Pag-IBIG home loans reach P88.3B in Q3 as demand continues to rise
Home loan releases of Pag-IBIG Fund in the last three quarters have grown to P88.30 billion as demand remains strong, agency officials announced Wednesday (11 October).
The amount of home loans released grew by almost P5 billion or 6 per cent compared to the P83.31 billion in home loans released in the same period last year. The amount financed 68,211 housing units and now stands as the highest released by the agency for any January to September period.
“Pag-IBIG Fund remains at the forefront in home financing as it accounts for nearly 40% of the total home mortgages in the country. This shows that it continues to fulfill its mandate, not only by providing affordable home financing to Filipino workers, but also by effectively stimulating the housing industry. These are all in line with the call of President Ferdinand Marcos, Jr. to provide our fellow Filipinos with better and dignified lives,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Out of the total amount, Acuzar added that P3.49 billion were released as socialized home loans for the benefit of 8,216 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expects that demand for the agency’s home loans shall remain high particularly during the last quarter of the year when the market’s behavior to secure home financing is at the highest.
“Our home loan releases amounting to P88.30 billion in the last nine months alone have already surpassed the annual releases since Pag-IBIG Fund’s inception up to 2019. And, by the end of the year, we are optimistic that our home loan releases may even reach P130 billion,” she stated.
“We thank our members for choosing the Pag-IBIG Housing Loan to achieve their dream of owning a home. That is why we shall do all that we can to maintain our low interest rates so that we can enable more Filipino workers become homeowners under the most affordable terms,” Acosta added.
In total, Pag-IBIG Fund has already approved P111.35 billion in home loans from January to September to finance the acquisition of 83,063 housing units. This includes P23.05 billion in approved loans for 14,852 borrowers which are ready for release upon their submission of post-approval requirements.