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Manila Bulletin devider Business devider Pag-IBIG posts P16.11B net income in H1 2021; up 14%

Pag-IBIG posts P16.11B net income in H1 2021; up 14%

Published Sep 6, 2021 11:34 am

Pag-IBIG Fund posted earnings of P16.11 billion in the first half of 2021 amid the challenges posed by the continuing health crisis, a 14 percent increase compared to the same period last year, its top officials reported on Wednesday, 25 August.

From January to June, Pag-IBIG Fund’s gross income reached P27.14 billion while its net income amounted to P16.11 billion. Compared to the same period last year, gross income grew 13 percent and net income increased 14 percent, driven mainly by earnings from its housing and short-term loans (cash loans), and trading gains.

“We are happy to report that Pag-IBIG Fund remains strong amid the pandemic. The double-digit increase in our income figures proves that we remain as one of the best performing government corporations in the country today. This places us in a strong position to continue providing social services to more Filipino workers, in line with President Duterte’s directives as we continue to recover from the challenges caused by the pandemic,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and of the 11-member Pag-IBIG Fund Board of Trustees.

He added that as of July, Pag-IBIG Fund has so far released P52.22 billion to finance the acquisition of 51,206 homes for its members. During the same period, the agency released P25.42 billion in cash loans, helping over 1.18 million members answer their immediate financial needs as the health crisis continues. Savings from its members also reached P37.46 billion as of July, strongly driven by the agency’s popular MP2 Savings where members have collectively saved P15.83 billion.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, emphasized that the agency’s gains shall redound to the benefit of its members. He noted that under its charter, Pag-IBIG Fund is mandated to return at least 70 percent of its annual net income to its members in the form of dividends which are credited to their savings.

“The true owners of Pag-IBIG Fund are the Filipino workers. That is why it is our responsibility, as the administrators of the Fund, to manage their contributions prudently and excellently. Last 2020, we gave back 92.15 percent of our net income to members in the form of dividends, even though our Charter mandates only a 70 percent minimum. With our strong fiscal standing, our members can rest assured that our programs shall remain available to help them recover from the pandemic and that each hard-earned peso they save with us remains secure and continues to grow,” Moti said.

Earlier this month, the agency received its 9th consecutive unmodified opinion from the Commission on Audit (COA) for its financial statements for year 2020. This is the highest rating that state auditors give to a government agency or corporation, to mean that the financial statements of an agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.

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