File Photo of Pag-IBIG Chief Executive Officer Marilene Acosta (Photo Courtesy: Pag-IBIG Fund)

QUEZON CITY, (PIA) -- The National Capital Region (NCR) has contributed P27.40 billion or 61.50 percent to the total membership savings of the Home Development Mutual Fund (HDMF) or the Pag-IBIG Fund for the first semester of 2023 that amounted to P44.55 billion. 

The said regional share is 15.64 percent higher than the last fiscal year at P23.69 billion, Deputy Chief Executive Officer Alexander Hilario Aguilar of the Member Services Cluster reported during the NCR leg of the Pag-IBIG Fund Stakeholders’ Accomplishment Report (StAR). 

In terms of the MP2 (Modified Pag-IBIG II) Savings, NCR accounted for P16.39 billion or 69.46 percent of the total P23.60 billion voluntary investment in the previous quarters of the year. This is 20.56 percent higher than the P13.59 billion collected contributions in June 2022. 

Meanwhile, the short-term loans (STLs) made by Pag-IBIG members in NCR also posted a 6.23 percent increase from P13.10 billion to P13.92 billion which makes up 51.77 percent of the total STLs at P26.88 billion. 

These STLs, in particular, were secured by 644,818 borrowers in NCR that comprise 52.64 percent of the total 1.22 million borrowers of the fund. 

In terms of housing loans, the NCR regional share is at P26.23 billion from the total P57.07 billion housing loan amount that was processed by the fund for the last two quarters of 2023. 

P17.85 billion of these housing loans of NCR fund members was already collected, accounting for 46.7 percent of the total P38.26 billion first semester collections. 

However, the socialized housing loan amount in the region posted a 49 percent decline from P1.65 billion in H1 2022 down to P843.65 million in H1 2023. The number of borrowers for this specific loan provision also faced a 45 percent decline from 3,701 to 2,052. 

Nonetheless, the Pag-IBIG fund is in high hopes that socialized housing borrowers will grow with the strengthening of the flagship housing program of the national government, Pambansang Pabahay Para sa Pilipino (4PH). 

To date, there are 9.12 million active Pag-IBIG members in NCR which constitute to 58.57 percent of the total members of the financial institution at 15.56 million. 

The Pag-IBIG StAR mainly aims to report on the accomplishments of the fund in line with the delivery of its mandate to facilitate affordable housing. 

“We present the growth of what we have accomplished year after year. Behind these figures, however, are stories of lives transformed for the better, of families who now live safe and sound in their own homes, of workers who now have the assurance of a future with financial security and freedom, and of low-income earners finding hope, solace, and assurance from a reliable financial institution who will respect their dignity and provide them aid during times of need,” said Pag-IBIG Chief Executive Officer Marilene Acosta. (PIA-NCR)