The Home Development Mutual Fund (Pag-IBIG Fund) said on Friday that home loan releases exceeded 100 billion pesos even amid the COVID-19 pandemic.
In a statement, the Pag-IBIG Fund said it had released housing loans worth 97.28 billion pesos.
With interim loan releases for construction and renovation of homes amounting to 3.5 billion pesos, the agency said total releases reached 100.8 billion pesos, the highest amount ever released by the agency in one year.
The Pag-IBIG Fund said the amount disbursed in 2021 increased by 58% compared to the 63.75 billion pesos released in 2020 and exceeded by 16% the 86.74 billion pesos released in 2019, the previous record. of the agency.
“This is very good news for our members as higher releases mean more Filipino workers have become homeowners even during the pandemic. Growth in home loan disbursements is also contributing to the government’s economic recovery efforts,” said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the Pag-Fund’s board of trustees. IBIG, composed of 10 members.
Pag-IBIG Fund Managing Director Acmad Rizaldy Moti said the amount released funded the acquisition of a record 94,533 homes for its members, a 48% increase from the 63,750 homes funded. in 2020.
Of the amount released, 9.71 billion pesos financed the acquisition of 22,028 social housing units for members belonging to the minimum wage and low-income sectors, representing 23% of the total number of housing units financed for the whole of 2021 .
“We previously thought that it was impossible to release 100 billion pesos of housing loans in one year. Yet even when our housing loan releases were 57 billion pesos in 2016, we were still aiming to release 100 billion pesos by 2022,” Moti said.
“I am grateful to everyone who has helped to achieve this seemingly impossible goal.” — News VBL, GMA
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