Marcos Jr. tells Pag-IBIG to help in addressing housing backlog

INQUIRER FILE PHOTO

MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday told the state-run Home Development Fund or Pag-IBIG to help the government address the housing backlog in the country, which he said currently amounts to 6.5 million units.

Marcos said the Pag-IBIG Fund should work closely with the Department of Human Settlements and Urban Development to find strategies to ease the country’s housing situation.

“So I call upon the Fund to further build on this growth and momentum to provide and to improve the lot of the Filipino workforce, and also to significantly assist in addressing our housing backlog as an industry leader in home mortgage financing,” he said in his speech during the Pag-IBIG Chairman’s Report in Pasay City.

He also called on employees of the Pag-IBIG to be guided by the principles of transparency and accountability in carrying out its mandate.

Marcos also lauded Pag-IBIG Fund’s highest dividend rates since the COVID-19 pandemic, with its regular savings dividend rate for 2022 amounting to 6.53% and its modified Pag-IBIG 2 (MP2) savings at 7.03%.

Pag-IBIG Fund posted its best-performing year in 2022 as the agency’s net income reached a record high of P44.50 billion, a 28% increase from P34.69 billion in 2021.

The agency also reported several record-high figures for the year, with home loans reaching P117.85 billion; total membership savings collected amounting to P79.90 billion, and loan payments amounting to P127.42 billion.

Pag-IBIG Fund also assisted the highest number of members with 105,212 securing new homes from its housing loan programs and over 2.61 million aided through its short-term loans.

The agency ended the year with total assets at their highest, amounting to P827.40 billion.

“To see these results for 2022, the members will be assured as to the soundness of the Fund’s financial position, the safety of their own contributions and investments, and the Fund’s continuing reliability as a provider of key financial services and as a vehicle for their personal savings and investments,” Marcos said.

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