Pag-IBIG Fund posts record high P20.61B income in H1 2023, up 11%
Pag-IBIG Fund netted a record high income of P20.61 billion in the first half of 2023, the agency’s top executives announced on Thursday (July 20).
From January to June, Pag-IBIG Fund’s gross income reached P35.03 billion, while net income amounted to P20.61 billion. Compared to the same period last year, gross income grew by 12% or P3.80 billion while net income increased 11% or P2.05 billion, driven mainly by earnings from its housing and short-term (cash) loans, and investment portfolios.
“I am happy to report that Pag-IBIG Fund’s performance this year remains strong. Our P20.61 billion net income during the first half of the year is the highest for any January to June period in our history. Our performance shows how excellently we are managing the funds that our members have saved with us. With our strong fiscal standing, we remain in a strong position to finance more homes under the Pambansang Pabahay para sa Pilipino or 4PH Program, in line with the directive of President Ferdinand Marcos, Jr under the Bagong Pilipinas Campaign to help more Filipinos have better and more dignified lives,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees.
He also added that as of June, the agency’s total assets have already reached P873.15 billion, a 6% or P45.75 billion growth from the yearend 2022 level of P827.40 billion.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized that the increase in net income shall redound to the benefit of its members. She noted that under its charter, Pag-IBIG Fund is mandated to return at least 70% of its annual net income to its members in the form of dividends and returns, which are credited to their savings.
“Pag-IBIG Fund is owned wholly by its members – the Filipino workers. That is why as administrators of the Fund, it is our responsibility to manage their contributions wisely and excellently. With our second half projections on our loan releases, collections and performing loans ratio high, we are optimistic that we can maintain our financial performance and provide Filipino workers the best returns on their savings as well as the means to acquire their own homes through our affordable home financing,” Acosta said.
ADVT.
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