THE Home Development Mutual Fund or Pag-IBIG Fund will be releasing P42.7 billion worth of dividends following its “best performing year in 2022.”
This after Department of Human Settlements and Urban Development’s (DHSUD) Secretary Jose Rizalino Acuzar announced at the Pag-IBIG Fund Chairman’s Report at the SMX Convention Center on Tuesday that the Pag-IBIG Board approved to increase the payout ratio for 2022 from the mandated 70 percent to 97 percent.
“With Pag-IBIG Fund capably led by its CEO ‘Manang’ Malen Acosta having its best performing year in 2022, we were able to declare the highest amount of dividends for our members’ savings in our 42-year history,” Acuzar said.
During the event, President Ferdinand R. Marcos Jr. also disclosed the dividend rates for Pag-IBIG Fund’s regular savings increased by 6.53 percent.
Meanwhile, the dividend rate for its Modified Pag-IBIG 2 Savings (MP2) posted a 7.03 percent hike for the same period.
Pag-IBIG’s net income rose by 28 percent to a record-high P44.50 billion in 2022 from P34.69 billion the year prior.
The other achievements of the agency: home loans reached P117.85 billion; total membership savings collected hit P79.90 billion and loan payments amounted to P127.42 billion.
Pag-IBIG fund also provided housing loans to 105,212 of its members and short-term loans to 2.61 million others.
Marcos lauded Pag-IBIG for reaching the milestones and providing invaluable aid in DHSUD ongoing socialized housing initiatives.
Pag-IBIG has allocated P250 billion for the DHSUD’s Pambansang Pabahay Para sa Pilipino Housing (4PH), which aims to build 6.5 million new housing units.
“It makes me proud that your agency’s stewardship of our national savings program has successfully provided affordable shelter financing for our people. Let me thank all of you, the members who are the owners of Pag-IBIG Fund, including concerned housing developers, partners, and other key stakeholders who have been instrumental in fulfilling the Pag-IBIG Fund’s mandate of serving the Filipino workforce,” Marcos said.
Pag-IBIG Fund disbursed P53.76 billion in cash loans,
otherwise known as short-term loans, benefiting a record-high 2.6 million members in 2022.
For 2022, the amount of short-term loans released by the agency increased by 21 percent or P9.46 billion compared to the P44.30 billion released in 2021.
With this amount, the number of members assisted through the program rose by 24 percent or more than half a million more than the 2.09 members in 2021.
“We at Pag-IBIG Fund exert all efforts in providing our members with assistance on their financial needs. We are happy to note that through our short-term loan program, we were able to aid more than 2.6 million Filipino workers gain added funds to tend to their needs last year,” Acuzar said.
“All our efforts are in line with the call of President Ferdinand Marcos Jr. to provide the best service to the Filipino people,” he added.
Pag-IBIG Fund’s short-term loan program includes its multipurpose loan (MPL) and calamity loan.
Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned.
The calamity loan, on the other hand, is made available to members residing or working in areas declared under a state of calamity.
In 2021, the house lending agency approved the dividend for members’ savings, declaring a record-high amount of over P31.79 billion which shall be credited directly to its members’ savings accounts.
Image credits: PNA / ALFRED FRIAS