Pag-IBIG home loan releases rise as economy reopens

July 26, 2020

Pag-IBIG home loan releases increased over the last two months as officials cited the continuous enhancements of the agency’s loan programs while making services more accessible to members amid the pandemic.

“We fully support the administration’s efforts led by President Rodrigo Duterte in helping our fellow Filipinos achieve their dream of homeownership even during these challenging times.  With our recent offering of promo rates on our housing loan, we expect even more members to secure their own homes in the coming months.  This also plays a major part in our country’s road to recovery because as more members secure homes, the more jobs it would generate for our fellow Filipinos,” said Secretary Eduardo del Rosario, head of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund started the year  with home loan releases reaching P5.5 billion in January, then rising further to P6.5 billion in February, exceeding the amount released for the same months last year by 17 percent. With such accomplishments in the first two months of 2020, Pag-IBIG was on track to release P100 billion in home loans by the end of the year.

But with the rise of the Covid-19 infection in March and the implementation of strict quarantine measures  in Metro Manila and other parts of the country for national safety, home loan releases dipped to P3.8 billion in March and P.88 billion in April.

In May, as quarantines were either eased or lifted, the numbers started to improve when home loan releases increased to P1.2 billion in May and jumped even further to P2.9 billion in June.

In total, Pag-IBIG Fund has released over P20.80 billion from January to June to finance the acquisition of 20,631 homes for its borrowers. Out of the total amount, 91 percent or P18.94 billion were released as socialized and low-cost home loans for the benefit of 20,084 Pag-IBIG Fund members, which include members who belong to the minimum-wage and low-income sectors.