Year 2021 Press/Photo Release

Under the Pag-IBIG Calamity Loan Program, eligible members may borrow up to 80% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned. And in consideration of the plight of the members, the Calamity Loan is offered at a rate of 5.95% per annum which is the lowest rate in the market. The loan is payable over a period of up to three years, with a grace period of two months so that initial payment is due only on the third month after the loan is released. Qualified borrowers may apply for the Calamity Loan within 90 days from the date when an area has been declared under a state of calamity.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that as of November this year, more than P1.15 billion in Calamity Loans have been released by the agency to help 76,521 members in calamity-hit areas. He also added that the program has been made more affordable as borrowers now have the option to choose a longer 3-year term to reduce monthly payments by up to 31%. This means that for a Calamity Loan worth P20,000, monthly payments will be reduced from P897.23 to only P615.72.

“Members in affected areas who have access to internet service and have a Pag-IBIG Loyalty Card Plus, Land Bank of the Philippines or United Coconut Planters’ Bank (UCPB) cash card, may file their Calamity Loan applications online via Virtual Pag-IBIG. This would allow them to file and receive their loans safer and faster, so that they can continue to tend to the needs of their families as they recover from the effects of the typhoon. And, even while our own offices and personnel in typhoon-hit areas have also been affected, our branches are open and ready to receive loan applications. Your Lingkod Pag-IBIG is committed to deliver service that matters, always and in all ways,” said Moti. (END)

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“We are truly honored to be included in the list of most trusted government agencies. The latest results of the Philippine Trust Index and our 9th straight unmodified opinion from COA show that we have fulfilled our duties during the pandemic while still maintaining the highest standards of transparency and integrity in our work. This is aligned with President Duterte’s vision of clean government with heart for service,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

The 2021 PTI noted that “in terms of government agencies, departments that got the highest trust are those whose functions require them to remain engaged with the public, even during the pandemic such as online learning, finance regulation, loan assistance and aid distribution.”

The Department of Education earned the highest trust rating of 91% followed by Pag-IBIG Fund at 89% – the highest among GOCCs on the list.

“On behalf of all Lingkod Pag-IBIG, thank you for your trust, our dear members! As you know, we never stopped providing service even during the lockdown and community quarantines. Instead, we improved our digital assets so you can continue transacting with us online. We have proven that during this health crisis, you can always count on our Lingkod Pag-IBIG brand of service. And, while we have previously received awards and recognition, we are even more grateful that it is the public itself, the people we serve, that ranked us as the most trustworthy GOCC in the country for 2021,” Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said. (END)

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“We are happy to announce that the number of members from minimum-wage and low-income sectors who were able to buy or build their homes continues to increase. Even during the pandemic, Pag-IBIG Fund’s Affordable Housing Program provides opportunities for the underserved to secure a home of their own. This is our contribution to the recovery of our country, which is being led by President Rodrigo Duterte,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimum-wage and low-income members who earn up to P15,000 a month within the National Capital Region (NCR) and members who earn up to P12,000 per month outside the NCR. Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3% per annum for socialized home loans worth up to P580,000, which is the most affordable rate in the market today.

So far this year, socialized units make up 24% of the total 72,301 homes funded by Pag-IBIG while socialized home loans comprise 10% of the P74.61 billion in home loans released as of October, according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

“Our approach to housing has always been comprehensive. And because Pag-IBIG Fund is exempt from tax under its Charter, we were able to create this special home financing program for our low-income members. With the AHP, monthly payments can be as low P2,445.30, which is lower than the cost of rent. And qualified borrowers will never have to put out cash for equity. Even during this difficult time, the AHP provides minimum-wage workers the opportunity to become homeowners. Our housing program is inclusive such that we have the AHP specifically to address the needs of our underserved sector. That is the Lingkod Pag-IBIG brand of service,” said Moti. [END]

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“Even during these challenging times, we are happy to see that members are still keen on growing their savings with Pag-IBIG Fund. With the amount of savings increasing by P13.66 billion compared to last year and P10.81 billion compared to our best year in 2019, these numbers clearly show that Pag-IBIG Fund has already recovered from the effects of the pandemic. In fact, the P52 billion savings collected as of October this year already exceeds the amount of savings collected for the whole 12 months in all previous years. With more savings, Pag-IBIG now has more funds for its programs to help more members in the coming months and even years. This is our contribution to the recovery of the nation, which is being led by President Duterte,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees

Driving the growth is the agency’s voluntary savings program, the Modified Pag-IBIG 2 or MP2 , according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. He said that in the last 10 months, MP2 savings amounted to a record-breaking P 21.43 billion or 41% of the total savings collected for the period.

