Pag-IBIG: Home loan releases hit record P57.07 billion in H1

The Home Development Mutual Fund or Pag-IBIG Fund on Tuesday said it posted new record-high home loan releases in the first half of 2023.

In a statement, Pag-IBIG Fund said it released P57.07 billion worth of home loans from January to June this year, up 10% from P51.96 billion released during the same period in 2022.

“Pag-IBIG Fund's performance in the first six months of 2023 in the home loan front now stands out as the best in our history. 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,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

The Housing chief said the amount of home loans released by Pag-IBIG Fund during the period enabled 44,414 members to acquire their own homes.

Acuzar added that of the total number, 5,748 or 13% are Pag-IBIG Fund members from the minimum-wage and low-income sectors who are now homeowners after securing a total of P2.42 billion in socialized home loans.

For her part, Pag-IBIG Fund CEO Marilene Acosta expressed optimism that home loans will maintain their growth in the second half of the year, with Pag-IBIG Fund further reducing home loan rates earlier this month. — Ted Cordero/BM, GMA Integrated News