Pag-IBIG Profit Reached ₱20.6-B In 1st Half

The Home Development Mutual Fund, commonly known as Pag-IBIG, posted a record net income of P20.6 billion in the first half of the year, effectively increasing the agency’s overall assets.

Photo Insert: Pag-IBIG said its January to June profit reached P20.61 billion, up by 11 percent from P18.56 billion in the same period last year.

In a statement, Pag-IBIG said its January to June profit reached P20.61 billion, up by 11 percent from P18.56 billion in the same period last year.

Pag-IBIG CEO Marilene Acosta said the first semester performance was driven by earnings from its housing and short-term cash loans and its investment portfolios.

This also allowed the agency’s total assets to reach P874.15 billion as of end-June. This is a six percent improvement or about P45.75 billion higher than the end-2022 level of P827.4 billion.

Acosta emphasized that the increase in earnings will also redound to the benefit of its members.

Under the Pag-IBIG charter, the fund is mandated to return at least 70 percent of its annual net income to its members in the form of dividends and returns, which are credited to their savings.

“With our second half projections on our loan releases, collections, and performing loans ratio high, we are optimistic that we can maintain our financial performance,” Acosta said.

Acuzar, for his part, said the strong growth proves that Pag-IBIG funds and savings of members are being properly managed. Acuzar emphasized that this places Pag-IBIG in a strong position to continue providing social services in line with the directive of President Marcos.

Over the next six years, Pag-IBIG intends to finance at least 708,000 housing units. Pag-IBIG has 15.4 million active members and has over P800 billion in total assets which is expected to reach P1.5 trillion by 2028.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic