President Ferdinand R. Marcos Jr graces the Pag-IBIG Fund's Chairman's Report for Year 2023 held at the Philippine International Convention Center in Pasay City. (Photo by Janna Pineda/PIA-NCR)
MANILA, (PIA) -- President Ferdinand R. Marcos Jr. on Tuesday, February 27, urged the Pag-IBIG Fund, a Philippine state-owned housing agency, to make its home mortgage financing "even more accessible" while balancing sustainability.
"I urge the Pag-IBIG Fund to make its home mortgage financing even more accessible and to balance this with sustainability," he said at the Pag-IBIG Fund's Chairman's Report for Year 2023 held at the Philippine International Convention Center in Pasay City.
President Marcos commended the agency's accomplishments, including record-high loan performances in 2023. However, he stressed the need to address the "huge housing backlog" in the country.
"Millions of our countrymen are denied the right to decent shelter," Marcos said. "The stakes could not be higher. So, our task is clear: To build the most number of housing units by any administration."
Marcos emphasized the importance of making Pag-IBIG's housing loans more accessible, stating that it would "inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own."
The President acknowledged the challenges ahead and applauded the Pag-IBIG Fund's past successes, highlighting the agency's "proud DNA" built on the collaboration of "ikaw, bangko, industriya, gobyerno" (individuals, banks, industries, and government).
The Pag-IBIG Fund has reported significant achievements in its housing loan program, reaching a record high of P126.04 billion in loans disbursed. This initiative has benefited over 96,000 Pag-IBIG Fund members, providing them with access to new or improved housing options.
In addition to its housing loan program, the institution has also successfully administered Short Term Loans totaling P59.31 billion, which have supported 2.65 million members. Pag-IBIG Fund's financial performance is underscored by an annual net income of P43.79 billion, the highest total assets reaching P925.61 billion, and member dividends amounting to P48.76 billion.
Moreover, Pag-IBIG Fund has enhanced its regular savings programs, with a dividend rate increase to 6.55 percent, and its modified Pag-IBIG or MP2 savings programs slightly raised to 7.05 percent in 2023.
As a government-owned and controlled corporation (GOCC) under the Department of Human Settlements and Urban Development (DHSUD), Pag-IBIG Fund plays a crucial role in administering national savings programs and facilitating affordable housing financing for Filipinos.
The administration has reaffirmed its commitment to the DHSUD, urging the department to prioritize the construction of housing units. The goal is ambitious, aiming to build one million low-cost housing units annually until the end of the current term, reflecting a steadfast dedication to addressing the housing needs of the Filipino people.
He concluded by expressing his belief in the Filipino people's potential and urged the Pag-IBIG Fund to continue its work, aiming to surpass its achievements in 2023. (JCO/PIA-NCR)
