Pag-IBIG fund achieves milestone with record P1-T in assets

The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, has reached an impressive milestone, with its total assets soaring to a record-high of 1.02 trillion by the end of September. This achievement marks the first time the fund has breached the trillion-peso mark, reflecting significant growth in its asset base.

According to the latest financial statement viewed by the Manila Bulletin, Pag-IBIG Fund's total assets have increased substantially from 985.9 billion just a quarter ago and 897.8 billion a year prior. The growth in assets underscores the fund's robust performance, driven in part by an increase in members' contributions that began earlier this year.

Pag-IBIG Fund reported a 17.5 percent year-on-year increase in net income, totaling 39.5 billion as of September, up from 33.7 billion at the same time last year. This uptick is attributed to a total nine-month income from collections and other revenues that rose 12.4 percent to 62.1 billion, compared to 55.3 billion in 2023.

In February, the fund raised the monthly contribution rate for its members from 1 percent to 2 percent, contributing to the increase in service and business income. For the first nine months of the year, this income, which includes contributions, climbed to 53.6 billion, up from 46.2 billion in the previous year. However, investment gains slightly decreased to 6.9 billion, down from 7.5 billion.

The fund also reported a slight increase in other non-operating income, which rose to 1.7 billion from 1.6 billion in the same period last year. Meanwhile, total expenses decreased by 6.1 percent, amounting to 16.1 billion, compared to 17.1 billion in the previous year.

Pag-IBIG Fund continues to play a crucial role in providing home financing, as well as investment and savings programs to its members, which include all Filipino workers in both the public and private sectors. The fund's recent growth not only signifies its stability but also enhances its capability to offer better services and support to its members.

With nearly 1.7 billion in other comprehensive income, the fund’s total comprehensive income rose to 41.2 billion, a notable increase from 33.7 billion a year ago. This remarkable achievement positions Pag-IBIG Fund as a cornerstone of housing finance in the Philippines, fostering the dream of homeownership for countless Filipino families.