Metro Manila (CNN Philippines) — Home loan releases of Pag-IBIG Fund have grown to ₱88.30 billion in the last three quarters of the year as demand remains strong, agency officials announced Wednesday, October 11.
The amount of home loans released grew by almost ₱5 billion or 6 per cent compared with the ₱83.31 billion in home loans released in the same period last year. The amount financed 68,211 housing units and now stands as the highest released by the agency for the period.
“Pag-IBIG Fund remains at the forefront in home financing as it accounts for nearly 40% of the total home mortgages in the country. This shows that it continues to fulfill its mandate, not only by providing affordable home financing to Filipino workers, but also by effectively stimulating the housing industry,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Acuzar said that out of the total amount, ₱3.49 billion were released as socialized home loans for the benefit of 8,216 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expects that demand for the agency’s home loans will remain high particularly during the last quarter of the year when more people are seeking home financing.
“Our home loan releases amounting to ₱88.30 billion in the last nine months alone have already surpassed the annual releases since Pag-IBIG Fund’s inception up to 2019. And, by the end of the year, we are optimistic that our home loan releases may even reach ₱130 billion,” she stated.
“We thank our members for choosing the Pag-IBIG Housing Loan to achieve their dream of owning a home. That is why we shall do all that we can to maintain our low interest rates so that we can enable more Filipino workers become homeowners under the most affordable terms,” Acosta added.
In total, Pag-IBIG Fund has already approved ₱111.35 billion in home loans from January to September to finance the acquisition of 83,063 housing units. This includes P23.05 billion in approved loans for 14,852 borrowers which are ready for release upon their submission of post-approval requirements.
