Pag-IBIG reports Q3 growth in savings
MANILA, Philippines — The Home Development Mutual Fund or the Pag-IBIG Fund, announced that its third quarter savings from its members has amounted to P98.72 billion.
Broken down, that is P49.27 billion collected from the mandatory Regular Savings program and P48.86 billion collected under the Fund's voluntary Modified Pag-IBIG 2 savings.
The announcement was made during the "Kapihan sa Bagong Pilipinas" event of the Philippine Information Agency on Tuesday.
Pag-IBIG also said its membership base continued to grow, at 16.37 million active members, who made the aforementioned savings of the agency.
"From January to September 2024, Pag-IBIG Fund was able to assist more than 2.5 million members in need of immediate short-term cash financing, approving Multi-Purpose Loan applications of more than two million borrowers amounting to a total of P49.72 billion, a 16 percent increase in both the number of borrowers and the total loan amount compared to the same period last year," the agency said.
"Almost 461,000 victims affected by various calamities this year were also assisted with the release of P5.92 billion in Pag-IBIG Calamity Loan. Applications for Pag-IBIG Fund's Short-Term Loans do not have processing fees. Loan proceeds are also not deducted with advanced payments or interests, allowing it to be one of the most affordable cash loans in the market," it added.
The Pag-IBIG Fund also approved the implementation of a one-month moratorium for housing loan payments of borrowers who were affected by severe tropical storm "Kristine" last month.
"The one-month housing loan payment moratorium allows the calamity victims to prioritize finances to help them recover from the effects of the typhoon. Eligible members may apply for the availment of the moratorium program until Dec. 31, 2024," the agency said.
It also released P88.17 billion to 61,597 housing loan borrowers who are in need of funds to purchase or improve their homes. The Housing Loan of the Pag-IBIG Fund allows borrowers to access financing of up to P6 million with low interest rates for socialized and low-cost housing.
It also remained active in the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program, releasing P20.17 billion for the development of its projects nationwide, benefiting 17,791 low-income borrowers.
"Our accomplishments this year underscore our dedication to serving the financial needs of Filipinos across the country. Participating in the PIA's Kapihan sa Bagong Pilipinas serves as a good opportunity for us to directly engage with our members and inform them how Pag-IBIG Fund is working towards a stronger financial institution. After all, our members are the true owners of the Fund," Pag-IBIG Fund CEO Marilene Acosta said.
"It is just proper that they know how their savings are used and how effectively managing Pag-IBIG's finances will result in their benefit through dividends and returns on their savings." she added.
Scource: https://www.manilatimes.net/2024/11/13/news/pag-ibig-reports-q3-growth-in-savings/2003840
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