The Pag-IBIG Fund, in coordination with the Presidential Communications Office (PCO), participated in the Philippine Information Agency (PIA) Kapihan sa Bagong Pilipinas on November 12, 2024.
The Regional Town Hall, held simultaneously in 16 regions, became the venue where the Pag-IBIG Fund reported its performance for the first three quarters of the year, reflecting its commitment to the implementation of its mandates for the benefit of the Filipino workers .
After a historic milestone last August when the Pag-IBIG Fund crossed the P1 trillion mark in total assets, the organization continues its strong growth. As of the third quarter, the Pag-IBIG Fund continues to grow with over 16.37 million active members, who have collectively saved P98.72 billion – P49.27 billion raised from the mandatory regular savings program and P48.86 billion raised under the fund. voluntary MP2 savings.
From January to September 2024, the Pag-IBIG Fund was able to assist more than 2.5 million members in need of immediate, short-term cash financing by approving the multi-purpose loan applications of more than two million borrowers for a total amount of P49.72 billion. , an increase of 16% in both the number of borrowers and the total loan amount compared to the same period last year. Nearly 461,000 victims affected by various calamities this year were also helped with the release of P5.92 billion in Pag-IBIG Calamity Loan. There are no processing fees associated with applications for short-term loans from the Pag-IBIG Fund. Loan proceeds are also not deducted from prepayments or interest, making it one of the most affordable cash loans on the market.
In addition to the disaster loan, the Pag-IBIG Fund also approved the introduction of a one-month moratorium on home loan payments of affected borrowers living and working in areas declared in a state of disaster by Typhoon Kristine. The one-month moratorium on mortgage payments will allow disaster victims to prioritize their finances so they can recover from the typhoon’s effects. Eligible members can take advantage of the moratorium program until December 31, 2024, through the virtual Pag-IBIG or at the nearest Pag-IBIG branch.
In the field of shelter financing, the Pag-IBIG Fund has released EUR 88.17 billion for 61,597 home loan borrowers who needed money to buy or improve their homes. The Pag-IBIG Home Loan gives borrowers access to financing of up to P6 million at interest rates as low as 3% for socialized and low-cost housing.
The Pag-IBIG Fund has also remained active in promoting the government’s flagship program, the Pambansang Pabahay para sa Pamilyang Pilipino Housing (4PH) Program. As of September 2024, the Pag-IBIG Fund has already released 20.17 billion euros for the development of various 4PH projects across the country, which will benefit 17,791 low-income borrowers.
Marilene C. Acosta, CEO of Pag-IBIG Fund, said: “Our achievements this year underscore our commitment to meeting the financial needs of Filipinos nationwide. Participating in the PIAs Kapihan sa Bagong Pilipinas is a good opportunity for us to connect directly with our members and inform them how the Pag-IBIG Fund is working towards a stronger financial institution. After all, our members are the real owners of the Fund. It is simply right that they know how their savings are being used and how effectively managing Pag-IBIG’s finances will result in their benefit through dividends and returns on their savings.”
The Pag-IBIG Fund’s participation in the Kapihan sa Bagong Pilipinas is part of its commitment to transparency and stakeholder engagement, with the aim of keeping members and partners informed about the impact of its activities on the employees, employers and companies in every region.
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