Year 2024 Press/Photo Release

"We look forward to working with Secretary Recto and Trustee Doria-Velarde in discussing and developing policies that shall enable Pag-IBIG Fund to continue providing responsive programs for its members and stakeholders. The expertise they possess in their respective fields shall allow us to further our efforts in heeding the call of President Marcos to uplift the lives of our fellow Filipinos through savings and affordable home financing under the Pambansang Pabahay para sa Pilipino Program," said Acuzar

Acosta, meanwhile, noted that Pag-IBIG Fund’s strong fiscal position and outstanding performance over the years can be attributed to their inclusive approach in addressing the needs of members and stakeholders who are properly represented in the agency’s board.

“The name Pag-IBIG stands for the acronym ‘Pagtutulungan para sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno.’ Our name itself denotes that the accomplishment of our mandates of providing savings and affordable home loans to our members lies on our ability to involve and develop synergies among all our stakeholders, whose voices are duly represented in our Board. We are happy that we are now joined by Secretary Recto and Trustee Doria-Velarde in pursuing our shared goal of continuing to provide excellent public service that the name Pag-IBIG Fund has become synonymous with,” Acosta stated.

In 2023, Pag-IBIG Fund released P126.04 billion in home loans, the highest amount of home loans released by the agency in a single year in its 43-year history. The amount was able to finance 96,848 housing units for its members. (END)

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“We are happy to report that Pag-IBIG Fund has posted the highest amount of home loans released during a single year in its 43-year history. This is very good news because as the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own. This achievement is a testament to Pag-IBIG Fund’s unwavering commitment to help address the country’s housing backlog, in line with our efforts under the Pambansang Pabahay Para sa Pilipino or 4PH Program of the Marcos Administration,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and chairs the 11-member Pag-IBIG Fund Board of Trustees.

Acuzar further stated that out of the total housing units financed by the agency last year, 11,257 or 12% were socialized housing units which are now owned by members from the minimum-wage and low-income sectors.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the agency has maintained its low interest rates despite the strong demand for the agency’s home loans and amid prevailing high market rates.

“Our performance in 2023 is noteworthy because apart from releasing the highest amount of housing loans in our history, it was also during last year – July to be exact – that we further reduced our already low interest rates on our home loans to make it even more affordable,” Acosta stated.

“We expect to maintain the affordability of our home loans, especially since we have more funds to address the increasing demand for home financing from our members with the implementation of our new monthly savings rates this February. We assure our members that they can continue to rely on us to provide them the most affordable home loan in the market, so that they too can achieve their dream of homeownership. That is our pledge as Lingkod Pag-IBIG,” she added.

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“We at Pag-IBIG Fund have long recognized the need of our members to have higher savings that shall provide them with decent and fair returns upon their retirement, as well as higher cash loans to help them during times of need. By implementing the new Pag-IBIG Monthly Savings Rates of both members and employers originally scheduled in 2021, not only would we be able to improve the benefits of our members, we would also be better equipped to finance the growing demand for home loans of our members while maintaining our affordable rates. All these are in line with the call of President Ferdinand Marcos, Jr. to provide Filipino workers with opportunities to gain comfortable and productive lives,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s new monthly rates were initially approved by its Board of Trustees in 2019, after obtaining the concurrence of stakeholders to implement a scheduled increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ savings. However, due to the difficulties brought about by the COVID-19 pandemic in 2021 and 2022, the Pag-IBIG Fund Board deferred the increase of the agency’s savings rates.

The agency again deferred the implementation of the increase in 2023, following the request of the Employers’ Confederation of the Philippines (ECOP) to provide the business community with time to further recover from the continuing financial challenges due to the health crisis. The deferment was also the Pag-IBIG Fund’s response to the call of President Ferdinand Marcos, Jr. early last year, to alleviate the financial burden of fellow Filipinos due to the prevailing socio-economic challenges brought about by the COVID-19 pandemic.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of stakeholders, and assured members of better benefits under the agency’s new rates.

“We thank the Trade Union Congress of the Philippines (TUCP), the Federation of Free Workers (FFW), the Philippine Government Employees’ Association (PGEA), Overseas Filipino Workers’ (OFW) Organizations, and the Employers’ Confederation of the Philippines (ECOP) for supporting our plans and for recognizing that raising our monthly savings rates will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years,” Acosta said.

“It is also important to note that the increase in our monthly savings rates shall benefit our members the most because every peso they save will go to their Pag-IBIG Savings. Under our new rates, they will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. For example, based on our old rates, a member would receive around P87,000 upon reaching membership maturity. On the other hand, a member who saves under our new rates over a period of 20 years would receive P174,000 or double the amount. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta emphasized. (END)

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“We support unequivocally Pag-IBIG Fund’s proposal to increase the contributions of its members. An increase in contributions is definitely a step towards the right direction as this would mean more funds that could be employed for the benefit of members seeking to apply for home loans and short-term loans. Not only is it timely, but more importantly, it is the right thing to do,” said Luther Calderon, who serves as President of KAMPI.

In their respective letters sent to Pag-IBIG Fund, the OFW groups noted that the new Pag-IBIG monthly savings rates would enable members to improve their benefits and better prepare for the future.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required 2% employee savings and 2% employer share of Pag-IBIG Fund members shall be increased to P10,000, from the current P5,000. As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to P200 each from the current P100.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the OFW groups and gave assurance that Pag-IBIG Fund members shall receive better benefits under the agency’s new rates.

