THE Home Development Mutual Fund, better known as the Pag-IBIG Fund, set a new record in home loans released for the first half of the year.
The agency’s top officials said Pag-IBIG released a record P57.07 billion in home loans from January to June this year, up 10 percent from last year’s P51.96 billion.
Jose Rizalino Acuzar, Pag-IBIG chairman and head of the Department of Human Settlements and Urban Development, said Pag-IBIG’s first-half performance was it best so far and that the home loans released during the period enabled 44,414 members to acquire their own homes.
Of this, 5,748 members or 13 percent came from the minimum-wage and low-income sectors who are now homeowners after having secured a total of P2.42 billion in socialized home loans.
“We are happy that the number of Filipino workers who were able to become homeowners through Pag-IBIG’s housing loan programs continues to grow,” Acuzar said.
“Inspired by President Ferdinand R. Marcos, Jr.’s recognition of our efforts in his report to the people, we remain committed to his administration’s Pambansang Pabahay para sa Pilipino Housing or the 4PH Program under the Bagong Pilipinas Campaign, which is also in line with our united efforts of providing our fellow Filipinos access to decent, safe and affordable homes,” he added.
Pag-IBIG chief executive officer Marilene Acosta attributed the continued growth in the agency’s home loan releases to its affordability.
“We at Pag-IBIG always strive to provide our members the means to have their own homes through affordable shelter financing. And, with our collections strong and our performing loans ratio high, we were able to further reduce the interest rates on our home loans and make it even more affordable,” she said.
Acosta expects sustained growth in home loan releases in the second half after the agency announced plans last month to further reduce its home loan rates.
“Overall, we are optimistic that the excellent performance of our home loans will keep its pace for the rest of the year. More affordable home loans translate to more Filipinos turning their dreams of owning a home a reality,” Acosta said.