Pag-IBIG posts record Q3 profit

MANILA, Philippines — Pag-IBIG Fund posted a record-high net income of P22.41 billion in the third quarter, up 14 percent year-on-year on its strong housing program.

The third quarter figure is only P2.72 billion shy of the fund’s target for the full year.

Loan releases from the end-user home financing program exceeded the nine-month target by P1.42 billion, and efforts to update past due accounts resulted to an additional income of P2.34 billion. These strategies allowed Pag-IBIG to earn P16.8 billion interest income on home loans, an increase of 11 percent.

The fund’s active promotion of its housing loan program is in support of President Duterte’s call to provide Filipinos, especially low-income earners, with opportunities for homeownership.

“Pag-IBIG will play a very big role in achieving our target of having 250,000 housing units per year. Other shelter agencies like NHA and SHFC will address the needs of the informal settler families or ISFs. Pag-IBIG will take care of the formal sector, which comprises about 60-70 percent of our housing deliverables,”  said Pag-IBIG chairperson Eduardo del Rosario.

Pag-IBIG Fund’s short-term loan program also contributed to its third  quarter income growth, with active accounts and new applications earning an interest income of P4.96 billion.

Improved market conditions also allowed the fund to surpass its nine-month period target in fund management, resulting to an investment income of P2.66 billion.

Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti is optimistic 2017 will be another banner year for the fund.

“We’ve been hitting our quarter targets this year. I am confident that we will surpass our 2016 performance. This means that our members are assured that Pag-IBIG Fund remains very stable, and continues to become even stronger. This also means that they can continue to expect better benefits and an increase in dividend returns for their savings,” he said.