“We thank the KAKAMMPI, KAMPI, Kaibigan ng mga OCWs and all other OFW groups for their support and sharing in our efforts to improve the benefits received by our members, including our fellow Filipinos working overseas, by increasing our monthly savings rates,” Acosta said.

“We at Pag-IBIG Fund recognize the aspirations of our fellow Filipinos working overseas of providing a better life and future for their families. That is why we assure our OFW members that the increase in the Pag-IBIG monthly savings rates shall mean better benefits to further help them pursue their dreams. Under our new rates, members shall have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement, as well as higher multi-purpose and calamity loan amounts to help them with their financial needs. This shall also allow us to continue offering affordable home loans and provide them better opportunities to gain a home of their own,” Acosta added. (END)

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“We wish to express our support and raise no objections to your plan to increase Pag-IBIG Monthly Contributions by January 2024. With this increase, we recognize that our fellow workers will be entitled to greater savings when their memberships (with Pag-IBIG Fund) mature or upon retirement. We particularly note the equal increase in employers' counterpart contributions, which will result in more substantial savings for our fellow workers,” said Atty. Sonny G. Matula, FFW National President.

Matula further emphasized that the FFW’s support to Pag-IBIG Fund’s planned rate increase is contingent with the agency’s commitment to further improve the benefits of its members, and ensure that its growth is directed toward the betterment of workers.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100).

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the FFW and gave assurance that Pag-IBIG Fund members shall be entitled to better benefits under the agency’s the new rates.

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“Over the years, Pag-IBIG Fund and ECOP have engaged in productive discourse to help shape responsive policies for the benefit of our stakeholders. We appreciate their recognition of the need for us to finally implement our new rates, after having deferred its implementation since 2021, so that we can increase our members’ benefits, address the growing loan demand of our members, maintain the affordability of our home loans, and ensure the sustainability and growth of Pag-IBIG Fund,” said Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100).

In 2019, agency officials approved the increase of its members’ monthly savings rates after obtaining the concurrence of stakeholders to implement a planned increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ savings. However, recognizing the effects of the pandemic to the economy, requests made by the business community led by ECOP, and the directive of President Ferdinand Marcos, Jr. early last year to provide workers and employers with relief from the continuing effects of the pandemic, Pag-IBIG Fund deferred the implementation of the new rates in years 2021, 2022 and 2023.

“For three consecutive years, Pag-IBIG Fund heeded our request to postpone the implementation of their new monthly savings rates in view of the difficulties brought by the pandemic. This time around, after having discussed the need for its implementation, we pose no further objection to their plan to push through with it this year,” said ECOP Honorary Chairman and President Sergio Ortiz-Luis, Jr.

ECOP is one of the largest organizations representing employers in the Philippines. It serves as the umbrella organization for the country’s business community on important national issues on employment, industrial relations, labor issues and related social policies. (END)

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“The TUCP believes that the adjustment in the savings rates will double the amount of members’ maturity claims, as well as other important benefits of Pag-IBIG (Fund) members, such as cash loans, calamity loans and housing loan entitlements. In addition, an adjustment is necessary to restore the lost real value of the P100 minimum contribution which was set all the way back in 1986,” said Atty. Raymond Democrito T. Mendoza, who serves as President of the TUCP and as Deputy Speaker of the House of Representatives.

“The TUCP also recognizes the pivotal role of the Pag-IBIG Fund in ensuring continued access to affordable housing loans. Increasing the rates shall enable the (Pag-IBIG) Fund to sustain its affordable home loan interest rates,” Mendoza added.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100). Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the TUCP. She assured the trade union federation and Pag-IBIG Fund members of better benefits as the agency prepares to implement the new rates.

“We thank the TUCP for supporting our plans, and for recognizing that raising our monthly savings rates will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years. It is also important to note that the increase in our monthly savings rates shall benefit our members the most because every peso they save will go to their Pag-IBIG Savings. Under our new rates, they will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta emphasized.

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Pag-IBIG Fund’s revolving credit line for the SHFC shall finance the construction of medium and high-rise condominiums under the 4PH program consisting of 996 units in San Fernando City, Pampanga, 352 units in Tondo, Manila, 416 units in Tagoloan, Misamis Oriental and 500 units in Davao City. To ensure the proper and efficient use of funds, the revolving credit line contains safeguards which include the corresponding loan collaterals provided by the SHFC, a maximum payment term of three (3) years and provisions ensuring the release of funds for the intended projects.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos Administration’s efforts of addressing the housing backlog under the 4PH Program.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the NHA is part of its commitment to the Marcos Administration’s efforts of addressing the housing backlog under the 4PH Program.

“Since day one, Pag-IBIG Fund has provided its full support to President Marcos’ 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home. With the housing projects under the 4PH Program, not only will Pag-IBIG Fund members have the opportunity to own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-IBIG Housing Loan under the 4PH program. We are happy to be able to work with the NHA and provide added funding for their housing projects under the most secure and affordable terms, so that we can advance our common objective of empowering our fellow Filipinos to achieve homeownership,“ Acosta said.

Last week, Pag-IBIG Fund announced that it approved a P929-million revolving credit line for the Social Housing Finance Corporation (SHFC) to finance the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental, and Davao. (END)

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