Pag-IBIG Fund members saved P98.72B in Q3

The Home Development Mutual Fund or Pag-IBIG Fund on Tuesday announced its financial performance for the period July to September 2024.

In a news release, Pag-IBIG Fund said it disclosed its operational highlights during the Kapihan sa Bagong Pilipinas.

The Fund said that its over 16.37 million active members have collectively saved P98.72 billion during the third quarter of the year.

Of the said amount, P49.27 billion were collected from the mandatory Regular Savings program while P48.86 billion were collected under the Fund’s voluntary MP2 savings program.

Pag-IBIG Fund also reported that it 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% increase in both the number of borrowers and the total loan amount compared to the same period last year. 

The Fund 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, it said.

Pag-IBIG Fund said 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.

Apart from the calamity loan, Pag-IBIG Fund said it also approved the implementation of a one-month moratorium for housing loan payments of affected borrowers residing and working in areas declared under a state of calamity due to Typhoon Kristine. 

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 December 31, 2024, either through the Virtual Pag-IBIG or at the nearest Pag-IBIG branch.

In terms of shelter financing, Pag-IBIG Fund reported that it has released P88.17 billion to 61,597 housing loan borrowers who needed funds to purchase or improve their homes. 

The Pag-IBIG Housing Loan allows borrowers to access financing of up to P6 million at interest rates as low as 3% for socialized and low-cost housing.

Pag-IBIG Fund has also remained active in the promotion of the government’s flagship program, the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program. 

As of September 2024, Pag-IBIG Fund has already released P20.17 billion for the development of various 4PH projects nationwide, which is set to benefit 17,791 low-income borrowers.

“Our accomplishments this year underscore our dedication to serving the financial needs of Filipinos across the country… After all, our members are the true owners of the Fund. 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,” said Pag-IBIG Fund CEO Marilene Acosta. —AOL, GMA Integrated News