Pag-IBIG: Home loan releases exceeded P100B in 2021

The Home Development Mutual Fund (Pag-IBIG Fund) on Friday said home loan releases exceeded P100 billion even amid the COVID-19 pandemic.

In a statement, Pag-IBIG Fund said it released home loans worth P97.28 billion.

With interim releases for loans for house construction and renovation amounting to P3.5 billion, the agency said the total releases have reached P100.8 billion —the highest amount ever released by the agency in a year.

Pag-IBIG Fund said the amount disbursed in 2021 grew 58% compared to the P63.75 billion released in 2020 and has surpassed by 16% the P86.74 billion released in 2019, the agency’s previous record-high.

“This is very good news for our members because bigger releases mean that more Filipino workers have become homeowners even during the pandemic. The growth in home loan disbursements also contributes to the economic recovery efforts of the government,” said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 10-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said that the amount released financed the acquisition of a record-high 94,533 housing units for its members, an increase of 48% compared to the 63,750 housing units financed in 2020. 

Of the amount released, P9.71 billion financed the acquisition of 22,028 socialized housing units for members belonging to the minimum-wage and low-income sectors, or 23% of the entire number of homes financed for the whole year of 2021.

“We previously thought that releasing P100 billion in home loans in one year was impossible. Yet, even when our home loan releases were at P57 billion in 2016, we still targeted the release of P100 billion by 2022,” Moti said.

"I am grateful to everyone who helped make this seemingly impossible goal come true." — VBL, GMA News