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Manila Bulletin devider Philippines devider National devider Pag-IBIG home loans reaches P126B in 2023, finances around 100,000 housing units

Pag-IBIG home loans reaches P126B in 2023, finances around 100,000 housing units

Published Feb 10, 2024 09:43 am

The Home Development Mutual Fund, or the Pag-IBIG Fund, has recorded P126.04 billion in home loans in 2023, the loans were reported to have financed a total of 96,848 housing units for its members.

Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said the home loans last year is considered as the highest amount of home loans released by the agency in a single year and reflected a seven percent increase compared to only P117.85 billion in 2022.

“We are happy to report that Pag-IBIG Fund has posted the highest amount of home loans released during a single year in its 43-year history. This is very good news because as the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own,” said Acuzar, who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

“This achievement is a testament to Pag-IBIG Fund’s unwavering commitment to help address the country’s housing backlog, in line with our efforts under the Pambansang Pabahay Para sa Pilipino or 4PH Program of the Marcos Administration,” he added.

Based on the Pag-IBIG data, 12 percent of the home loans released last year were socialized housing units which are now owned by members from the minimum-wage and low-income sectors.

For her part, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the agency has maintained its low interest rates despite the strong demand for home loans and amid prevailing high market rates.

“Our performance in 2023 is noteworthy because apart from releasing the highest amount of housing loans in our history, it was also during last year – July to be exact – that we further reduced our already low interest rates on our home loans to make it even more affordable,” said Acosta.

She said they expect to maintain the affordability of our home loans amid the increasing demand for home financing with the implementation of the monthly savings rates this February.

This, she said, gave them more fund to finance home loans.

“We assure our members that they can continue to rely on us to provide them the

most affordable home loan in the market, so that they too can achieve their dream of homeownership. That is our pledge as Lingkod Pag-IBIG,” said Acosta.

Related Tags

home loan Pagibig Fund DHSUD
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