Pag-IBIG Fund assets breach P1-T mark in August 2024

Total assets of the Home Development Mutual Fund (HDMF), more popularly known as Pag-IBIG Fund, breached the P1 trillion mark in August this year, the agency announced Tuesday.

In a statement, Pag-IBIG said higher net revenues, increased member savings, and strategic management of its investment portfolios contributed to the agency's growth.

"We have just celebrated the National Shelter Month and we are proud to share that Pag-IBIG Fund has breached the P1-trillion mark in assets. This serves as a testament to our commitment of fulfilling our mandate," Pag-IBIG chairperson Jose Acuzar said.  

"Not only can we assure that our members' fund is prudently managed, it also means that we are ready and able to finance our Filipino workers' dream of home ownership," he added.

As of end-September, Pag-IBIG reported that its total net assets grew P1.02 trillion, which is P125.74 billion more compared to September 2023.

The agency also said its gross income increased by P62.09 billion, while its net revenues amounted to P39.54 billion, which is 17% more than P33.66 billion in September 2023.

As of the third quarter of 2024, member savings amounted to P98.72 billion. It increased by 48% from P66.73 billion collected within the same period last year.

Pag-IBIG said the increase in Pag-IBIG Regular Savings and Pag-IBIG MP2 Savings caused the member savings growth.

Also in September, P49.86 billion was collected in Pag-IBIG Regular Savings, while P48.86 billion was remitted in Pag-IBIG MP2 Savings.

This translates to a year-on-year increase of 58% and 39%, respectively.

Pag-IBIG also had P320 million worth of net unrealized gain, a reversal from the P2.28 billion net unrealized loss in September 2023, the agency noted.

The agency noted that the movement is attributed to improved market valuations of investments measured at fair value through other comprehensive income, further strengthening the agency’s financial position.

"Ang panalo po dito ay ating mga miyembro (The winners are the members). With our strong fiscal standing, we continue to provide our members with the best benefits and programs, to help them prepare and secure a better future, not just for themselves, but also for their families," Pag-IBIG Fund Chief Executive Officer Marilene Acosta said.

"They are assured that the money that they entrust with us is not just well accounted for but continues to grow. We remain steadfast in our commitment to help improve the lives of the Filipino workers," she added.

Acosta also said the growth in Pag-IBIG Savings not only translates to available funds for the members but also helps in Philippine economy growth.

"As a money multiplier, every P100 saved by members and employers in Pag-IBIG Fund can potentially help generate P1,800 in the economy through future loans and infusion of cash into the economy. Of course, this can be easily achieved if our members and partner-developers continue to avail of our housing loan, development loan, and cash loan programs," Acosta said.

She added that on-time repayment of loans is also important to continue the financial cycle. — VDV, GMA Integrated News