Pag-IBIG releases P28 billion in home loans

MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, released a record P28 billion in housing loans in the first quarter for nearly 20,000 members.

Pag-IBIG said home loans rose by two percent to P28.09 billion from January to March compared to last year’s P27.57 billion.

This is Pag-IBIG’s highest home loan release on a quarterly basis since the fund was established.

The first quarter home loans represent 20 percent of the target P140 billion in releases for 2024.

During the quarter, Pag-IBIG’s total number of financed homes reached 19,817 members, lower by almost 10 percent than last year’s 21,870 members.

Pag-IBIG CEO Marilene Acosta said the agency’s performance at the start of the year was a continued momentum from the record-highs in 2023.

Last year, it released a record P126 billion in home loans.

Acosta said the timely remittance of the business community of their employees’ monthly savings and loan payments helped contribute in the delivery of housing projects.

Pag-IBIG remains at the forefront in home financing as it accounts for nearly 40 percent of the total home mortgages in the country.

Under the Pag-IBIG’s Affordable Housing Program, eligible borrowers have a special subsidized rate of three percent per annum for home loans of up to P580,000 for socialized subdivision projects.

Standing out as the lowest interest in the loan market, Pag-IBIG first offered the subsidized rate five years ago to help more members, particularly those from the minimum-wage sector, have their homes.

Currently, Pag-IBIG has 15.58 million active members.