DESPITE the housing loan interest rate lowered to 5.375 percent, Pag-ibig Fund expects a higher net income as the 2018 ends, said an executive officer.
“We are expecting a P31 or P32 billion net income as the year ends,” Acmad Rizaldy Moti, Pag-ibig chief executive officer, said on Thursday, August 30, 2018 during a media forum at The Pinnacle Hotel and Suites, Davao City.
“For the first six months we recorded a 20 percent year-on-year growth of the net income. It's currently at P16.09 billion net income,” Moti said.
He added the member's savings also generated P18.46 billion income.
Moti said it was the first time for Pag-ibig to generate a total net income of P30 billion last year and will definitely expect a much higher net income by the end of the year.
“So where can we attribute the continuous growth of the fund? Number one is with the strong partnership of the stakeholders. We don't just implement reform without asking the industry,” he added.
Moti also said the commitment of fund members in paying loyally contribute as well in the growth of the fund's net income.
“We have been working very hard since 2012 and 2013 in implementing reforms, just to remind everyone the interest rate at that time was 11.5 percent, so we have been telling our employees and partner developers how can we convince our members to borrow the fund if the banks are offering a lower interest rate?” Moti said. (GAD)