under this program will pay an affordable monthly amortization of only P2,445.30 for a socialized home loan of up to P580,000. We set a 100% loan-to-value ratio for our Affordable Housing Program, which means that borrowers through the years never had to put out cash for equity. All of these are part of our efforts to provide the best home financing program for our members. That’s what Lingkod Pag-IBIG is all about,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

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He said that from April to September, Pag-IBIG Fund has been in talks with the Trade Union Congress of the Philippines (TUCP), Philippine Government Employees Association (PGEA), Kapisanan ng mga Manggagawa sa GOCCs at GFIs (KAMAGGFI), Federation of Free Workers (FFW), the Filipino Migrant Workers Group, OFW NGOs, the National Anti-Poverty Commission (NAPC), and the Employers Confederation of the Philippines (ECOP).

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti explained that the consultations revolved around the agency’s proposal to adjust the monthly savings of Pag-IBIG Fund members, which has remained at P100 for more than three decades.

“Demand for our home loans has grown annually at an average of 17.5% in the past 5 years. We have been able to sustain this double-digit growth in 2019 with the release of P58.73 billion in home loans in the last nine months. This is the highest-ever amount released for any January to September period and is a 13.5% increase from the P51.76 billion released in the same period last year. At the current membership savings rate, in addition to our housing and short-term loan collections, we have more than enough funds to support up to 10% average growth rate in home loans until 2024. But as we expect demand to remain strong with growth at around 15% annually in the coming years, we need to find additional sources of funds to sustain the low loan interest rates we currently offer to our members. Our proposal is to adjust the members’ savings rate to P200 per month by 2021, which will be matched by an equivalent amount by their employers,” Moti said.

The proposed adjustments will provide the agency additional funds to address its loan demand, and thus allow interest rates on its home loans and calamity loan to remain low at least until 2024, he added.

“We thank the labor unions, OFW NGOs, employer groups and all our stakeholders who recognize that raising our savings rate will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years,” Moti said.

“As for our members, we wish to remind them that this is an increase in their benefit because every peso they save will go to their Pag-IBIG Fund Savings. This will allow them to save more with Pag-IBIG Fund and earn higher dividends annually. They will be entitled to bigger cash loans as a result of their higher savings. They will also receive higher lump-sum savings once they retire or once they reach 20-year membership maturity,” he added. (END)

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The amount of home loans released increased 13% or P6.97 billion compared to the P51.76 billion in home loans released in the same period last year. The number of financed homes also grew 4% year-on-year to 65,375.

"We have yet to finish the year, but things are already looking good as we have again set a new record-high on our home loan releases for January to September. We will continue to work hard in the remaining months of 2019 to provide decent and affordable home financing to even more Filipino workers. This is our commitment, being one of the key players in President Rodrigo Roa Duterte's drive to uplift the lives of Filipino families," said Secretary Eduardo D. del Rosario, Chairman of both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Out of the total amount, Del Rosario added that P7.18 billion were released as socialized home loans for the benefit of 18,715 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the growth of the agency’s housing operations has been remarkable.

“Before, our home loan releases for the whole year usually ranged from P30 billion to P45 billion. It was only in 2016 that we breached P55 billion as we released P57.31 billion. We challenged ourselves to do better, which resulted to us surpassing P65 billion in 2017 and P75 billion in 2018. Now that we’re in the third quarter of 2019, our growth continues,” Moti said.

“With our home loan releases amounting to P58.73 billion in the last nine months, we have already surpassed the amount released for the whole year in the previous years until 2016. And by the end of the year, our home loan releases may reach P83 to P85 billion,” he added.

Moti said that the continued demand for the agency’s home loans can be attributed to its lowest-ever interest rates, high loan-to-appraisal ratio, long repayment period, and much improved insurance terms.

In total, Pag-IBIG Fund approved P80.87 billion in home loans from January to September to finance the acquisition of 84,904 homes. This includes the amount released and P22.14 billion pending for takeout to 19,529 borrowers. These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements. (END)

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Now called the Pag-IBIG Loyalty Card Plus, the Fund’s discount and rewards card comeswith the added feature of a cash card, top executives announced recently.

“The new and improved Pag-IBIG Loyalty Card Plus can now be used as a cash card where borrowers can receive the proceeds of their multi-purpose loans, MP2 dividends, and other benefits. It’s easier because they don’t have to wait for checks to clear anymore and the proceeds of the loan can be withdrawn in ATMs. This is a welcome addition to our existing cash cards available to members applying for multi-purpose loans. It’s one of our many ways to simplify our processes and hasten the delivery of service as we continue to heed the call of President Rodrigo Roa Duterte for government to use electronic means to achieve faster transactions,” said Secretary Eduardo D. del Rosario, Chairman of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

To enable the cash card feature of the Loyalty Card Plus, the agency partnered with some of the biggest names in the banking industry. As of writing, Pag-IBIG Fund inked deals with Union Bank of the Philippines and Asia United Bank. The agency is still looking to partner with more banks.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the Loyalty Card Plus can now also be used as a debit card for cashless transactions and is equipped with an EMV chip - the same technology used in debit and credit cards – to ensure security of transactions. The Pag-IBIG Loyalty Card Plus is now printed on site, which means members can get their card instantly in the Pag-IBIG Fund branch where they applied.

He added that upon resuming the enrolment for the card on July 15, the Fund already issued 9,955 new cards in a span of three weeks. And in that time, Multi-Purpose Loans (MPL) amounting to P24.77 million were disbursed to 1,505 borrowers using the Pag-IBIG Loyalty Card Plus.

