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Manila Bulletin devider Business devider Pag-IBIG Fund assets soar to record P1 trillion

Pag-IBIG Fund assets soar to record P1 trillion

Published Oct 31, 2024 12:36 am

The asset base of Home Development Mutual Fund or more popularly known as Pag-IBIG Fund climbed to a new record-high of P1.02 trillion at end-September, breaching the trillion-peso mark for the first time.

Pag-IBIG Fund's latest statement of financial position seen by Manila Bulletin showed total assets across current assets, non-current assets as well as non-current assets held for sale further jumped from P985.9 billion a quarter ago and P897.8 billion a year ago.

Also, Pag-IBIG Fund grew its net income by 17.5 percent year-on-year to P39.5 billion as of end-September, still boosted by the hike in members' contributions since early this year.

Its latest statement of comprehensive income showed a bigger net income than end-September 2023's P33.7 billion, as its total nine-month income from collections and other revenues rose 12.4 percent to P62.1 billion from P55.3 billion a year ago.

Last February, Pag-IBIG Fund jacked up members' monthly contribution rate to two percent from one percent.

During the first nine months, service and business income—which included contribution collections—increased to P53.6 billion from a year ago's P46.2 billion, even as investment gains decreased to P6.9 billion from P7.5 billion.

It also generated higher other non-operating income of P1.7 billion than P1.6 billion during the same period last year.

End-September total expenses declined by 6.1 percent to P16.1 billion from last year's P17.1 billion.

Maintenance and other operating expenses (MOOE) went up, while personnel services as well as financial and non-cash expenses were down year-on-year during the nine-month period.

Investment contract benefit expense amounting to P6.5 billion was deducted from the over P46-billion nine-month profit, resulting in the P39.5-billion net income.

With nearly P1.7 billion in other comprehensive income, Pag-IBIG Fund's total comprehensive income rose to P41.2 billion in end-September from P33.7 billion a year ago.

Membership in the state-run Pag-IBIG Fund is mandatory among all Filipino workers both in the public and private sectors. It provides home financing as well as investment and savings programs to its members.

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Pag-IBIG Fund Home Development Mutual Fund
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