President Ferdinand R. Marcos Jr. on Tuesday called on the Pag-IBIG Fund to assist concerned agencies in addressing the country’s housing backlog of more than 6.5 million.
“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 during the Pag-IBIG Fund Chairman’s Report for the unveiling of its 2022 performance and the dividend rates on the members’ savings, held at the SMX Convention Center in Pasay City.
He challenged the Pag-IBIG Fund to “work closely” with the Department of Human Settlements and Urban Development (DHSUD) to find effective strategies to ease the country’s housing situation.
The Pag-IBIG Fund is a government-owned and -controlled corporation (GOCC) under the DHSUD.
Marcos likewise enjoined its officers and employees to be guided by the principles of transparency and accountability in carrying out their mandate.
“It goes without saying that as public servants, we must maintain the trust and the confidence reposed in us by government institutions, especially those financial in nature and more importantly by the people,” he said.
He noted that maintaining this trust is a “crucial” part of building upon the Pag-IBIG Fund’s accomplishments and achieving the administration’s goals in housing.
Marcos also acknowledged developers, employers, housing industry players, and other partners for their invaluable contributions to the continued success of the Pag-IBIG Fund.
“It is this partnership that brings the success to the Fund and for that once again, we thank you for that partnership and that coordination with the government,” he said.
The President underscored the need to strengthen those partnerships and double down on efforts to provide adequate access to decent and affordable human settlements.
He also recognized the central pillar of the Pag-IBIG Fund – its 2.6 million-strong members.
“With the members’ continued support, the Pag-IBIG Fund has grown into a financially strong and secure institution, boasting more than PHP827 billion in total assets,” he said.
Marcos also exhorted members to remain “ever-productive” in their employment and commercial pursuits to continue to sustain the Pag-IBIG Fund.
The Marcos administration aims to achieve its goal of building 1 million housing units per year or 6 million by the end of its term through the “Pambansang Pabahay para sa Pilipino”: Zero ISF (Informal Settler Family) 2028 Program.
Highest dividend rates
Meanwhile, Marcos also congratulated the Pag-IBIG Fund for achieving its highest dividend rates since the pandemic.
“And for that, I congratulate you and you should pat yourselves on the back and give yourselves a round of applause,” he said. “It is very encouraging that through the years, that in spite of periods of volatility, uncertainty, and sometimes very complex challenges, including the supervening pandemic, the Pag-IBIG Fund has remained true to its original vision and that is to provide a secure savings program, a dependable and affordable housing – to be able to give dependable and affordable housing loans for the benefit of its members.”
The Pag-IBIG Fund’s Regular Savings dividend rate for 2022 reached 6.53 percent while its Modified Pag-IBIG 2 (MP2) Savings rate increased to 7.03 percent per annum.
Pag-IBIG Fund Chairperson and Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino L. Acuzar said Pag-IBIG posted its best performing year in 2022 as the agency’s net income reached a record-high of PHP44.5 billion, a 28 percent increase from the PHP34.69 billion the year before.
The agency also reported several record-high figures for the year, with home loans reaching PHP117.85 billion; total membership savings collected amounting to PHP79.9 billion, and loan payments amounting to PHP127.42 billion. (PNA)