“We have seen the dramatic increase in MP2 in the last five years. In fact, the MP2 is the only figure that did not show signs of slowing down, and even grew during the pandemic. But the growth in 2021 is truly remarkable. The P21.43 billion MP2 savings as of October is more than double the P10.21 billion collected in the same period last year and is already P8.16 billion more than the P13.27 billion collected for the whole 2020. To put it into another perspective, MP2 has grown so much this year that savings as of October is higher than the total amount collected from 2012 to 2019 combined!,” said Moti.

The agency added that the increase in purely voluntary savings corroborates the results of the 2021 Philippine Trust Index that ranked Pag-IBIG Fund as the most trusted GOCC.

“We thank our members for their continued trust in Pag-IBIG Fund and in choosing to rely on us to grow their hard-earned savings. We still have a few more weeks before we end the year, and with numbers such as these, I am optimistic that 2021 will be another milestone year and the start of another wave of ‘best year evers’ as we help even more members securely save for their future goals,” said Moti. (END)

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“Even as the country continues to face the challenges posed by pandemic, Pag-IBIG Fundwas able to set a new record in terms of housing loan takeouts by the end of the third quarter. This means that more and more Filipino workers are becoming homeowners which is good news as this growth contributes to the economic recovery efforts of the government led by President Rodrigo Duterte,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti noted that the amount released as of September financed the acquisition of 77% more homes this year - totaling so far to 63,765 units for its members.

He added that out of the P65.48 billion released, over P6.71 billion went to finance the acquisition of 15,456 socialized housing units for the minimum- wage and low-income sectors and that these socialized housing units make up more than 24% of the entire number of homes financed from January to September.

“We have one more quarter left before 2021 ends and judging by our home loan releases in the previous three quarters, I am confident of achieving another banner year. So far, our average monthly home loan releases hovers around P7 billion. It even peaked at over P9 billion in June. In the third quarter alone, our home loan releases amounted to P21.14 billion. If this trend holds, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion. This shows the grit and resilience of Pag-IBIG to serve our members no matter the circumstance,” said Moti. (END)

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Pag-IBIG Fund’s cash loans come in the form of a Multi-Purpose Loan (MPL), and a Calamity Loan (CL) for areas under a state of calamity. Also known as Short-Term Loans (STL), the MPL and CL serve as affordable and readily accessible sources of funds for its members. Qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly savings, their employer’s counterpart contributions, and dividends earned annually. The proceeds can then be used to pay for tuition fees, medical expenses, minor home improvement, as capital for small businesses, or as emergency fund during calamities.

“Pag-IBIG cash loans are paid over the course of 24 months. And now, our members have the option to extend the term to 36 months. By choosing the longer payment period, members can enjoy significantly lower monthly payments,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

“With the partnership between the Department of Human Settlements and Urban Development, Pag-IBIG Fund, and the City Government of Muntinlupa, we have made this housing project possible. This launch is a timely event because we are celebrating the National Shelter Month this October. This is also a historic event because the BALAI Munti is the first DHSUD-BALAI-funded project in the NCR and is part of Pag-IBIG Fund's Countryside Housing Initiative. The CHI brings together project proponents to bring quality and affordable housing projects to more Filipinos, as we continue to implement our nation's shelter program as led by President Rodrigo Duterte,” said DHSUD Secretary Eduardo D. del Rosario, who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund established the Countryside Housing Initiative or CHI in 2017 as a strategy to provide better access to homes for its members through partnerships with government and private institutions, employers, and other organized groups. Such partnerships reduce costs in building the housing projects and provide the beneficiaries with homes that are much more affordable compared to similar projects.

