Pag-IBIG Fund assets reach P1T

THE total net assets of the Home Development Mutual Fund or Pag-IBIG Fund breached the P1 trillion mark, the state corporation said on Wednesday. As of the end of September this year, the fund's fiscal performance grew, as their total net assets were recorded at P1.02 trillion, a P125.74 billion increase or 14 percent growth compared to September 2023. Its gross income also reached P62.09 billion, while its net revenues amounted to P39.54 billion, 17 percent higher than the P33.66 billion last year. Pag-IBIG's member savings as of the third quarter of this year totaled P98.72 billion, higher by 48 percent than the P66.73 billion collected within the same period last year. The agency said the double-digit growth was due to "the increase in both the 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 the 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 percent, respectively," the agency explained. In addition, it also reported a net unrealized gain of P320 million, which was a reversal from the P2.28 billion net unrealized loss in September of last year. "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," the agency said in a statement. Top officials of Pag-IBIG said this was due to "higher net revenues, increased member savings, and strategic management of its investment portfolios." "We have just celebrated the National Shelter Month, and we are proud to share that Pag-IBIG Fund has breached the P1-trillion mark in assets," said Housing Secretary Jose Acuzar, who also serves as chairman of the Pag-IBIG Board of Directors. "This serves as a testament to our commitment to fulfilling our mandate. Not only can we assure that our members' fund is prudently managed, it also means that we are ready and able to finance our Filipino workers' dream of home ownership," he added. Pag-IBIG Fund Chief Executive Officer Marilene Acosta said its members would benefit from the agency's financial performance. "The real winner[s] here are our members. 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 that they entrust with us is not just well accounted for but continues to grow. We remain steadfast in our commitment to help improve the lives of the Filipino workers," Acosta said. She added that the growth in savings does not only translate to funds but also helps in the growth of the Philippine economy. "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 infusion of cash 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 that Pag-IBIG generates, it will still benefit our members through the crediting of dividends," she said. The Commission on Audit also gave Pag-IBIG an unmodified opinion in its 2023 financial statements in accordance with applicable financial reporting frameworks.