“As always, they can enjoy the same rewards and big discounts from our more than 300 partner establishments. With discounts ranging from 5 to 50 percent, cardholders can save on groceries, fuel, tuition fees, hospital bills, medicines, and even food and travel expenses. For now, the card is available in the National Capital Region but we are working hard to have it available nationwide soonest,” Moti said.

The Loyalty Card Plus can also be used to access the Fund’s soon-to-be launched Virtual Pag-IBIG, an online service that will allow its members to conduct transactions anytime, anywhere.

“We’re excited to launch the Virtual Pag-IBIG. We believe it will be a game-changer for online services and it will answer our members’ call for more convenient access to Pag-IBIG Fund’s and benefits. Abangan po. This is just one of the ways we continue to extend the Lingkod Pag-IBIG brand of service - tapat na serbisyo, mula sa puso,” Moti added. (END)

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From January to June 2019, home loan payments amounted to P30.44 billion, an increase of 12 percent compared to the P27.22 billion collected in the same period last year.

“We were able to sustain our momentum from 2018, which is our best year yet. In the first half of 2019, home loan payments averaged P5.07 billion per month which is considerably higher than the P4.53 billion average last year. In fact, we were off to a good start in 2019 because while we experienced slumps in the start of previous years, home loan payments in January amounted to P5.40 billion. And just this May, home loan payments totaled 5.99 billion – the highest so far this year. Robust collections reinforce Pag-IBIG Fund’s financial sustainability. The amount we collected are then plowed back to our housing portfolio so that more members can avail of a home loan from Pag-IBIG Fund. This is our way of heeding President Rodrigo Roa Duterte’s call to address the growing housing needs of Filipino workers,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that because of the improvements in its collection efficiency, the agency was able to reach record high performing loans ratio or PLR.

As of June, performing loans ratio stood at 90.60 percent - the highest in the history of the Fund. In 2012, the Fund’s PLR stood at a low 75 percent. But the Fund improved its portfolio over the years until it reached 90 percent for the first time in 2017. The PLR further improved to 90.23 percent in 2018 and reached a record high in the first half of 2019.

“Our portfolio is unique in the sense that we cater to minimum wage earners who are usually unserved by most lending institutions because of their financial situation. Despite this, we are happy to report that our efforts to maintain efficiency of collections enabled us to keep our performing loans ratio at above 90 percent. The high PLR shows that nine out of 10 of Pag-IBIG Fund’s home loan borrowers regularly pay their monthly amortizations, which is a vast improvement compared to previous years. This is the result of the both the reforms we have put in place and the growing appreciation of the Fund’s home loan programs among borrowers. The regular payment of monthly amortizations is key in the Fund’s mission to provide both accessible and sustainable home financing to members who need it most,” Moti said. (END)

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“We are exerting all efforts to assist Pag-IBIG members with their immediate financial needs, following the directive of President Rodrigo Roa Duterte to provide Filipinos with affordable loans so that they will not resort to loan sharks. As a testament to our support to this directive, Pag-IBIG Fund - in the first six months of 2019 alone - has already assisted more than 1.2 million members through the MPL program,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

With Pag-IBIG Fund’s MPL program, 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. The loan is payable within 24 months and comes with a deferred first payment. The MPL comes at an interest rate of 10.5 percent per annum. Up to 90 percent of the income derived by Pag-IBIG Fund from the loan program is returned to its members in the form of dividends.

“Our Multi-Purpose Loan program serves as an affordable and readily-accessible source of cash loans. The MPL proceeds can be used for tuition fees, medical expenses, minor home improvement, capital for business, or even for vacation expenses,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

“We recognize that our members secure an MPL to address an immediate need. It is why we work doubly hard to process their loan applications promptly. With the stabilization of our upgraded system last year, members are now able to receive their loan proceeds in an average of 1.8 working days. This faster processing time allowed us to serve more members, which is shown by the 8 percent growth in the number of loan releases or an additional 93,886 members aided by the MPL program in the first half of this year compared to same period in 2018,” he added.

In total, the Pag-IBIG Fund released P26.26 billion in short term loans benefitting 1,267,616 members in the first half of this year. This includes the amount disbursed through its MPL Program and the P688.25 million in Calamity Loans it released to aid 40,593 members. (END)

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“We concur with President Rodrigo Roa Duterte when he said that much has to be done in ensuring responsiveness to people’s needs. And while Pag-IBIG Fund made the list of the agencies that need to improve service delivery, it gives us the chance to shine light on our advancements. Because in the last two years, we have been monitoring 8888 calls closely and I’m happy to report that 99 percent of all calls are already resolved,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

He said that in the Fund’s monitoring, data showed that about 50 percent of the total calls received are not complaints but are actually inquiries or requests for assistance regarding their records.

“Majority of the real complaints touched on delays in loans processing. This is understandable because we were improving our systems during that time. We completed the full deployment of our new core systems in December 2017 and we spent the first half of 2018 addressing backlog brought about by data migration. Now, we receive lesser complaints because the new systems are up and running,” del Rosario said.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said they have noticed the declining number of Fund-related calls which started in the second half of 2018. He said that compared to the first half of 2018, Pag-IBIG Fund related concerns dropped 58 percent in the second half of the year.

This vast improvement was further highlighted by customer satisfaction surveys done in September and October 2018 wherein customers gave Pag-IBIG Fund a 96 percent satisfaction rating attributed to faster service delivery.