“If you notice, the units in the BALAI Munti normally costs about P1.2 million each. But since this project is under our Countryside Housing Initiative, beneficiaries can buy units there for only P750,000. That’s the major benefit of CHI. Because of the partnerships we create, we are able to save on additional costs like marketing and promotions for a housing project. This then leads to a quality home that is more affordable than what’s available in the market,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

He added that since 2020, despite the pandemic, Pag-IBIG Fund has been able to sign partnerships worth P1.08 billion with nine different LGUs and institutions all over the country through the CHI, which shall bring 3,638 housing units for their respective beneficiaries.

“With CHI, our main target is to bring development and provide better access to homeownership for our members in areas in the countryside. We are happy that we are able to apply the same strategy in bringing affordable homes for our members residing in cities such as Muntinlupa. We shall continue to do our best in partnering with more organizations so that we can provide more affordable homes to members, wherever they choose to live,” Moti said (END)

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Pag-IBIG Fund’s cash loans come in the form of a Multi-Purpose Loan (MPL), and a Calamity Loan (CL) for areas under a state of calamity. Also known as Short-Term Loans (STL), the MPL and CL serve as affordable and readily accessible sources of funds for its members. Qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly savings, their employer’s counterpart contributions, and dividends earned annually. The proceeds can then be used to pay for tuition fees, medical expenses, minor home improvement, as capital for small businesses, or as emergency fund during calamities.

“Pag-IBIG cash loans are paid over the course of 24 months. And now, our members have the option to extend the term to 36 months. By choosing the longer payment period, members can enjoy significantly lower monthly payments,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

He added that by their calculations, they have reduced monthly payments by almost a third. With the average cash loan amounting to P20,000, members pay P1,016.52 per month for an MPL, and P897.23 per month for a calamity loan under a two-year payment term. However, with the new three-year payment term option, the amount of each monthly payment will be reduced to only P734.57 a month for an MPL, and P615.72 a month for a calamity loan. With payments spread out over a longer period, monthly payments were brought down by 28% for the MPL and 31% for the Calamity Loan

“We recognize that these are challenging times, and we are doing all we can to help our members as the health emergency continues. From January to July alone, we have released P25.42 billion in cash loans to aid more than 1.1 million members. We are poised to help more members in the coming months, now that the extended payment term has made our cash loans even more affordable. We also made the process of applying for loans safer and more convenient by accepting loan applications online via the Virtual Pag-IBIG. This is Lingkod Pag-IBIG at work, especially when members need us most,” Moti said. (END)

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“We are happy to report that Pag-IBIG Fund remains strong amid the pandemic. The double-digit increase in our income figures proves that we remain as one of the best performing government corporations corporations in the country today. This places us in a strong position to continue providing social services to more Filipino workers, in line with President Duterte’s directives as we continue to recover from the challenges caused by the pandemic,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and of the 11-member Pag-IBIG Fund Board of Trustees.

He added that as of July, Pag-IBIG Fund has so far released P52.22 billion to finance the acquisition of 51,206 homes for its members. During the same period, the agency released P25.42 billion in cash loans, helping over 1.18 million members answer their immediate financial needs as the health crisis continues. Savings from its members also reached P37.46 billion as of July, strongly driven by the agency’s popular MP2 Savings where members members have collectively saved P15.83 billion.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, emphasized that the agency’s gains shall redound to the benefit of its members. He 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 which are credited to their savings.

“The true owners of Pag-IBIG Fund are the Filipino workers.That is why it is our responsibility, as the administrators of the Fund, to manage their contributions prudently and excellently. Last 2020, we gave back 92.15% of our net income to members in the form of dividends, even though our Charter mandates only a 70% minimum. With our strong fiscal standing, our members can rest assured that our programs shall remain available to help them recover from the pandemic and that each hard-earned peso they save with us remains secure and continues to grow,” Moti said.

