Pag-ibig collects P1.6B in housing payments

SOME P1.641 billion in housing payments was collected by the Home Mutual Development Fund (Pag-ibig) Visayas for the first half of the year, about 45 percent of its full-year target of P3.6 billion.

Last year, the agency collected P3.326 billion in housing payments, higher than the P2.865 billion collected in 2010. The Pagibig Visayas office covers two Cebu branches, Iloilo, Bacolod and Tacloban.

Figures from Pag-ibig’s consolidated operations and performance report faxed to Sun.Star Cebu showed that the agency had 1.247 million active members in the Visayas as of June 2012, with 313,305 active members belonging to the Pag-ibig Cebu City North office and 385,913 active members under the Pag-ibig Cebu City South office.

In 2011, they saw 1.163 million active members while in 2010, there were 1.083 million active members.

The agency managed to meet 97 percent of its target active membership level of 1.285 million, needing just 35,112 to meet its target for the year.

Membership contributions reached P1.576 billion as of June this year, with Cebu offices leading in the amounts collected. The Cebu City North office collected P366.043 million while the Cebu City South office collected P470.739 million. The 2012 target for membership contributions has been set at P2.977 billion.

For short-term loans, the agency collected P3.410 billion for the first half of the year. Availment of multi-purpose loans reached P3.809 billion, with 166,528 borrowers.

Some 2,398 units have been approved for financing, 693 of which are from the Cebu City North office and 366 are from the Cebu City South office.

With the target set at 7,333 units, they have a balance of 4,935 units. They have accomplished 32.7 percent of the target.

Housing financing reached P1.641 billion for the first half of the year.