Pag-IBIG Fund home loan releases reach ₱20.94-B in Q1 amid pandemic

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Metro Manila (CNN Philippines, April 13) -  Pag-IBIG Fund released ₱20.94 billion in home loans during the first quarter of this year despite the pandemic, officials said Tuesday.

This is a 33% increase or ₱5.17 billion more compared to the ₱15.77 billion released during the same period in 2020.

Department of Human Settlements and Urban Development Secretary Eduardo del Rosario, who also chairs the Pag-IBIG Fund Board of Trustees, said the home loans released enabled 20,712 members to acquire their own homes.

"This increase in our home loan releases means that more Filipino workers are being helped by Pag-IBIG Fund to secure their own homes, which is very important at this time of pandemic," del Rosario said in a statement. "We recognize the role we play in helping keep our members safe in their own homes, as we heed President Rodrigo Duterte's call for government agencies to provide social benefits to more Filipinos, especially during these challenging times."

Out of the ₱20.94 billion released in the first three months of the year, Pag-IBIG said ₱2.2 billion were released as socialized home loans for the benefit of 5,074 members belonging to the minimum-wage and low-income sectors.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti noted even during the period prior to the implementation of community quarantines, there was still an increase in home loans released.

Pag-IBIG released ₱15.49 billion in home loans from January 1 to March 15 this year, an increase of ₱546.97 million or 3.7% from the ₱14.94 billion released in the same period in 2020 when lockdowns in Metro Manila and other parts of Luzon were yet to be implemented.

"We are glad that our momentum in the last quarter of 2020 carried over to first quarter of 2021, despite the challenges caused by the pandemic. In fact, home loan releases in the first quarter of 2021 is 22% higher compared to our loan releases in the first quarter of 2019, which eventually turned out as our best year ever when annual home loan releases amounted to P86.7 billion," Moti said.

"We anticipate that our momentum will continue in the succeeding quarters, barring any major catastrophic event, so we help more members become homeowners," he added.