Then, in January to June 2019, the number of calls further decreased.

“We received a lot of calls last year as we were upgrading to our new system. While the system migration caused delays in the processing of some loans and records, we doubled our efforts to help our members in the branch level. That’s why we launched our Lingkod Pag-IBIG campaign. And since changes in our systems have now stabilized, Fund-related calls in the first half of 2019 declined 74 percent year-on-year,” Moti said.

“While we faced challenges along the way, we renewed our commitment to serve our members better and we worked hard to address their concerns. Because of this, we are able to settle and reduce the number of calls significantly every semester. The downward trend in the number of calls we receive is clear and consistent. And with our new and improved system fully functioning, we can now process loans in as fast as 1.8 days. And soon, we will launch our Virtual Branch – a project we have been working on for a while. With the President’s recent call to provide services electronically, our Virtual Branch shall eventually serve all our members anytime, anywhere. So whether you are online or offline, you can count on us to be true to our Lingkod Pag-IBIG commitment: Tapat na Serbisyo, Mula sa Puso,” he added. (END)

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The agency maintained its subsidized rate of 3 percent per annum under its Affordable Housing Program offered to members earning not more than P15,000 a month for those within the National Capital Region (NCR), or those earning not more than P12,000 a month for those outside NCR. The rate for this loan program is the lowest in the market and has been in place since May 2017. The Fund also maintained its interest rates for loans up to P6 million under its Regular Housing Loan Program, where members may secure loans at a rate of as low as 5.375 percent per annum. The agency assured its members that the rates shall be maintained for at least the remainder of the year. Pag-IBIG Fund uses the Full Risk-Based Pricing framework in setting the interest rates for its home loans.

“We are keenly aware of the need to provide affordable housing, especially to lowwage earners. Because of the Fund’s strong financial standing, we assure our members that we can maintain our low interest rates for the rest of 2019 as we continue to heed President Rodrigo Roa Duterte’s call to address the housing needs of Filipino workers,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

Del Rosario explained that the Fund is able to keep its lending rates low because it is able to sustain its collection efficiency. He said that home loan payments in the first half of 2019 amounted to P30.44 billion, which is 12 percent higher than the P27.22 billion collected in the same period last year. “We are happy to report that our efforts to maintain efficiency of collections enabled us to keep our performing loans ratio or PLR at above 90 percent. This ratio is high considering that many of our borrowers are minimum-wage earners and are usually unserved by most lending institutions because of their financial situation,” del Rosario said.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that the high increase in the collection of members’ savings helped keep the agency’s lending rates low. In the first half of the year, collection of members’ savings improved 27 percent year-on-year to P23.40 billion, which is the highest amount saved by members for any January to June period.

“We see no reason so far to increase our home loan rates because the continuing improvements in our collection efficiency boost our PLR. Member savings collections have also grown 27 percent while housing loan payment collections increased 12 percent. All these mean that we are able to effectively fund the high demand for our home loans without the need to borrow from the market. The strong inflow of funds and our ability to maintain quality loan portfolios directly benefit our members because we can continue to offer them the lowest lending rates possible and still declare above-market dividend payouts. That we have been offering these low home loan rates since 2017 is a testament to the Fund’s stability and sound financial management,” Moti said. (end)

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“The Members’ Savings collections continue to grow at an unprecedented rate due to our members’ trust and confidence in our programs. We welcome this development because the increased savings collections allow Pag-IBIG Fund to sustain the rapid growth of home loan and short-term loan releases, allowing us to serve more members, in keeping with President Rodrigo Roa Duterte’s directive to uplift the lives of our Filipino workers,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Driving the double-digit growth is the growing popularity of the agency’s Modified Pag-IBIG 2 (MP2) Savings program. MP2 Savings amounted to P4.66 billion in January to June, growing 198 percent from the P1.57 billion collected in the same period last year.

The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that yields higher dividends compared to the regular Pag-IBIG Fund Savings program. The MP2 Savings program has a 5-year maturity period and a minimum savings requirement of only P500. Starting last year, the Fund opened the program to retirees and pensioners who are former Pag-IBIG Fund members.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that they have been noting the phenomenal growth of the MP2 Savings. In 2018, MP2 Savings collections by end of the year jumped 242 percent year-on-year and reached a record high of P4.47 billion.

“Our MP2 Savings Program has been growing at a phenomenal pace. In 2018, it took us a whole year to breach the P4 billion mark, which was a historic feat in itself. This year, it took only six months for MP2 Savings collections to reach P4.66 billion, surpassing the total amount collected for the entire 2018. We thank our members for their continuous support and enduring trust. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings program and from members who have upgraded their mandated monthly savings. The record-high in Members’ Savings we collected in the first half of 2019 shows the wider appreciation of our members of the benefits of saving with Pag-IBIG Fund,” CEO Moti said. (END)

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The figure represents nearly 30% of the total number of housing loans financed by the agency from January to June. Pag-IBIG Fund financed record-highs of 41,746 housing loans amounting to P37.07 billion in the first half of this year to assist members acquire or improve their homes.

