Pag-IBIG posts ₱20.48 B income in H1 2022: up 27%

Published August 11, 2022, 4:15 PM

by MB Business

Pag-IBIG Fund posted earnings of ₱20.48 billion in the first half of 2022, an impressive 27% increase compared to the same period last year, its top officials reported on (Monday, 08 August).

From January to June, Pag-IBIG Fund’s gross income reached ₱32.19 billion, while net income amounted to ₱20.48 billion. Compared to the same period last year, gross income grew 19% and net income rose 27%, driven mainly by earnings from its housing and short-term loans (cash loans), and trading gains.

“Pag-IBIG Fund continues its strong performance this year.  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 and help more Filipinos gain better lives, in line with the directive of President Ferdinand Marcos, Jr.,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees.

He added that as of June, Pag-IBIG Fund also posted record-highs in both home loan releases and membership savings collections. The agency has so far released ₱51.96 billion in home loans to finance the acquisition of 47,184 homes for its members during the first half of the year. Savings from its members, on the other hand, reached ₱38.82 billion, strongly driven by the agency’s popular MP2 Savings where members have collectively saved ₱19.40 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% of its annual net income to its members in the form of dividends which are credited to their savings. “Pag-IBIG Fund is wholly-owned by the Filipino workers. That is why it is our responsibility, as the administrators of the Fund, to manage their contributions responsibly and excellently. With our second half prospects in terms of loan releases and collections high, we are optimistic that we will achieve at least ₱30 billion in annual net income level for the sixth consecutive year. This is our commitment to our members,” Moti said.

 
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