QUEZON CITY, (PIA) — The Pag-IBIG Fund has achieved a significant milestone, surpassing the P1-trillion mark in total net assets as of August 2024.
This represents a 14% increase compared to the same period last year, driven by higher net revenues, increased member savings, and strategic investment management, agency officials announced.
Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD) expressed pride in the agency’s accomplishments.
“We have just celebrated the National Shelter Month, and we are proud to share that Pag-IBIG Fund has breached the P1-trillion mark in assets. This serves as a testament to our commitment to fulfilling our mandate. Not only can we assure that our members’ fund is prudently managed, but it also means that we are ready and able to finance our Filipino workers’ dream of home ownership,” Acuzar said, adding that the alignment of the Fund’s objectives with President Ferdinand R. Marcos Jr.’s directive to provide quality social benefits to the Filipino people.
As of September 2024, Pag-IBIG Fund reported total net assets of P1.02 trillion, a P125.74 billion increase from the previous year. The agency’s gross income reached P62.09 billion, with net revenues amounting to P39.54 billion—an increase of 17% compared to P33.66 billion in September 2023.
Member savings also saw a substantial rise, totaling P98.72 billion in the third quarter of 2024, up 48% from P66.73 billion during the same period last year. This growth was attributed to increases in both Pag-IBIG Regular Savings and Pag-IBIG MP2 Savings. The implementation of the Maximum Fund Salary (MFS) increase earlier this year contributed to total collections of P49.86 billion for Regular Savings and P48.86 billion for MP2 Savings, marking year-on-year increases of 58% and 39%, respectively.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the benefits to members stemming from the agency’s strong fiscal performance. “Ang panalo po dito ay ating mga miyembro. With our strong fiscal standing, we continue to provide our members with the best benefits and programs, helping them secure a better future for themselves and their families,” Acosta said.
Acosta also noted the broader economic implications of the Fund’s growth. “As a money multiplier, every P100 saved by members and employers in Pag-IBIG Fund can potentially generate P1,800 in the economy through future loans. This can be achieved if our members and partner developers continue to avail of our housing loan and cash loan programs,” she explained.
In addition to its impressive growth metrics, the Pag-IBIG Fund received an unmodified opinion from the Commission on Audit regarding its 2023 financial statements, marking the 12th consecutive year of receiving this commendation since 2012.
With its commitment to prudent financial management and member benefits, Pag-IBIG Fund continues to position itself as a key player in promoting home ownership and economic growth in the Philippines. (JVD/PIA-NCR)