Earlier this month, the agency received its 9th consecutive unmodified opinion from the Commission on Audit (COA) for its financial statements for year 2020. This is the highest rating that state auditors give to a government government agency or corporation, to mean that the financial statements of an agency are presented, in all material respects, in accordance with applicable financial reporting frameworks. (END

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“We faced many challenges last year. However, we remained committed in managing the Filipino workers’ fund excellently. We implemented a number of loan payment reprieves and stimulus programs to help our members and stakeholders during the lockdown while ensuring that these did not affect our robust financial standing. Our ninth straight top rating from state auditors is a milestone for us as an organization and serves as proof that even amid the health emergency, we heed the call of President Duterte in ensuring that government offices like ours are run professionally and remain corruption-free,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and of the 11-member Pag-IBIG Fund Board of Trustees.

From 2012 to 2017, Pag-IBIG Fund earned COA’s unqualified opinion and from 2018 to 2020, it has gained its unmodified opinion. Auditors use both the unqualified opinion and unmodified opinion, which are the highest ratings that COA gives to a government agency or corporation, to mean that the financial statements of an agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that even while they rapidly responded to the needs of members, stakeholders, and their own personnel through numerous programs and interventions, the agency made sure that all requisite processes were strictly followed ensuring that all were above-board prior to implementation.

In 2020, Pag-IBIG Fund aided 4.8 million borrowers by automatically providing them with grace periods totaling 6 months in accordance with the Bayanihan I and II Acts. The agency also aided 320,406 borrowers through its own 3-month loan payment moratorium program. Home loan borrowers were also offered a special loan restructuring program, which resulted in 85,440 members gaining better payment terms on their home loans during the health crisis.

The agency also deployed programs to aid in the recovery of the Philippine economy through a stimulus in the housing industry. A P10 billion home construction fund was made available to accredited developers to encourage production and boost supply of housing units, while home loan promo rates were offered to members to encourage demand. These allowed housing industry players to maintain operations and continue generating jobs.

These responses to aid members and stakeholders cope with the Covid-19 pandemic won the agency a gold award under the Most Valuable Government Response category in the recently concluded 2021 Asia-Pacific Stevie Awards

Internally, Pag-IBIG Fund adopted a blended working arrangement and provided more transportation to ferry its workforce. These ensured that the agency remained in full operations while minimizing the risk of the spread of the virus among its personnel. Staff were provided personal protective gear, supplies to maintain hygiene, and improved medical coverage – all to protect its workforce so that they can continue to serve members.

“In 2020, the economic slowdown may have dampened our performance, but it did not stop us from extending benefits to our members and stakeholders. It was an extraordinary year which necessitated extraordinary steps to help. Prior to the pandemic, we achieved record-highs year after year in terms of loans released, collections and net income. Last year, our record-high was the number of members we helped cope and recover from the effects of the pandemic. Our latest unmodified opinion from COA shows that we have achieved three things last year. First, we were able to safeguard the health and welfare of our workforce which was necessary for the Fund’s continued service to the public. Second, we too good care of our members through the speedy deployment of programs responsive to their needs. And lastly, we were able to do all these while still maintaining the highest standards of financial integrity. That is Lingkod Pag-IBIG service at work,” Moti said. (END)

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The Stevie Awards is considered as one of the world’s premier business awards which honors innovations and achievements of organizations worldwide. It includes among its judges many of the world’s top business leaders, entrepreneurs, educators, innovators, and executives. The Asia-Pacific Stevie Awards recognize innovation in the workplace in all 29 nations of the Asia-Pacific region. Over 900 nominations were received by the award-giving body for this year.

"We at Pag-IBIG Fund recognize our mandates and the role we play in helping our members, stakeholders and the nation cope and recover from the challenges brought about by the pandemic. That is why we immediately moved to implement programs and policies to respond to their needs, while taking care of our own employees’ welfare. These are Pag-IBIG Fund’s contributions to our nation’s recovery efforts, led by President Duterte, during these challenging times,” said Secretary Eduardo D. del Rosario, head of the Department of Human Settlements and Urban Development, and the 11-member Pag-IBIG Fund Board.

Pag-IBIG Fund’s gold Stevie Award was for its Alagang Pag-IBIG: Helping the Nation Recover from COVID-19 campaign, in recognition of the agency’s Covid-19 response to help address the needs of its members and stakeholders amid the health crisis.

