The Pag-IBIG Fund has rolled out sweeping reforms to enhance member benefits, offering more accessible housing loans, higher dividends, loan moratoriums, and easier access to savings and loan records.
These major enhancements were discussed today, November 12, 2024, during the live-streamed 24th episode of Kapihan Sa Bagong Pilipinas, hosted by the Philippine Information Agency (PIA) Gitnang Luzon at Imang Nene, Orchids Garden, Lazatin Blvd, City of San Fernando, Pampanga.
The event was led by PIA Regional Director William Beltran, with Home Development Mutual Fund or Pag-IBIG Fund Region 3 represented by Business Development Department Manager III Brenda Cao with Division Chief III Cristina Layug and Supervising Loans and Credit Officer Pablo Macalino.
Beltran was joined by PIA-GL Deputy Regional Director Carlo Lorenzo Datu, Information Officer Jag Lyra Costamero, and Media Productions Officer Aldrin Joshua Mallari.
Total Assets Reached P1.02 Trillion
The total net assets of the Pag-IBIG Fund breached the P1 trillion mark.
From January to September 2024, the Pag-IBIG Fund reported total assets of P1.02 trillion, with an active membership of 16.37 million. Housing loan releases amounted to P88.17 billion, benefiting 61,597 members with new or improved homes. Short-term loan releases totaled P55.65 billion, assisting 2,526,036 members with immediate financial needs. Members’ savings reached P98.72 billion, and the Fund posted a net income of P39.54 billion.
Increased Monthly Contributions For Greater Savings
Starting February 2024, the monthly Pag-IBIG contribution for employees and employers will double to PHP 200 each, while self-employed members, including OFWs, will contribute PHP 200. “This adjustment is a necessary step towards providing our members with more substantial long-term savings,” said Cao, noting that this increase also translates into higher dividend payouts over time.
Expanded Loan Programs
Pag-IBIG has enhanced its loan offerings to support members in various life situations:
• Multi-Purpose Loan (MPL): Allows members to address personal needs, from purchasing gadgets to covering medical expenses or starting a small business.
• Health and Education Loan Programs (HELPs): Dedicated to helping members fund education or healthcare expenses.
• Calamity Loan: Offered at a low 5.95% interest rate for members in disaster-affected areas. “We aim to provide accessible financial relief when our members need it most,” said Cao.
Eligible members can now borrow up to 80% of their Pag-IBIG Regular Savings, with loans available at branches or through the Virtual Pag-IBIG app.
Higher Dividends for Voluntary Contributions
For members looking to grow their savings even further, the MP2 Savings Program remains a strong option. “The MP2 program has consistently yielded higher returns, with a 7.05% dividend rate in 2023,” said Cao. Open to active and retired members, the program requires a minimum deposit of only PHP 500.
Expanded 4PH Program For Affordable Housing
The Pambansang Pabahay Para sa Pilipino (4PH) Program, a collaboration with DHSUD, offers affordable housing opportunities across the Philippines. “Our goal with 4PH is to ensure that more Filipinos have access to a home they can call their own,” said Cao. Qualified members, especially low-income earners and first-time homeowners, can secure housing loans for residential units within 4PH developments.
Housing Loan Moratorium for Calamity-Affected Members
To assist members impacted by natural disasters, Pag-IBIG offers a one-month moratorium on housing loan payments. “This moratorium allows our members to focus on recovery without the burden of immediate loan payments,” she said. Members in areas declared under a state of calamity can apply to defer one month of housing loan payments without penalty.
Foreclosed Properties Within Reach Via Online Public Auction
Pag-IBIG has introduced an Online Public Auction platform to make foreclosed properties more accessible. “Members can now conveniently browse and bid on properties online,” explained Cao. Eligible members must have at least 24 monthly contributions and can bid on multiple properties.
Convenient Access to Savings, Loan Records
Members can easily monitor their contributions, savings, and loan history via the Virtual Pag-IBIG Mobile App, available on both Android and iOS. Pag-IBIG Regular Savings are accessible upon reaching 20 years of contributions, at retirement, or under specific qualifying conditions.
“If I am to sum up your report, the splendid things that Pag-IBIG has done during what is, unquestionably, a banner year, then, without a doubt it is clear that “it is a labor of love,” I urge the Pag-IBIG Fund to make its home financing even more accessible and to balance this with sustainability. This is to inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own,” remarked President Ferdinand R. Marcos, Jr.
Bacolor, Macabebe, Floridablanca, and the City of San Fernando, all in Pampanga, have foreclosed or acquired assets available for group sale to associations or NGOs. In total, there are 12,000 assets available in North Luzon, offered at a 42-45% discount.