“Socialized housing is designed especially for minimum and low-wage workers. President Rodrigo Roa Duterte directed that there be government programs catering to this underserved sector, hence, we have this housing program that is suited for their financial capacity. This is the essence of the BALAI (Building Adequate, Livable, Affordable and Inclusive) Filipino Communities Program of the government’s housing sector towards providing decent shelter for every Filipino family,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

Socialized housing loans are up to P580,000 for a 32 square-meter residential unit in a horizontal housing project. Under its Affordable Housing Loan Program, Pag-IBIG Fund maintains the lowest interest rate in the market of 3% per annum – a special rate it has provided for minimum and low-wage workers since May of 2017. Pag-IBIG Fund subsidizes this low interest rate, being a tax-exempt agency as specified under Republic Act No. 9679.

“Our charter allows Pag-IBIG Fund to offer the lowest rates for home loans of minimum and low-wage workers. And aside from keeping our interest rates low, we also reduced the insurance premiums of our home loans. As a result, qualified borrowers under this program will pay an affordable monthly amortization of only P2,445.30 for a socialized housing loan worth P580,000.00. All these are part of our efforts to provide the best home financing program for our members. That’s what Lingkod Pag-IBIG is all about,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said. (END)

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The amount financed the acquisition and construction of 41,746 homes for Pag-IBIG Fund members, also a record-high for the first half of the year, and is 4 percent higher than the 40,094 homes financed during the same period last year.

"Pag-IBIG Fund's performance in the first six months of 2019 stands out as the best so far. Bigger loan releases and increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund achieve their dreams of homeownership. This is why Pag-IBIG Fund remains as a major player in President Rodrigo Roa Duterte's drive to uplift the lives of Filipino families through sustainable social development programs and access to decent and affordable housing," said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Del Rosario further stated that of the total amount, P4.52 billion were released for socialized housing loans benefitting 11,894 members from the minimum-wage and low income sectors.

“In 2018, we achieved our best year yet. Demand for our home loans last year was at its highest as the amount released for the whole year increased 16 percent to P75.31 billion while the number of borrowers rose 12 percent to 90,375. We are thankful because with the unending support of our members and industry partners, the double digit growth continues for the first half of 2019,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

Moti added that the continued demand for the agency’s home loans can be attributed to its lowest-ever interest rates, high loan-to-appraised value ratio, long repayment period and much improved insurance terms.

In total, Pag-IBIG Fund home loans from January to June this year totaled P58.77 billion to finance homes for 52,257 members. This includes the amount released and P21.7 billion pending for takeout to 10,511 members. These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements. (END)

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This, in response to the observation issued by the Commission on Audit on the general increase implemented by the Fund last year.

Secretary Eduardo D. del Rosario, Chairman of the Housing and Urban Development Coordinating Council and of Pag-IBIG Fund’s Board of Trustees, said that they did not increase the salary rates of officers and employees in 2018 but merely granted salary step increments similar to those implemented by government agencies covered by the Salary Standardization Law (SSL).

He added that while step increments among employees of other agencies are granted automatically every three years on the basis of longevity of service, the step increments granted to Pag-IBIG employees were intended to address the effects of inflation over the years. The grant of such step increments is within the powers of its Board based on Pag-IBIG’s Compensation Plan. Since there was no increase in salary rates nor new benefits granted, Presidential approval is not required.

“I want to assure the public that the grant of step increments in 2018 was proper, done according to the right process and, most importantly, was not excessive. We have only adjusted the salaries of Pag-IBIG Fund officers and employees to be, more or less, on the same level of SSL4, which is currently being received by employees of other government institutions. We would like to assure all, our members in particular, that we continue to adhere to the directive of President Rodrigo Roa Duterte in safeguarding the workers’ fund,” Secretary del Rosario said.

He added that the Fund also adjusted the salary rates of all covered contractors and job order personnel to be comparable with positions in government and granted them a premium rate of 20 percent, in compliance with the Joint Circular (JC) No. 1 issued in November 2018 by COA, the Civil Service Commission, and the Department of Budget and Management. In complying with the circular, the Pag-IBIG Fund Board agreed with the rationale of the three agencies calling for equal pay among permanent employees and job order personnel in government, pegged at the prevailing rates of the fourth tranche of the SSL4. Del Rosario stated that the Pag-IBIG Fund Board had the same intention in granting the step increments to employees and officers of Pag-IBIG Fund last year, even while the step increments applied to the salaries of a majority of its employees still resulted to a lower rate than the prevailing rates of the third tranche of the SSL4.

Pag-IBIG Fund CEO Acmad Rizaldy P. Moti also clarified that the agency’s Board went through all the requisite processes and ensured that all conditions were met prior to the granting of the step increments.

“The Board considered all bases when the step increments were granted in 2018. The intention behind the grant of step increments under the Compensation Plan of Pag-IBIG Fund was not to raise the salaries of officers and employees – but rather to maintain the purchasing power and value that they had in 2009 or 10 years ago when the Fund’s Compensation Plan was first adopted,” Moti said.

He added that the granting of the step increments last year was long overdue. The decade-old compensation plan was no longer competitive to attract personnel that will allow the Fund to serve its growing membership and their increasing needs.

Reckoned from 2009 when Republic Act (RA) 9679 (Home Development Mutual Fund Law) was passed into law, two compensation reviews should have already been conducted by this time – the first review should have been in 2013, while the second should have come in 2017. These reviews did not materialize in light of the efforts of the Governance Commission for GOCCs (GCG) to develop a Compensation and Position Classification System (CPCS) for all GOCCs, which include Pag-IBIG Fund. In 2017, however, the CPCS was suspended. As a result, the salaries of Pag-IBIG Fund employees remained at the same level as it was in 2009, except for a one-step increment in 2013.

