NextGen Day

Pag-IBIG Fund’s performing loans ratio increased to 89.96 percent in October, exceeding the agency’s year-end objective by 196 basis points, top executives stated Monday. This was caused by the robust collection of mortgage payments during the previous ten months.

Home loan payments totaled PHP57.58 billion from January to October, up 30% or PHP13.31 billion over the PHP44.27 billion received during the same time last year.

In terms of house loan payments collected by the organization for any January to October period, the sum is a record high.

“We are pleased to announce that the quantity of mortgage payments we have received this year to date is the biggest in our records. This is encouraging news since it shows how quickly our borrowers are recovering from the financial hardships brought on by the pandemic. Strong collections are essential to preserving our ability to pay our bills since they are invested in our housing portfolio, allowing more members to take advantage of Pag-IBIG Fund’s low-interest home loans. As the head of both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, Secretary Jose Rizalino Acuzar said in a statement, “This is one of our ways of heeding President Ferdinand Marcos Jr.’s call in solving the country’s housing backlog within the next six years.”

According to Pag-IBIG Fund CEO Marilene Acosta, the organization has already surpassed its year-end objective for its performance loans ratio (PLR) thanks to its record-breaking collections.

Pag-IBIG Fund’s PLR increased by 1,028 basis points from September 2021 data, when the agency’s PLR fell to 79.68 percent as a result of the pandemic, to 89.96 percent as of October, exceeding its yearend target of 88 percent.

“We appreciate our members’ efforts in meeting their Pag-IBIG Housing Loan payment responsibilities. The fact that their timely payments enable us to keep financing the loans of other members who want to obtain home loans of their own demonstrates their growing appreciation, according to Acosta.

We’ll keep working hard to keep our collections robust and our PLR high as we all continue to recover from the pandemic. These would enable us to meet the borrowing requirements of our members while still maintaining low-interest rates despite the increased market trend. All of them are a part of our Lingkod Pag-IBIG promise to offer each Filipino worker an easily accessible and inexpensive housing loan, he continued.

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