Pag-IBIG Fund grants 5,074 socialized home loans to low-wage earners in Q1 2021, up by 25%

admin   •   May 3, 2021   •   369

Pag-IBIG Fund granted socialized home loans to 5,074 members from the minimum-wage and low-income sectors totaling P2.2 billion in the first three months of 2021 despite the continuing pandemic, according to the top executives of the agency.

Socialized home loans make up about 25% of the 20,712 total number of loans financed by the agency in the first quarter of 2021. The amount, meanwhile, is equivalent to 11% of the P20.94 billion it disbursed.

Amid the health crisis, the number of socialized home loans granted grew by 25% from the 4,045 loans extended during the same period last year, while the amount increased by 34%.

“In the wake of the pandemic, Pag-IBIG Fund’s Affordable Housing Program (AHP)has become the means for minimum-wage and other low-income workers to achieve their dream of homeownership,” said Secretary Eduardo D. del Rosario, Chairperson of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

“The program’s lowest rates and longest term allow them to make buying a home within their reach. Offering affordable home financing to our members is our way of adhering to President Rodrigo Roa Duterte’s directive to government institutions to provide programs that serve the needs of the underserved sector, especially during these challenging times,” del Rosario added.

With Pag-IBIG Fund’s AHP, members can borrow up to P580,000 to buy socialized house and lot packages, or up to P750,000 for socialized condominium units at a special rate of 3% per annum.

The AHP is specifically made for members earning not more than P15,000 per month within the National Capital Region, and not more than P12,000 per month for members outside of NCR, who intend to buy socialized housing units.

This loan program also features a 100% loan-to-value ratio allowing borrowers to purchase homes without spending for equity.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the agency has been offering the special 3% rate under the AHP since May 2017 and has kept the subsidized rate since, thanks to Pag-IBIG Fund’s tax-exempt status provided under Republic Act No. 9679.

“Because of our Charter, Pag-IBIG Fund can afford to offer the lowest rates for home loans of minimum and low-wage workers. And, with President Duterte recently signing into law the CREATE bill, the tax-exempt status of Pag-IBIG Fund has been maintained. What this means to our members from the minimum-wage and low-income sectors is that they can continue to enjoy these lowest rates,” Moti said.

“To put things into perspective, with our Affordable Housing Program, qualified borrowers will only pay around P2,445 per month for a home loan worth P580,000 – which is almost equivalent to the price of rent. This low amortization allows more of our members to gain homeownership, as we recognize that the home is the safest place to be during these difficult times. We look forward to helping more low-income members become homeowners in the months to come,” he added. (PR)

Pag-IBIG Fund makes cash loans more affordable with longer payment period

Aileen Cerrudo   •   September 9, 2021

MANILA, Philippines — Pag-IBIG on Thursday (September 9) announced that it will lengthen its payment term to three years from the previous 24 months or two-year period.

Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario said they provided a longer payment period to give borrowers more time to pay off their loans, and more importantly, to make monthly payments lower.

This is amid the difficulties faced by members during the coronavirus disease (COVID-19) pandemic.

“During these difficult times, we continue to improve our programs to respond to the needs of our members,” he said.

Pag-IBIG Fund’s cash loans come in the form of a Multi-Purpose Loan (MPL) and a Calamity Loan (CL) for areas under a state of calamity.

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, with the extended payment period, members who will take a P20,000.00 loan amount can reduce their monthly payment to P734.57 a month for MPL, and P615.72 a month for a CL.

Previously, the payment for the said MPL and CL amount were P1,016.52 and P897.23 per month, respectively.

With payments spread out over a longer period, monthly payments were brought down by 28% for the MPL and 31% for the Calamity Loan.

“We recognize that these are challenging times, and we are doing all we can to help our members as the health emergency continues,” he said.

“We are poised to help more members in the coming months, now that the extended payment term has made our cash loans even more affordable,” Moti added.

From January to July alone, Moti reported that Pag-IBIG has released P25.42 billion in cash loans to aid more than 1.1 million members.

