NextGen Day

Despite the ongoing Covid-19 pandemic, the Home Development Mutual Fund (Pag-IBIG Fund) financed PHP100.8 billion in home loans last year, the biggest amount ever disbursed by the agency in a year.

Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development (DHSUD), who also chairs the 10-member Pag-IBIG Fund Board of Trustees, said the in-home loan disbursements aided the government’s economic recovery efforts.

“While the country continues to face challenges as a result of the pandemic, I am pleased to report that Pag-IBIG released more than PHP100 billion in home loans in 2021, surpassing its previous high of PHP100 billion in 2019 before the health crisis began,” she said “In a statement released on Friday, del Rosario said.

According to Pag-IBIG Fund data, it has released PHP97.28 billion in housing loans, with PHP3.5 billion in interim releases for house construction and rehabilitation loans.

In comparison to PHP63.75 billion in 2020, the amount disbursed in 2021 increased by 58 percent.

The previous high of PHP86.74 billion set by the agency in 2019 was likewise eclipsed by 16% the following year.

“This is excellent news for our people,” del Rosario said, “since larger releases suggest that more Filipino workers have become homeowners even during the pandemic.”

Acmad Rizaldy Moti, the Pag-IBIG Fund’s Chief Executive Officer, also stated that the funds distributed last year sponsored the acquisition of a record-breaking 94,533 housing units for its members, a 48 percent increase over the 63,750 housing units financed in 2020.

“We previously believed it was difficult to provide PHP100 billion in house loans in a single year. Despite the fact that our house loan disbursements were at PHP57 billion in 2016, we aimed for PHP100 billion by 2022. We’ve already topped PHP100 billion in home loan releases in 2021, a year ahead of schedule and even amid a pandemic, thanks to your Lingkod Pag-commitment IBIG’s and the support of our stakeholders “In another statement, he said.

In 2021, PHP9.71 billion was also made available for the purchase of 22,028 socialized housing units for members of the minimum wage and low-income sectors.

“What is truly remarkable about this statistic is that we were able to serve more Filipino employees during the worst of circumstances, and we continue to be a catalyst for the Philippine housing industry to develop even in the midst of the epidemic,” Moti explained.

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