Pag-IBIG home loan releases up 33%

HOME loans released by the Home Development Mutual Fund or Pag-IBIG Fund reached P20.94 billion in the first three months of 2021.

In a statement on Tuesday, Pag-IBIG Fund said the amount was a 33-percent or P5.17-billion increase from the P15.77 billion released in the same period a year ago.

The P20.94-billion home loans disbursed during the three-month period enabled 20,712 members to acquire their own homes.

Of the total amount, P2.2 billion were released as socialized home loans for the benefit of 5,074 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.

“This increase in our home loan releases means that more Filipino workers are being helped by Pag-IBIG Fund to secure their own homes, which is very important at this time of pandemic,” said Human Settlements Secretary Eduardo del Rosario.

Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, noted that even if measured against the period prior to the implementation of community quarantines, there was still an increase in home loans.

“The agency released P15.49 billion in home loans from January 1 to March 15 this year, an increase of P546.97 million, or 3.7 percent from the P14.94 billion released in the same period in 2020 when strict community quarantines in Metro Manila and other parts of Luzon were yet to be implemented,” he said.

Moti is optimistic the numbers will continue to rise, especially as the economy continues to reopen.

“From September to December last year, our home loan releases were close to ‘prepandemic’ levels. We released more than P6 billion to P7 billion in home loans every month during those months, with December loan releases reaching P12 billion — the highest amount released for a single month in Pag-IBIG Fund’s history,” he said.

Moti also reported that home loan releases in the quarter is 22 percent higher compared to loan releases in the first quarter of 2019, which eventually turned out as Pag-IBIG Fund’s “best year” when annual home loan releases amounted to P86.7 billion.

“We anticipate that our momentum will continue in the succeeding quarters, barring any major catastrophic event, so we help more members become homeowners,” he said.