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Manila Bulletin devider Philippines devider National devider Pag-IBIG: Released housing loans reach P88.3B in three quarters of 2023

Pag-IBIG: Released housing loans reach P88.3B in three quarters of 2023

Published Oct 14, 2023 09:17 am

Loans in relation to housing have reached P88.3 billion for the first nine months of 2023, an indication of effective stimulation in the housing industry, according to the Home Development Mutual Fund, or Pag-IBIG Fund. 

Marilene C. Acosta, chief executive officer of the Pag-IBIG Fund, said the P88.3 releases for housing loans translates to a total of 68,211 housing units that are financed by the agency.

“The amount financed now stands as the highest released by the agency for any January to September period,” said Acosta.

“This shows that it continues to fulfill its mandate, not only by providing affordable home financing to Filipino workers, but also by effectively stimulating the housing industry,” she added.

Acosta said the housing loan releases for the three quarters of this year also manifested that the Pag-IBIG Funds remains at the forefront in home financing as it accounts for nearly 40 percent of the total home mortgages in the country.

Out of the P88.3 billion released housing loans, Acosta said P3.49 billion were released as socialized home loans for the benefit of 8,216 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.

In total, Pag-IBIG Fund has already approved P111.35 billion in home loans from January to September to finance the acquisition of 83,063 housing units. 

This includes P23.05 billion in approved loans for 14,852 borrowers which are ready for release upon their submission of post-approval requirements.

She said they expect that demand for the agency’s home loans shall remain high particularly during the last quarter of the year when the market’s behavior to secure home financing is at the highest.

“Our home loan releases amounting to P88.30 billion in the last nine months alone have already surpassed the annual releases since Pag-IBIG Fund’s inception up to 2019. And, by the end of the year, we are optimistic that our home loan releases may even reach P130 billion,” said Acosta.

Pag-IBIG is one of the agencies that committed support to the Department of Human Settlements and Urban Development (DHSUD) in a bid to address the 6.5 million housing backlog in the country.  

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