ZAMBOANGA CITY, 24 Oct (PIA) – The Pag-IBIG Fund's home loan disbursements have surged to a substantial P88.3 billion in the third quarter, reflecting an ever-increasing demand for housing, as reported by agency officials on October 11th.
In a press release, agency revealed that the home loan releases have seen remarkable growth, expanding by nearly P5 billion, which equates to a 6 percent increase compared to the P83.31 billion disbursed during the same period the previous year. This significant sum has facilitated the financing of 68,211 housing units, marking a new record for any January to September timeframe.
Secretary Jose Rizalino L. Acuzar, at the helm of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees, proudly emphasized the Pag-IBIG Fund's prominent role in home financing. It currently accounts for nearly 40% of all home mortgages in the country, aligning with its mission to not only provide affordable home financing to Filipino workers but also effectively stimulate the housing industry. This commitment resonates with President Ferdinand Marcos, Jr.'s call to provide better and more dignified lives for fellow Filipinos.
Out of the total amount disbursed, Acuzar highlighted that P3.49 billion were allocated as socialized home loans, benefiting 8,216 Pag-IBIG Fund members belonging to the minimum-wage and low-income sectors.
Marilene C. Acosta, the Chief Executive Officer of Pag-IBIG Fund, anticipates that the demand for the agency's home loans will continue to soar, especially during the final quarter of the year when securing home financing becomes a top priority in the market.
"In the last nine months alone, our home loan disbursements have reached an impressive P88.30 billion, exceeding the annual figures from Pag-IBIG Fund's inception up to 2019. By year-end, we are optimistic that our home loan releases may even reach P130 billion," Acosta asserted.
She expressed gratitude to the agency's members for choosing the Pag-IBIG Housing Loan to fulfill their dream of homeownership. To further enable Filipino workers to become homeowners on the most favorable terms, Acosta pledged to maintain the agency's low interest rates.
In total, from January to September, Pag-IBIG Fund has already greenlit P111.35 billion in home loans to facilitate the acquisition of 83,063 housing units. This figure includes P23.05 billion in approved loans for 14,852 borrowers, which will be disbursed upon their submission of post-approval requirements. (NBE/EDT/RVC/PIA9 with reports from Pag-IBIG Fund)