“We have to put things into context here. The step increments were granted, in strict accordance with existing rules, to employees of the Pag-IBIG Fund who are occupying permanent positions. The members of the Board who approved the grant, which include myself, were not covered by the step increments because we are presidential appointees. The grant went to career employees and officers who worked hard in order to achieve record-breaking feats and made 2018 the best year ever for Pag-IBIG Fund,” Moti said.

Pag-IBIG Fund had a banner-year in 2018 as it achieved highest-ever figures in net income, housing loan takeout, housing loan payment collections, member savings collections and total amount of dividend earnings for its members. (END)

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“The Auditor rendered an unmodified opinion on the fairness of the presentation of the financial statements of HDMF (Home Development Mutual Fund) for the years ended December 31, 2018 and 2017,”read the letter of Director Ma. Lisa P. Inguillo, officer-in-charge of COA’s Social Security Services and Housing Cluster.

“For the seventh consecutive year, COA has granted on Pag-IBIG Fund its highest opinion on our financial statements. This milestone is yet another proof that Pag-IBIG Fund is working hard to serve our members while maintaining the integrity and sustainability of the Filipino workers’ fund which is in line with President Rodrigo Roa Duterte’s directive for all government offices to maintain a corrupt-free operation in serving the people,” said Secretary Eduardo D. del Rosario, concurrent Chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees.

From 2012 to 2017, COA has rendered unqualified opinions on Pag-IBIG Fund’s financial statements and an unmodified opinion for the year 2018. Auditors use both the unqualified opinion and unmodified opinion 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 had a record-breaking year in 2018! We posted record-highs in net income amounting to P33.17 billion, housing loan takeout worth P75.3 billion which benefitted 90,375 members, short-term loans totaling P49.23 billion which aided 2.43 million members, and members’ savings collections of P40.27 billion. Achieving record feats and earning yet another highest recognition from COA truly makes 2018 our best-year ever,” said Pag-IBIG Fund CEO Acmad Rizaldy P. Moti. (End)

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“We are exerting all efforts to help Pag-IBIG members following the directive of President Rodrigo Roa Duterte to provide Filipinos with affordable loans so that they will not resort to loan sharks. In the first quarter of 2019, MPL disbursements helped 571,681 members with their immediate financial needs,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

With Pag-IBIG Fund’s MPL program, qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. The loan is payable within 24 months and comes with a deferred first payment. The MPL comes at an interest rate of 10.5 percent per annum. A significant part of the income derived by Pag-IBIG Fund from the loan program is returned to its members in the form of dividends.

“While Pag-IBIG is known for our housing loan programs, our multi-purpose loan program serves as an affordable and readily-accessible source of cash loans. The MPL proceeds can be used for tuition fees, medical expenses, minor home improvement, capital for business, or even for vacation expenses,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

“We understand that our members borrow through MPL because of an immediate need, so we made sure that we will be able to process their loan applications promptly. With the stabilization of our upgraded system last year, members are now able to receive their loan proceeds in an average of 1.7 working days. This faster processing time allowed us to serve more members, which is reflected in the 11% growth in the number of loan releases or an additional 57,865 members we have served from January to March this year against same period in 2018,” he added.

In total, the Pag-IBIG Fund released P 12.05 billion in short term loans benefitting 593,269 members in the first quarter of this year. This includes the amount disbursed through its MPL Program and the P 384.03 million in Calamity Loans it released to aid 21,588 members. (END)

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“In January, we reported that Pag-IBIG Fund recorded its highest ever income of P33.17 billion in 2018, which is 10 percent better than the previous year. The double digit growth of our income continues in the first quarter of 2019. Because Pag-IBIG Fund stands as one of the most profitable government corporations, we remain in a strong position to provide social services to more Filipino workers. This is in line with President Duterte’s directive of providing social benefits to Filipinos, especially the low-wage earners,” said secretary Eduardo del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

From January to March this year, demand for Pag-IBIG Fund’s loan programs spiked. The amount of home loans released surged 22 percent year-on-year to P17.21 billion, while the number of borrowers increased 13 percent to 19,696. Short-term loans (STL) or cash releases rose eight percent to P12.05 billion as the number of borrowers grew to 593,269, which is 12 percent higher compared to the same period last year.

Collections, on the other hand, amounted to P40.24 billion, an overall increase of 13 percent year-on-year. Collected members’ monthly savings jumped 16 percent to P11.15 billion. Meanwhile, payments for home loans amounted to P15.25 billion and STL payments totaled P13.67 billion, growing 15 percent and eight percent, respectively.

“While the first three months of the year are usually slow for most companies, we have once again bucked the trend as we continue to achieve double digit growth. The demand for our home and cash loan programs exceeded our projections by a considerable margin and marked increases from the same period last year. As of March, our total assets have reached P552 billion, which is about 12 percent higher than last year’s figures. Our Q1 financials prove once again how robust the workers’ fund really is. We achieved our best year yet in 2018. If the upward trend continues in the next three quarters, we may well be on the way to achieve another best year in 2019,” said Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti. (END)

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"Socialized housing is designed especially for minimum and low-wage workers. President Rodrigo Roa Duterte directed that there be government programs catering to this marginalized sector, hence, we have this housing program that caters to their financial capacity. This is the essence of the BALAI (Building Adequate, Livable, Affordable and Inclusive) Filipino Communities Program of the government’s housing sector towards providing decent shelter for every Filipino family,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

Socialized housing loans are up to P580,000 for a 32 square-meter residential unit in a horizontal housing project. Under its Affordable Housing Loan Program, Pag-IBIG Fund maintains the lowest interest rate in the market of 3% per annum – a special rate it has provided for minimum and low-wage workers since May of 2017. Pag-IBIG Fund subsidizes this low interest rate, being a tax-exempt agency as specified under Republic Act No. 9679.

