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Pag-IBIG home loan releases up 14% in first quarter of 2023

State-run Home Development Mutual Fund (Pag-IBIG) Fund opened 2023 with P27.57-billion worth of home loans released, reflecting a 14% climb from the P24.21 billion in the first quarter of 2022.

In a statement, Pag-IBIG said the releases cover 21,870 members, of whom 2,968 or 14% were minimum-wage and low-income members who secured P1.26 billion in socialized home loans.

“Our strong performance in the housing loan front is an indication of the trust of our members in our programs. More importantly, our record-high numbers reflect the increasing number of Filipino workers we have enabled to gain new or better homes,” Chief Executive Officer Marilene Acosta said in an emailed statement.

“Our members can rest assured that we shall do our best to make our housing loan programs, as well as all our other services, continuously accessible so that they may fully enjoy benefits as Pag-IBIG Fund members,” 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.

The agency released a record-high P117.85-billion in home loans, and surpassed the P1-trillion level in total home loan releases in 2022. — DVM, GMA Integrated News