“We also made the process of applying for loans safer and more convenient by accepting loan applications online via the Virtual Pag-IBIG. This is Lingkod Pag-IBIG at work, especially when members need us most,” Moti further said. AAC

PAG-IBIG branches in NCR remain open under ECQ

Marje Pelayo   •   August 9, 2021

MANILA, Philippines – Offices of the PAG-IBIG Home Development Mutual Fund in the National Capital Region (NCR) will remain open but on a limited capacity even during the implementation of the enhanced community quarantine (ECQ) from August 6 to 20.

Also open is the agency’s NCR Housing Hub in Mandaluyong City.

“In compliance with Memorandum Circular 87 issued by Executive Secretary Medialdea, we shall continue providing service to our members in the safest way possible,” the agency said in its post.

PAG-IBIG branches in NCR will be open from 9:00 AM to 3:00 PM on weekdays to serve members with the following transactions:
Scheduled Releasing of Checks;
Acceptance of Payments; and
Issuance of Pag-IBIG Loyalty Card Plus (for MPL and Calamity Loan applicants only)

For Pag-IBIG Savings claims which include retirement claim for ages 60 to 64; early retirement claim; by beneficiaries due to member’s death; and MP2 Savings pre-termination, applicants may place their applications in drop boxes outside the PAG-IBIG branch premises.

Virtual Pag-IBIG service will always be open for membership registration; business registration; and claim of Pag-IBIG Savings.

To apply for Multi-Purpose Loans or Calamity Loans, applicants may use drop boxes or visit the Virtual Pag-IBIG.

Meanwhile, the NCR Housing Hub in Mandaluyong City is open from 9:00 AM to 3:00 PM on weekdays until August 20.

Payments may be done online via Virtual Pag-IBIG, or through the agency’s accredited collecting partners’ outlets and online payment channels.

For submission of documents, drop boxes are provided for:
Submission of Bid for Acquired Asset
Submission of Housing Loan Application and Notice of Approval or Notice of Disapproval compliance
Submission of Requirements of Winning Buyer of Acquired Asset

Transactions about release of checks, acceptance of post-dated checks, and reservation of acquired assets, the agency will call members concerned for appointments.

Public auctions, property appraisals, and borrower validation will all be done online.

For your safety and convenience, the public may transact with the agency via online through its 24/7 Contact Channels:
Dial 8PagIBIG or (02)87244244
Chat via www.pagibigfund.gov.ph
Email contactus@pagibigfund.gov.ph

For more information, visit the Virtual Pag-IBIG at www.pagibigfundservices.com/virtualpagibig.

Pag-IBIG Fund releases record-high P44B home loans in H1 2021, up 113%

UNTV News   •   July 9, 2021

Despite the pandemic, Pag-IBIG Fund achieved another record by releasing over P44 billion in home loans in the first half of 2021, top officials announced on Friday (July 9).

From January to June, the agency released home loans worth P44.34 billion – the highest amount ever released during the first half of the year – and more than double the P20.80 billion it released during the same period in 2020.

Compared with the P37.07 billion released during the pre-pandemic period of January to June 2019, when strict community quarantines in Metro Manila and parts of Luzon had yet to be implemented, disbursement in the first half of 2021 is higher by nearly 20%.

“This is an indication that the number of Filipino workers who are able to become homeowners via the Pag-IBIG home loan programs continues to grow. In these tough times, we remain steadfast in our commitment to answer President Rodrigo Duterte’s call for government agencies to provide social benefits to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the P44.34 billion released in the first half of 2021 enabled 43,573 members to acquire their own homes. Out of the total amount, P4.66 billion was released to finance the acquisition of socialized housing. Of the total number of members who benefited from the agency’s home loan programs in the first half of the year, 10,640 or 24% belong to the minimum-wage and low-income sectors.

He added that with its home loan disbursement reaching a record high over the past six months, he expects to exceed by yearend the P86.74 billion home loans released in 2019, which is the highest amount ever released by the agency in a single year.

“With the way things are going, I’m very optimistic that by the end of 2021, we will surpass the total home loan releases of 2019, which is our best year yet. The P44.34 billion disbursed is especially important because we achieved higher figures this year compared to the same period before the pandemic happened.

“On average, we released over P7 billion in home loans every month in the first half of the year. If this trend holds and succeeding monthly releases remain higher than usual, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion.

“This translates to another ‘best year ever’ for us and, more importantly, even more members having a home of their own where they can be safe as the health emergency continues,” Moti said. (PR)

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