November 16, 2022|12:00 am
MANILA, Philippines– Member cost savings collections of the House Advancement Mutual Fund or Pag-IBIG reached a record P66.66 billion in the 10 months to October this year, putting the company on a more sound monetary footing to execute its programs.
In a declaration, Pag-IBIG stated its members conserved P66.66 billion throughout the duration, up by 27 percent year-on-year, and the greatest for any 10-month duration and even for full-year figures.
Pag-IBIG successfully surrounds its target of gathering P70 billion in cost savings, of which half will originate from its Customized Pag-IBIG 2 Cost Savings (MP2), a voluntary program for its members.
The MP2 program continued to drive Pag-IBIG’s overall cost savings after it likewise struck a record P33.72 billion throughout the duration, leaping by 57 percent from P21.43 billion a year back. It likewise exceeded the full-year 2021 MP2 cost savings of P25.95 billion.
Pag-IBIG CEO Marilene Acosta stated the development of the MP2 program begun in 2016 when collections initially breached the P1-billion level.
” With just a couple of weeks staying prior to the year ends, we guarantee our members that we are doing all that we can to offer them the very best return rates on every hard-earned peso they have actually conserved with us,” Acosta stated.
Real estate chief and Pag-IBIG Fund board of trustees chair Jose Rizalino Acuzar, for his part, kept in mind that with more funds, the company stays in a strong position to fund its programs, especially its mortgage, while keeping rates of interest low.
Over the next 6 years, Pag-IBIG plans to fund a minimum of 708,000 real estate systems.
Under the Pag-IBIG’s Affordable Real estate Program, qualified debtors have an unique subsidized rate of 3 percent per year for mortgage of approximately P580,000 for socialized neighborhood tasks.
Sticking Out as the most affordable interest in the loan market, Pag-IBIG initially used the subsidized rate 5 years ago to help more members, especially those from the minimum-wage sector, obtain houses.
Pag-IBIG handled to keep the 3 percent rate constant due to the program’s tax-exempt status under the Pag-IBIG Fund Law of 2009.
For this year, Pag-IBIG is targeting to launch as much as P110 billion in mortgage. Since end-September, the company has actually up until now launched P83 billion.
Pag-IBIG has 14 million active members and has P800 billion in overall possessions, which is anticipated to reach P1.5 trillion by 2028.
