Pag-IBIG home loan releases reach record-high P57.07B in H1, up 10%
A week after being recognized by President Ferdinand R. Marcos, Jr. in his 2nd State of the Nation Address for its record high home loans in 2022, Pag-IBIG Fund has again set a new record in home loans released for the first half of 2023, the agency’s top officials announced Monday (July 31).
Pag-IBIG Fund released P57.07 billion in home loans from January to June this year, an increase of P5.11 billion or 10% compared to the 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. Inspired by President Marcos’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 4PH Program under the Bagong Pilipinas Campaign, in line with our united efforts of providing our fellow Filipinos access to decent, safe and affordable homes,” 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.
Acuzar added that the amount of home loans released by the agency during the period enabled 44,414 members to acquire their own homes. He further noted that of this 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.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, attributes the continued growth in the agency’s home loan releases to its sustained affordability. She further expressed optimism that home loans will maintain its growth in the second half of the year, with Pag-IBIG Fund further reducing home loan rates earlier this month.
“We at Pag-IBIG Fund always strive to provide our members, the Filipino workers, 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. That is why 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.