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Pag-IBIG Fund said its total net assets surpassed the P1-trillion mark in August 2024, a 14% increase from the previous year.
The growth was fueled by higher net revenues, increased member savings, and strategic investment portfolio management, top officials said.
“We have just celebrated National Shelter Month, and we are proud to share that Pag-IBIG Fund has breached the P1 trillion mark in assets. This is a testament to our commitment to fulfilling our mandate,” said Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who chairs the 11-member Pag-IBIG Fund Board of Trustees.
“Not only can we assure that our members’ funds are prudently managed, but it also means that we are ready and able to finance Filipino workers’ dream of homeownership. This aligns with President Ferdinand R. Marcos Jr.’s directive to provide quality and accessible social benefits to our countrymen,” Acuzar said.
As of September 2024, Pag-IBIG Fund’s fiscal performance continued to grow, with total net assets reaching P1.02 trillion – a P125.74 billion increase compared to the same period last year. The agency’s gross income reached P62.09 billion, while net revenues amounted to P39.54 billion – a 17% increase from P33.66 billion in September 2023.
Member savings as of the third quarter of 2024 totaled P98.72 billion, a 48% increase from P66.73 billion collected in the same period last year. This double-digit growth was driven by increases in both Pag-IBIG Regular Savings and Pag-IBIG MP2 Savings.
Buoyed by the implementation of the Maximum Fund Salary (MFS) increase early this year, total collections for Pag-IBIG Regular Savings amounted to P49.86 billion as of September 2024, while MP2 voluntary savers remitted P48.86 billion collectively, a year-on-year increase of 58% and 39%, respectively.
The agency also reported a net unrealized gain of P320 million, a reversal from the P2.28 billion net unrealized loss in September 2023. This movement is attributed to improved market valuations of investments measured at fair value through other comprehensive income, further strengthening the agency’s financial position.
Pag-IBIG Fund CEO Marilene Acosta said members would benefit most from the agency’s strong performance.
“With our strong fiscal standing, we continue to provide our members with the best benefits and programs to help them prepare and secure a better future, not just for themselves but also for their families. They are assured that the money they entrust to us is well-accounted for and continues to grow. We remain steadfast in our commitment to help improve the lives of Filipino workers,” Acosta said.
Acosta said the growth in Pag-IBIG Savings not only translates to available funds for members but also helps the Philippine economy grow.
“As a money multiplier, every P100 saved by members and employers in Pag-IBIG Fund can potentially help generate P1,800 in the economy through future loans and cash infusion into the economy. Of course, this can be easily achieved if our members and partner-developers continue to avail of our housing loan, development loan, and cash loan programs. For those whose loans have already been approved, on-time repayment is also important so that we can continue the financial cycle. In the end, whatever revenues Pag-IBIG generates will still benefit our members through the crediting of dividends,” she said.
Aside from showcasing proper fiscal management through its exponential growth in assets and revenues, the Commission on Audit also rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s 2023 financial statements, in accordance with applicable financial reporting frameworks. This is the 12th consecutive unqualified/unmodified opinion the Fund has received from the commission since 2012.
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