PAG-IBIG FUND HOME LOAN RELEASES REACH P20.94B IN Q1 2021; UP 33% DESPITE PANDEMIC

PILIPINO Mirror
Eduardo del Rosario

Pag-IBIG Fund released P20.94 billion in home loans in the first quarter of  2021 despite the pandemic, an increase of 33% or P5.17 billion compared to  the P15.77 billion released during the same period in 2020, its top officials  announced Tuesday (April 13).

“We are happy to report that our home loan releases in the first three months  of 2021 have increased compared to the same period last year. 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. We recognize the role we play in helping keep our members  safe in their own homes, as we heed President Rodrigo Duterte’s call for  government agencies to provide social benefits to more Filipinos, especially  during these challenging times,” said Secretary Eduardo D. del Rosario, who  heads the Department of Human Settlements and Urban Development and  the 11-member Pag-IBIG Fund Board of Trustees.

Del Rosario added that the P20.94 billion in home loans during the first  quarter of the year enabled 20,712 members to acquire their own homes. Out  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.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti  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% 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 further  expressed optimism that 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  ‘pre-pandemic’ 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. We are glad that our momentum in the last quarter of  2020 carried over to first quarter of 2021, de-spite the challenges caused by  the pandemic. In fact, home loan releases in the first quarter of 2021 is 22%  higher compared to our loan releases in the first quarter of 2019, which  eventually turned out as our best year ever 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,” Moti said.

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