Pag-IBIG nets P16.11 billion in H1 2021, up 14%

Home Development Mutual Fund or Pag-IBIG Fund said Wednesday it saw its net earnings grow 14% in the first half of 2021 despite the challenges posed by the continuing health crisis.

In a statement, Pag-IBIG fund reported a net income of P16.11 billion in the first six month of the year, up 14% year-on-year.

Meanwhile, the fund’s gross earnings reached P27.14 billion, up 13% from a year earlier, driven mainly by earnings from its housing and short-term loans or cash loans, and trading gains.

“We are happy to report that the Pag-IBIG Fund remains strong amid the pandemic. The double-digit increase in our income figures proves that we remain as one of the best performing government corporations in the country today," said Housing Secretary Eduardo del Rosario, chief of the Department of Human Settlements and Urban Development (DHSUD) and chairman of the 11-member Pag-IBIG Fund Board of Trustees.

"This places us in a strong position to continue providing social services to more Filipino workers, in line with President Duterte’s directives as we continue to recover from the challenges caused by the pandemic,” he added.

Del Rosario added that as of July, Pag-IBIG Fund has released P52.22 billion to finance the acquisition of 51,206 homes for its members.

During the same period, the agency released P25.42 billion in cash loans, helping over 1.18 million members answer their immediate financial needs as the health crisis continues.

Savings from its members also reached P37.46 billion as of July, strongly driven by the agency’s popular MP2 Savings where members have collectively saved P15.83 billion.

Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti, meanwhile, said that the agency’s gains will benefit its members.

Moti noted that under its charter, Pag-IBIG Fund is mandated to return at least 70% of its annual net income to its members in the form of dividends which are credited to their savings.

“The true owners of Pag-IBIG Fund are the Filipino workers. That is why it is our responsibility, as the administrators of the Fund, to manage their contributions prudently and excellently," Moti said.

In 2020, Moti said Pag-IBIG gave back 92.15% of its net income to members in the form of dividends, even though its Charter mandates only a 70% minimum.

“With our strong fiscal standing, our members can rest assured that our programs shall remain available to help them recover from the pandemic and that each hard-earned peso they save with us remains secure and continues to grow,” he said.—LDF, GMA News