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"Pag-IBIG Fund's performance in the first quarter of 2019 stands out as the best so far. Bigger loan releases and increasing number of borrowers mean that more and more Filipino workers are being helped by Pag-IBIG Fund achieve their dream of homeownership. This is why Pag-IBIG Fund remains as a major player in President Rodrigo Roa Duterte's drive to uplift the lives of Filipino families through sustainable social development programs and access to decent and affordable housing," said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Home loan releases in January to March 2019 breached the P15-billion mark for the first time and grew 22 percent year-on-year.

"It took us a while for our home loan releases in the first quarter of the year to breach the P15 billion level. In the first quarters of 2017 and 2018, our releases hovered above P14 billion. The P17.22 billion in home loans we released for the first quarter of 2019 is yet another testament to our continued growth and reliability. We commit to continue working hard to maintain our strong performance and help more members achieve their own homes," said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

In total, Pag-IBIG Fund home loans from January to March this year totaled P29.25 billion to finance homes for 30,762 members. This includes the amount released and P12.03 billion pending for takeout to 11,066 members. These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements. (END)

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“Pag-IBIG achieved another banner year in 2018 as our net income, loan releases, and payment collections broke previous records. We could not have done it all without the unrelenting support from our partner employers and developers. We conduct the StAR to recognize their efforts to help the Fund. We want to maintain the good business relationship with all our stakeholders as we work to heed the call of President Rodrigo Roa Duterte to provide working Filipinos with social benefits they deserve,”said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

In the event, executives of Pag-IBIG Fund also reported the accomplishments of the Fund in 2018 and provided updates to stakeholders in attendance.

“We hold the Pag-IBIG StAR to recognize the efforts of our stakeholders but we also want report to them what we have accomplished in the past year as we continue to be transparent in our operations. Last year, we broke records by earning P33.17 billion in net income, releasing P75.31 billion in home loans and disbursing P49.23 billion in short-term loans. Loan payment collections were also at its highest at P 55.73 billion for housing loans and P 53.21 billion for short term loans and our stakeholders all played significant roles in achieving such feats,”said Acmad Rizaldy P. Moti, Chief Executive Officer of Pag-IBIG Fund.

In Mindanao, Pag-IBIG recognized 8990 Housing Development Corporation, VCDU Realty Corporation, Agan Land Corporation, Bria Homes, Incorporated, Liberty Land Corporation, Malate Construction & Development Corp., Mc Gregor Development Corporation, Primeland Properties, Inc., Prestige Homes & Realty Development Corp., and Pueblo De Oro Development Corporation as its top developers based on the amount of home loans released.

Special citations were given to Pueblo De Oro Development Corporation for Best in Conversion, VCDU Realty and Development Corporation for Best in Performing Loans Ratio, and the Prestige Homes & Realty Development Corporation for Best in Performing Accounts Ratio, while SP Madrid and Associates, GCCS and Associates, and Molaer Law Office were named as top collection agencies for 2018.

Pag-IBIG Fund also recognized the main campus of the Mindanao State University, the Provincial Government of Bukidnon, and the Philippine Army as Top Employers in the Government Sector while Tagum Agricultural Development Company, Inc. (TADECO), DOLE Philippines, Inc., and General Services Cooperative were named Top Employers in the Private Sector.

The stakeholders also took part in the recital of the Integrity Pledge as they renewed their commitment to transact with Pag-IBIG Fund with the highest degree of professionalism and business ethical standards.

Pag-IBIG StAR debuted on April 3 in the National Capital Region with its second leg held on April 10 in Muntinlupa City for South Luzon. Within the next few weeks, the Fund will hold the same event in Cebu City for stakeholders in Visayas and in Pampanga for stakeholders in North Luzon.

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Sa pamamagitan ng kasunduang ito, ang mga asosasyon ng mga PUV operators at drivers na kabilang sa mga terminal na pinamamahalaan ng STSI ay maaaring magkaroon ng murang pabahay at sapat na ipon bilang miyembro ng Pag-IBIG Fund. Magkakasabay na sinaksihan ng mga opisyal ng Pag-IBIG Fund mula Legazpi, Pasay, Kamias, at Mandaluyong kasama ang ilang kinatawan ng STSI ang isinagawang seremonya sa pamamagitan ng live feed.

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In the Pag-IBIG Fund Chairman’s Report held recently, del Rosario said that Pag-IBIG plays a major role in the government’s housing efforts because the Fund is recognized as the single largest source of housing loans in the country. In 2018 alone, the Fund released P75.31 billion in housing loans.

“We offer the lowest housing loan and calamity loan interest rates. The demand for housing loans alone has seen consistent double digit growth over the recent years as it averaged 19.8 percent growth since 2016. So we’re exploring all sources of additional funding. We might have to increase the P100 monthly savings in order to continue providing the low interest rates. But because President Rodrigo Roa Duterte has standing orders to consider the plight of the Filipino workers, this will not happen immediately. If we have to increase, the increase will happen in two, maybe three years, from now because we have to consult our stakeholders first,”said Chairman del Rosario.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti explained that the monthly savings remained unchanged since 1986, which means that P100 monthly contribution from each Filipino worker has never been adjusted despite the inflation over a span of 32 years. The availment of housing loans, on the other hand, has been growing at a faster pace. He said that they expect the upward trend to continue in the next few years and project the demand to increase by 10 percent every year. If the growth exceeds their projection, only then will they consider raising the monthly savings.

