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Manila Bulletin devider Business devider Pag-IBIG Fund profit jumps above pre-pandemic levels

Pag-IBIG Fund profit jumps above pre-pandemic levels

Published Feb 24, 2022 04:14 pm

State-run Home Development Mutual Fund, commonly known as PAG-IBIG Fund, reported return to pre-pandemic levels in terms of finance performance last year.

Eduardo D. del Rosario, Pag-IBIG Fund chairperson said on Thursday, Feb. 24, that the company’s net income increased 9.5 percent to P34.73 billion in January to December 2021 from P31.71 billion in the previous year.

Del Rosario noted that last year’s profit was above their pre-pandemic level of P34.37 billion in 2019.

“This is an impressive accomplishment, considering the continuing challenges and difficulties posed by the global pandemic in year 2021,” Del Rosario said.

“This also marked the fifth consecutive year that we have surpassed the P30 billion net income mark,” he added.

In 2021, gross income reached P52.65 billion, up 17 percent from P44.95 billion in 2020.

Despite challenges, Pag-IBIG Fund’s active membership improved 7.2 percent last year to 13.69 million members from 12.77 million.

Along with that, membership savings rose by 32 percent from P48.19 billion to P63.67 billion last year, the highest on record.

Of that amount, regular savings improved by eight percent year-on-year to P37.72 billion, while the Modified Pag-IBIG 2 (MP2) savings nearly doubled to P25.95 billion from P13.28 billion.

On the other hand, Pag-IBIG Fund released P44.3 billion in short-term loans last year, benefiting 2.09 million members.

The total short-term loan releases last year increased by 24 percent from P34.64 billion in the previous year.

Meanwhile, Pag-IBIG Fund’s housing loan takeout amounted to P97.28 billion, an increase of 53 percent from P63.75 billion. This is also above its pre-pandemic level of P86.7 billion.

Del Rosario also noted that Pag-IBIG’s performing loans ratio inched up in 2021 following a dip in the previous year amid the pandemic at 88.3 percent from 87.17 percent.

For 2021, Del Rosario announced that Pag-IBIG will release P29.86 billion in dividends to its members, equivalent to a 5.16 percent dividend rate.

For its MP2 savings, the dividend rate is at 5.66 percent, he said.

Related Tags

Pag-IBIG Fund Eduardo D. del Rosario Home Development Mutual Fund Pag-IBIG Fund chairperson
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