Pag-ibig Visayas nets P2.3B

THE Home Mutual Development Fund (Pag-ibig) Visayas Group earned a net income of P2.3 billion in 2012, the agency’s consolidated operations performance report showed.

Of the full amount, P1.2 billion or 54 percent of it was earned from Pag-ibig’s branches in Cebu City, said Pag-ibig Vice President for Visayas Victoria dela Peña.

Dela Peña said they are looking forward to 2013 and hope to see more members and give out more loans. To accommodate all the transactions, they will be branching out by turning extension offices in Dumaguete and Tagbilaran into full branch offices within the year. They will also be adding to the personnel of these branches to help them accommodate more transactions.

Dividends given to members are derived from the loan payments. She said that if they cannot collect enough in loan payments to provide 4.5 percent in dividends to all members, they will have to dig into the amount set aside for operational costs.

She also unveiled plans to create a separate unit in Cebu to solely handle housing loans so that the two branches--Cebu City South and Cebu City North--can focus on the other transactions for members.

1.29M active members

She said the single housing hub for Cebu will be split from the provident group and will help them have a uniform set of rules and implementation.

The report showed Pag-ibig’s total assets at P33 billion, 51 percent of which are assets of its Cebu branches.

As of 2012, Pag-ibig has 1.29 million active members; the bulk or 747,146 of them are being serviced by their Cebu branches.

Seeing the huge employment opportunities in Cebu and based on the membership levels of other government agencies like the Social Security System, Department of Labor and Employment and Philippine Health Insurance, dela Peña admitted the figure seems low.

However, she pointed out that some of PhilHealth’s members are indigents and are not eligible for Pag-ibig membership while the SSS figures could also include pensioners and non-active members.

To add to their membership, efforts like approaching newly registered companies at the Securities and Exchange Commission is one of the measures they are adopting.

Members’ contributions reached P3.18 billion, exceeding their target of P2.97 billion.

Contributions from Cebu reached P1.69 billion or 53.09 percent of the total members’ contributions in the Visayas, which also covers the Iloilo, Bacolod and Tacloban offices.

Collection from housing loans reached P3.6 billion, with P2.02 billion or 55.69 percent from Cebu.

Asset recovery collections reached P187.2 million, P51.18 million or 28.08 percent of which was from Cebu.

Pag-ibig Visayas collected P191.3 million in institutional loans and P7.6 billion in short term loans.

Some 331,399 members availed themselves of P7.1 billion in multi-purpose loans.

The agency released P919 million in provident claims to 17,535 claimants and P13.2 million in death benefits to 2,338 families of deceased members.