“In order to sustain our low housing loan and calamity loan interest rates, we may have to raise the monthly contributions to P200. We can also borrow money from other institutions to raise more funds, but doing this will affect our low interest rates,”CEO Moti said.

"We reiterate that if the increase is needed, this will be implemented in 2021 at the earliest. But as early as now we want to assure our members that the benefits will definitely improve if the monthly savings is raised from the current levels. Members will enjoy bigger savings after maturity. They will also get bigger cash loans as a result of the bigger savings. This member-centric thinking is at the core of our Lingkod Pag-IBIG values. After all, we are only administrators of the workers’ fund. The real owners of Pag-IBIG Fund are its members,”he added. (END)

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The Fund declared dividend rates at 6.91 percent for regular Pag-IBIG savings and 7.41 percent for the Modified Pag-IBIG 2 (MP2) Savings program, which means members’ savings grow faster in Pag-IBIG Fund, he added.

Pag-IBIG Fund’s net income grew 10 percent from 2017, sustaining its double-digit growth in the last five years. The Fund’s exemplary financial performance is further illustrated by the doubling of its net income over a short four-year period. Total assets, meanwhile, have grown 9 percent to P533.72 billion by end of 2018 – also the highest ever.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that high collections of loan amortizations and operational efficiencies pushed income to record-breaking levels.

In 2018, home loan payments reached P55.73 billion, growing 9 percent from 2017 and breaking the record for the highest home loan collected in a year. This feat can be attributed to the Fund’s high performing loans ratio (PLR) of 90.26 percent, which means nine out of 10 borrowers are paying their housing loan obligations with Pag-IBIG Fund religiously. Also, cash loan payments totaled P53.21 billion or 4 percent higher than in 2017.

“Pag-IBIG Fund’s success story in 2018 is built on the trust and support of its members. Because of our members’ trust, they continuously avail of Pag-IBIG programs and ensure timely payment of their loans, which result in Pag-IBIG Fund’s strong and stable financial position. Pag-IBIG Fund prides itself on being a government institution that serves and takes care of its members kaya makakaasa po kayo sa inyong Lingkod Pag-IBIG na magbibigay ng tapat na serbisyo, mula sa puso,”CEO Moti said. (END)

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“Pag-IBIG achieved another banner year in 2018 as our net income, loan releases, and payment collections broke previous records. With the 2018 Pag-IBIG StAR, we would like to recognize the support of our partners as we continue to provide our members with social benefits, which is aligned with the directive of President Rodrigo Roa Duterte,"said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees.

Last year, Pag-IBIG Fund broke records by earning P33.17 billion in net income, releasing P75.31 billion in home loans and disbursing P49.23 billion in short-term loans. Loan payment collections were also at its highest at P 55.73 billion for housing loans and P 53.21 billion for short term loans.

“We could not have done these without the tremendous effort of our stakeholders and personnel, and such determination in providing service to our members needs to be duly recognized,”CEO Moti added. After its debut in the National Capital Region, the Pag-IBIG Fund StAR is set to recognize stakeholders in North Luzon, South Luzon, Visayas, and Mindanao in the coming weeks.

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The Fund is currently offering two penalty condonation programs: one under Circular No. 416 for employers who did not deduct Pag-IBIG monthly savings from employees and another under Circular No. 411 for those who deducted monthly savings but did not remit these to Pag-IBIG Fund. Under the two Circulars, unregistered and delinquent employers will be given two payment options and terms that best suit their capacity.

Employers covered by Circular No. 411 only have until June 26, 2019 to settle while employers covered by Circular No. 416 only have until August 13, 2019 to do so.

So far, more than 6,100 unregistered and delinquent employers availed of the penalty condonation programs. They have collectively remitted P260 million in monthly savings for over 194,000 employees who were previously deprived of the benefit. With the employers’ compliance, these employees now have an updated membership and can fully enjoy the benefits and services of Pag-IBIG Fund.

“Pag-IBIG Fund is offering the penalty condonation program to help employers comply with the law. Since 2017, we already helped delinquent employers save a total of P200 million in penalties. As we work to allow more workers to become members of the Fund, we want to make sure that their monthly savings are remitted properly and on time by their employers because it is their right. We would like to remind them that under RA 9679, saving for the future is a joint effort of employees and employers,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. (END)

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“Pag-IBIG Fund’s performance in 2018 is outstanding. Among our record-breaking feats is the amount we disbursed as multi-purpose loans which many of our members rely on. The amount of cash loans and the number of borrowers have been steadily increasing since 2016 because more and more members are turning to Pag-IBIG Fund for their financial needs. And we intend to help more members in 2019 as we continue to heed the call of President Rodrigo Roa Duterte to provide social services to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund also released P2.26 billion in calamity loans (CL) to 160,203 members for them to recover from the effects of calamities in their area. In total, the Fund released P49.23 billion under the MPL and CL programs for the benefit of 2,428,918 borrowers in 2018.