The agency’s response to the health crisis in 2020 aided nearly 4.8 million members with home loans and cash loans by automatically providing them with grace periods totaling 6 months in accordance with the Bayanihan I and II Acts. The agency also aided 320,406 borrowers through its own 3-month moratorium on loan payments, offered a day after an Enhanced Community Quarantine (ECQ) was initially implemented in the country. The agency also offered a Special Housing Loan Restructuring Program which allowed 85,440 members to get better payment terms on their home loans.

Pag-IBIG’s response was not limited to benefit its existing borrowers alone. The agency deployed programs to aid in the recovery of the Philippine economy through a stimulus in the housing industry. A P10 billion home construction fund was made available to accredited developers to encourage production and boost supply of housing units, while home loan promo rates were offered to members to encourage demand. These allowed housing industry players to maintain operations and continue generating jobs.

Meanwhile, its Pag-IBIG You Can Count On: The Pag-IBIG Fund Covid-19 Communication Program was recognized with a bronze award for its achievements in keeping the agency’s employees safe while delivering service to members during the pandemic. The Pag-IBIG Fund 2019 Digital Corporate Annual Report: Serving the Nation with Excellence and Innovation, also bagged a bronze award for its innovative features and as the first-ever virtual annual report among government institutions in the Philippines.

“We have always committed ourselves to bring the Lingkod Pag-IBIG brand of service – Tapat na Serbisyo, Mula sa Puso - to our members and stakeholders. We are honored to have been recognized by the Asia-Pacific Stevie Awards for our COVID-19 response, as well as for our efforts to keep our employees safe amid the pandemic and in bringing forth innovation in our annual report. These awards are a testament to our commitment to continuously provide excellent and innovative service, especially during these challenging times,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. (END)

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“We believe that home ownership is a right of every Filipino family. With the Affordable Housing Program of Pag-IBIG Fund, achieving the dream of homeownership is made possible especially for minimum-wage workers . The program’s lowest rates and longest term allow our members from the low-income sector to buy or build a home of their own. This is our way of adhering to President Rodrigo Duterte’s call for government institutions to carry out programs that address the needs of the underserved sector,” said Secretary Eduardo D. del Rosario, Chairperson of the 11-member Pag-IBIG Fund Board of Trustees and Secretary of the Department of Human Settlements and Urban Development (DHSUD).

The agency’s Affordable Housing Program (AHP) is designed for members who earn up to P15,000 a month within the National Capital Region (NCR) and members who earn up to P12,000 per month outside the NCR. Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3% per annum for socialized home loans up to P580,000.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the 3% rate offered by Pag-IBIG Fund is the lowest in the market, and has been made available to eligible members since May 2017.

“During this difficult time, Pag-IBIG Fund’s Affordable Housing Program has become the means to support our low-income members in helping them acquire their own homes. Because we are exempt from tax under our Charter, Pag-IBIG Fund can afford to offer the lowest rates for the home loans of minimum and low-wage workers. Aside from keeping our interest rates low, we also reduced its insurance premiums, which keeps the monthly amortization at an affordable P2,445.30 for a socialized home loan of up to P580,000. And what’s more, qualified borrowers will never have to put out cash for equity under the program. All of these are part of our efforts to provide the best home financing program for our members who earn minimum wage,” Moti said. (END)

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Compared with the P37.07 billion released during the pre-pandemic period of January to June 2019, when strict community quarantines in Metro Manila and parts of Luzon had yet to be implemented, disbursement in the first half of 2021 is higher by nearly 20%.

“This is an indication that the number of Filipino workers who are able to become homeowners via the Pag-IBIG home loan programs continues to grow. In these tough times, we remain steadfast in our commitment to answer President Rodrigo Duterte’s call for government agencies to provide social benefits to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the P44.34 billion released in the first half of 2021 enabled 43,573 members to acquire their own homes. Out of the total amount, P4.66 billion was released to finance the acquisition of socialized housing. Of the total number of members who benefited from the agency’s home loan programs in the first half of the year, 10,640 or 24% belong to the minimum-wage and low-income sectors.

