Pag-IBIG again postpones the increase in contributions
Domestic development mutual fund (Pag-IBIG Fund) Chairman and CEO Acmad Rizaldy Moti.
STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) has decided to postpone once again the increase in the monthly contributions of its members while considering the impact of the ongoing Covid-19 pandemic on its stakeholders.
“We share with you that for 2022 we will not be implementing the increase in monthly savings or monthly contributions either,” Acmad Rizaldy Moti, CEO of Pag-IBIG Fund, announced in a recent briefing .
He said the increase in monthly membership dues from P100 to P150 will not be implemented in January 2022, but rather in 2023.
“It is out of respect for our partners, our stakeholders, especially private sector employers and we have also heard the sentiments of our members,” Moti explained.
He said the Fund’s most recent action was taken after extensive engagement with stakeholders.
In 2019, the state institution approved the increase in monthly membership fees, which had been stable since the 1980s. Meanwhile, according to Moti, Pag-IBIG Fund expects to show at least P31.70 billion in net income by the end of the year, as it had already reached P27.42 billion in October.
Active members have already reached 13.42 million in October 2021, up from 12.77 million in 2020, which he said “means that the economy has started to recover as more and more members have contributed through their employers “. Moti also said home loan underwriting expanded to 74.62 billion pesos in October this year, from 63.75 billion pesos in 2020, allowing 72,312 members to fulfill their dream of home ownership. to the property.
“We are very confident that this year, we will reach at least 90 billion pesos in housing loans. Most likely between 95 and 97 billion pesos. We are therefore approaching 100 billion pesos,” he said.
According to Moti, Pag-IBIG Fund’s short-term loans totaled 36.5 billion pesos in 2020, helping more than 1.70 million of its members.
He added that he had also taken another milestone, with member savings reaching 52.4 billion pesos in October 2021, surpassing the previous record of 50.4 billion pesos recorded in 2019.
“And I think it would probably hit 60 billion pesos by the end of the year,” Moti predicted.
He also said MP2, or voluntary savings, income stood at 21.4 billion pesos in October, surpassing 13.3 billion pesos in 2020.