“In Pag-IBIG Fund, we always find ways to serve our members better. So in 2018, despite our transition to a new system, our Multi-Purpose Loan Program was able to assist nearly 2.3 million members with their immediate financial needs. This year, we expect to process loans faster with this new system. This is a testament to our commitment to deliver nothing less than the Lingkod Pag-IBIG Brand of Service. Ang pangangailangan ng bawat miyembro ay aming tinutugunan ng mahusay at tapat na serbisyo, mula sa puso,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. (END)

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“Pag-IBIG Fund members showed a great deal of trust in the Fund in 2018. As a result of their trust, Members’ Savings collections breached the P40-billion mark. This shall allow the Fund to grow even stronger and have funds to utilize for its home financing programs, in line with President Rodrigo Duterte’s drive to provide social services to more Filipinos.” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

The MP2 Savings, the Fund’s voluntary high-yield savings program showed a phenomenal 242% increase from 2017 figures. The P4.47 billion saved by members in the program in 2018 is the highest in history and marks the first time that it surpassed the P 4 billion level. The savings program, which also has a shorter 5-year maturity period compared to the regular Pag-IBIG Savings program, also now allows retirees and pensioners who were former Pag-IBIG Fund members to save. It also carries an enhanced feature that provides annual payout of dividend earnings.

“Our members’ trust has been a salient ingredient in the growth of the Fund. While we have a mandated savings program, it is a show of trust if the savings are paid consistently and on time. It also speaks volumes if the savings remitted to us come from our voluntary savings program MP2 and from upgraded savings. We thank our members for their continuous support and enduring trust. The amount of Members’ Saving we collected is proof of their wider appreciation of the benefits of saving with Pag-IBIG Fund,” CEO Moti said. (END)

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“Pag-IBIG Fund’s performance in 2018 stands out as the best year so far. When we achieve record-breaking disbursements in home loans, we are happy because these signify our members’ satisfaction with our programs as we help more members with their housing needs. Pag-IBIG Fund remains as one of the key institutions in President Rodrigo Roa Duterte’s drive to provide social services to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.

Home loan releases in 2018 breached for the first time the P70-billion mark and grew 16% over the previous year, marking the third consecutive year for Pag-IBIG Fund to achieve double-digit growth in its home loan releases.

“It took us 36 years for our home loan releases to reach the P50 billion level in 2016, and just one year to P60 billion in 2017. We replicated our success and worked harder than ever in 2018 to bring our home loans to P75.31 billion and help shelter more Pag-IBIG members,” said PagIBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

In total, Pag-IBIG Fund home loans reached P95.02 billion in 2018 to finance homes for 108,012 families. This includes the amount released and P19.71 billion pending for release for 17,637 homes. Those pending for release are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements.

“We thank our members for continuously supporting Pag-IBIG Fund. Your support has led to our outstanding performance in 2018. And because of the record-breaking feats and sustained growth of the Fund, we are very confident that the rates of our loans will remain low and we don’t foresee an increase in housing interest rates anytime soon so that more members can achieve their dream of homeownership,” CEO Moti added. (END)

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Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti explained that Pag-IBIG’s tax-exempt status enables the agency to subsidize the low rates for socialized housing loans and improve its programs to cater to the needs of the underserved sector.

In 2017, Pag-IBIG Fund reduced the interest rate for socialized housing from 4.5% per annum to only 3% per annum for socialized housing units worth up to P450,000, which is the best rate in the socialized housing market.

And while the price of socialized housing ceiling was raised by the HUDCC to P580,000 for horizontal housing projects in 2018 to improve the quality of affordable homes, officials of Pag-IBIG Fund decided to keep the rate low. Under its Affordable Housing Program which is exclusively for minimum-wage and low-income earners, Pag-IBIG still offers 3% per annum for loans up to P580,000.

This means that qualified borrowers of the Affordable Housing Program will only have to pay P2,445.30 a month for the first five years of a P580,000 loan with a term of 30 years.

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The 14 million active members’ trust on Pag-IBIG Fund is proven by record-breaking collections in Members’ Savings, totaling P40.27 billion, 11% higher than in 2017. This included P4.47 billion saved under Modified Pag-IBIG 2 Savings Program, a special savings mechanism offered to members and retirees who were former members. The program gained a 242% growth, breaching the P4-billion mark for the first time.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added, “With our members’ trust and support, Pag-IBIG Fund continues to grow in strength and numbers, scaling heights we never imagined and providing even better programs and services to our members.”

Pag-IBIG Fund further broke its housing records as it released a total of P75.31 billion in housing loan takeout, the first time to breach the P70-billion mark, and the third consecutive year to achieve double-digit growth. Of these, P8.36 billion was for socialized housing, benefitting 21,389 borrowers who were mainly minimum-wage and low-income earners. They comprised 24% of the total 90,375 housing loan borrowers.

In terms of cash loans, Pag-IBIG Fund released a total of P49.23 billion worth of short-term loans to 2,428,918 members. These included multi-purpose loans worth P46.96 billion, the highest that Pag-IBIG Fund released in its history.

Pag-IBIG Fund also maintained its high performing loans ratio of 90.26%, indicating that nine out of 10 housing borrowers religiously paid their housing loan obligations with the Fund.

Financially, Pag-IBIG Fund also showed better than expected performance, as it breached the P500-billion mark in terms of total assets by May 2018, reaching P533.72 billion by end of 2018. It also posted P33.17 billion in net income, the highest in its 38-year existence.

At the event, Pag-IBIG Fund also recognized its top-performing partners and other key stakeholders. (END)

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