NextGen Day

MANILA, Philippines — Despite the ongoing coronavirus disease (Covid-19) pandemic, the Home Development Mutual Fund (Pag-IBIG Fund) made a net profit of PHP34.73 billion last year.

Eduardo del Rosario, Secretary of the Department of Human Settlements and Urban Development (DHSUD) and Chairman of the Pag-IBIG Fund Board of Trustees, said the Fund’s net income in 2021 is the greatest in the last five years.

“As we near the end of fiscal year 2021, I am pleased to say that your Pag-IBIG Fund has reached yet another milestone. On Thursday, Del Rosario virtually disclosed the Pag-IBIG Fund’s 2021 success, saying, “Our great performance last year led us to a net income of PHP34.73 billion.”

“This is our greatest net income ever, exceeding our PHP31.71 billion net income in 2020 by 9.5 percent and breaking the previous record of PHP34.37 billion netted in 2019,” he added.

Since 2017, the Fund has surpassed the PHP30 billion mark five times in a row, according to Del Rosario.

“Our members will immediately benefit,” he added, “since we will once again go above and above what is required of us by declaring over 86 percent of our net revenue as dividends for their savings.”

According to the Pag-IBIG Fund’s charter, it must declare at least 70% of its annual net income as dividends, which must be credited “proportionately” to its members’ holdings.

To maximize the benefit to its members during the second year of the pandemic, management suggested setting aside 86.56 percent of its net income as dividends.

Del Rosario stated that the recommendation is contingent on the Board of Trustees’ approval.

The dividend rates on member’s deposits – both mandatory and voluntary – will stay higher than other products available in the market, according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti.

“We understand that many of our members have inquired regarding dividend rates. We may now finally convey the good news. Dividend rates will continue above 5% in 2021, according to Moti.

The Pag-IBIG Regular Savings program’s proposed dividend rate for 2021 is 5.16 percent per year, while the modified savings program’s rate is 5.66 percent per year (MP2).

“In light of the pandemic’s issues, Pag-payout IBIG’s rates are still significantly higher than other savings accounts and financial products on the market today,” Moti added.

To date, the Pag-IBIG Fund has around 13.69 million active members.

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