Pag-IBIG loan releases hit record-high P28.09 billion in Q1

State-run Home Development Mutual Fund (Pag-IBIG) posted a record-high P28.09 billion in housing loan releases in the first quarter of the year, covering nearly 20,000 members as the government sought to address the country’s housing backlog.

The latest home loan releases reflected a P520.81 million increase from the P27.57 billion loans released in the same quarter in 2023, covering 19,817 members.  

Pag-IBIG said it also released P126.04 billion in shelter financing, up 7% from P117.85 billion in 2023.

“We thank our stakeholders,  namely the business community, for the timely remittance of their employees’ monthly savings and loan payments, our partner developers in building and delivering quality housing projects and accounts, our members who continue to save with us and choose our loan programs, and our borrowers for their prompt payment on their loan obligations,” Pag-IBIG Chief Executive Officer Marilene Acosta said in an emailed statement.

“Their trust and support have always been instrumental in sustaining our growth and record-high achievements, and more importantly, in furthering our goal of providing access to affordable homeownership to more Filipino workers,” she added.

The Pag-IBIG is mandated to generate savings through membership in an integrated nationwide savings system and mobilize the provident funds of its members for housing purposes.

For his part, Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar welcomed the latest figures as these indicated that more Filipinos could finance their acquisition of properties.

“This is in line with the government’s efforts of resolving the housing backlog,  and providing a better quality of life for Filipinos,” he said. — DVM, GMA Integrated News