THE Home Development Mutual Fund (Pag-IBIG) has reported a net income of P16.09 billion for the first six months of the year, increasing by around 20 percent compared to the recorded income of P13.3 billion in 2017.
The agency said that over P32.71 billion worth of housing loans were released in the first half of 2018, which translated to 40,094 families served by Pag-IBIG from January to June 2018. This showed an expansion of 11 percent compared to the 36,139 families served during the first semester of 2017.
“I am happy to know that 32 percent of the number of units that Pag-IBIG has financed in the first half of the year are under the socialized housing program. This is in keeping with the housing sector’s BALAI Filipino [Building Adequate, Livable, Affordable and Inclusive Filipino Communities] program,” Housing and Urban Development Coordinating Council Chairman Eduardo D. del Rosario said.
Last month the agency also reported its members have saved P18.46 billion for the first half of 2018, up by 4 percent from the P17.69 billion of the first six months of 2017.
From January to June 2018, the agency’s Modified Pag-IBIG 2 savings collections amounted to P1.57 billion, exceeding the P1.3 billion collected in 2017.
“This only means that we have gained the trust of our members in terms of financial management,” Pag-IBIG CEO Acmad Rizaldy P. Moti said.
Pag-IBIG declared 2017 as its best year ever after recording its highest housing loan take-outs of P65.1 billion, and member savings collections of P36.27 billion. The agency aims to release P71.5 billion in home loans and collect P38.4 billion for members’ savings by end of 2018.
“We are hitting the targets we have set for the first two quarters, so I’m positive that we can accomplish our goal for the year and exceed what we have achieved last year,” he added.