HOME loan releases of Pag-Ibig Fund in the last three quarters posted double-digit growth and reached P58.73 billion -- the highest ever amount released by the agency for any January to September period.
The amount of home loans released increased 13 percent or P6.97 billion compared to the P51.76 billion in home loans released in the same period in 2018.
The number of financed homes also grew four percent year-on-year to 65,375.
"We have yet to finish the year, but things are already looking good as we have again set a new record-high on our home loan releases for January to September. We will continue to work hard in the remaining months of 2019 to provide decent and affordable home financing to even more Filipino workers. This is our commitment, being one of the key players in President Rodrigo Roa Duterte's drive to uplift the lives of Filipino families," said Secretary Eduardo D. del Rosario, chairman of both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-Ibig Fund Board of Trustees.
Out of the total amount, Del Rosario added that P7.18 billion was released as socialized home loans for the benefit of 18,715 Pag-Ibig Fund members belonging to the minimum-wage and low-income sectors.
Meanwhile, Pag-Ibig Fund Chief Executive Officer Acmad Rizaldy P. Moti said the growth of the agency's housing operations has been remarkable.
"Before, our home loan releases for the whole year usually ranged from P30 billion to P45 billion. It was only in 2016 that we breached P55 billion as we released P57.31 billion. We challenged ourselves to do better, which resulted to us surpassing P65 billion in 2017 and P75 billion in 2018. Now that we're in the third quarter of 2019, our growth continues," Moti said.
"With our home loan releases amounting to P58.73 billion in the last nine months, we have already surpassed the amount released for the whole year in the previous years until 2016. And by the end of the year, our home loan releases may reach P83 to P85 billion," he added.
Moti said the continued demand for the agency's home loans can be attributed to its lowest-ever interest rates, high loan-to-appraisal ratio, long repayment period, and much improved insurance terms.
In total, Pag-Ibig Fund approved P80.87 billion in home loans from January to September to finance the acquisition of 84,904 homes. This includes the amount released and P22.14 billion pending for takeout to 19,529 borrowers.
These pending for takeout are approved home loan applications, the proceeds of which are ready for release upon submission by borrowers of post-approval requirements. (PR)