Pag-IBIG Fund’s gross housing-related assets breached the P1-trillion mark in the first seven months of the year on the back of higher financing for members and housing developers.
In a statement on Tuesday, Pag-IBIG said its gross housing-related assets reached P1.01 trillion as of end-July.
Furthermore, housing-related loans accounted for the bulk of these assets at P971.39 billion, while the remaining P38.47 billion came from other housing-related assets.
Separately, housing and wholesale loan releases climbed 12 percent to P88.84 billion during the period from P72.61 billion a year earlier.
‘Reaching more than P1 trillion in housing-related assets is an important milestone. It means more financing is reaching Filipino homebuyers, while qualified developers and institutions receive greater support to provide housing,’ Housing Secretary Jose Ramon Aliling said.
‘As investments in housing grow, they also help stimulate the industry, support construction and related sectors, create jobs and contribute to broader economic growth,’ he added.
Pag-IBIG invests at least 70 percent of its available funds in housing. This approach allows the pooled savings of its members to finance homes and housing development while generating earnings that help protect and grow these funds.
Earlier, the fund reported that its net income in the first half of the year rose 24 percent to P41.35 billion. Earnings from investments in bonds, preferred shares, and time deposits surged 47 percent to P6.85 billion.Pag-IBIG is currently offering a maximum housing loan of P10 million and a 3-percent subsidized housing loan rate for qualified low-income borrowers. Likewise, it offers promotional rates ranging from 4.5 percent to 5.75 percent for other qualified housing loans until the end of the year