The Home Development Mutual Fund (Pag-IBIG Fund) funded PHP100.8 billion in home loans last year, the biggest amount ever disbursed by the agency in a year despite the ongoing Covid-19 epidemic.
Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development (DHSUD), who also chairs the 10-member Pag-IBIG Fund Board of Trustees, said the in-home loan disbursements aided the government’s economic recovery efforts.
“While the country is still facing challenges caused by the pandemic, I am happy to report that Pag-IBIG released more than PHP100 billion in home loans in 2021, surpassing its best-ever figure which it achieved in 2019, before the health crisis started,” said del Rosario.
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According to Pag-IBIG Fund data, it has disbursed PHP97.28 billion in housing loans, including PHP3.5 billion in interim disbursements for house building and rehabilitation loans.
In comparison to PHP63.75 billion in 2020, the amount disbursed in 2021 increased by 58 percent.
The previous high of PHP86.74 billion set by the agency in 2019 was likewise eclipsed by 16% the following year.
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“This is very good news for our members because bigger releases mean that more Filipino workers have become homeowners even during the pandemic,” del Rosario said.
Acmad Rizaldy Moti, the Pag-IBIG Fund’s Chief Executive Officer, also stated that the funds distributed last year sponsored the acquisition of a record-breaking 94,533 housing units for its members, a 48 percent increase over the 63,750 housing units financed in 2020.
“We previously thought that releasing PHP100 billion in home loans in one year was impossible. Yet, even when our home loan releases were at PHP57 billion in 2016, we still targeted the release of PHP100 billion by 2022. And, thanks to the commitment of your Lingkod Pag-IBIG and the support of our stakeholders, we have already surpassed PHP100 billion in home loan releases in 2021, a year earlier than our target date and even during a pandemic,” he said in another statement.