He added that with its home loan disbursement reaching a record high over the past six months, he expects to exceed by yearend the P86.74 billion home loans released in 2019, which is the highest amount ever released by the agency in a single year.

"With the way things are going, I’m very optimistic that by the end of 2021, we will surpass the total home loan releases of 2019, which is our best year yet. The P44.34 billion disbursed is especially important because we achieved higher figures this year compared to the same period before the pandemic happened. On average, we released over P7 billion in home loans every month in the first half of the year. If this trend holds and succeeding monthly releases remain higher than usual, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion. This translates to another ‘best year ever’ for us and, more importantly, even more members having a home of their own where they can be safe as the health emergency continues,” Moti said (END)

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"We are happy to report that we were able to achieve two ‘highest-ever’ numbers early on in 2021. The strong showing of our MP2 and housing loan programs is a testament to the trust of Filipino workers in Pag-IBIG Fund. Our members can rest assured that we will continue doing our best, so that we can provide them high earnings on their savings while maintaining the low interest on our loans. These are our contributions to the national government’s efforts towards economic recovery under the lead of President Duterte," said Secretary Eduardo D. del Rosario of the Department of Human Settlements and Urban Development (DHSUD) who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

In 2020, members saved P13.3 billion in MP2, growing 11% from the previous year and setting the record for the highest amount saved in one year. Pag-IBIG Fund’s home loans also reached a record-high in December last year when the agency released P12.11 billion, which is the highest amount disbursed in a single month.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti expressed optimism that the agency’s strong performance will continue throughout the year, especially as the restrictions are being eased to help the economy. He noted that the phenomenal performance of its MP2 last year and the increasing amount of home loans released in the last quarter of 2020 continued until the beginning months of 2021. He said that even amid the ongoing health crisis, MP2 Savings collections in January to April grew 81% while home loan releases rose 64% compared to the same period in 2020.

"Even with the ongoing pandemic, the amount of home loans released and MP2 Savings collections for the first four months of 2021 are not only record-highs but are higher than what we achieved during the same period in 2019, prior to the pandemic. In the case of our MP2 alone, the amount our members voluntarily saved from January to April this year is already equivalent to two-thirds or 65% of the amount saved in MP2 for the whole year of 2020. We thank our members for their continued trust in Pag-IBIG Fund and in choosing to rely on us for their home financing and savings needs. These give us hope that, barring another black swan event, we are on our way to another best year in fulfilling our mandates to Filipino workers here and abroad," said Moti. (END)

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“In the wake of the pandemic, Pag-IBIG Fund’s Affordable Housing Program has become the means for minimum-wage and other low-income workers to achieve their dream of homeownership. The program’s lowest rates and longest term allow them make buying a home within their reach. Offering affordable home financing to our members is our way of adhering to President Rodrigo Roa Duterte’s directive to government institutions to provide programs that serve the needs of the underserved sector, especially during these challenging times,” said Secretary Eduardo D. del Rosario, Chairperson of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

With Pag-IBIG Fund’s Affordable Housing Program (AHP), members can borrow up to P580,000 to buy socialized house and lot packages, or up to P750,000 for socialized condominium units at a special rate of 3% per annum.

The AHP is specifically made for members earning not more than P15,000 per month within the National Capital Region, and not more than P12,000 per month for members outside of NCR, who intend to buy socialized housing units. This loan program also features a 100% loan-to-value ratio allowing borrowers to purchase homes without spending for equity.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the agency has been offering the special 3% rate under the AHP since May 2017 and has kept the subsidized rate since, thanks to Pag-IBIG Fund’s tax-exempt status provided 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. And, with President Duterte recently signing into law the CREATE bill, the tax-exempt status of Pag-IBIG Fund has been maintained. What this means to our members from the minimum-wage and low-income sectors is that they can continue to enjoy these lowest rates. To put things into perspective, with our Affordable Housing Program, qualified borrowers will only pay around P2,445 per month for a home loan worth P580,000 - which is almost equivalent to the price of rent. This low amortization allows more of our members to gain homeownership, as we recognize that the home is the safest place to be during these difficult times. We look forward to helping more low-income members become homeowners in the months to come,” said Moti. (END)

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