Pag-IBIG home loan releases hit record-high amid pandemic

MANILA – The Home Development Mutual Fund (Pag-IBIG Fund) said it has reached a record-high of PHP12.11 billion worth of home loan disbursements in December 2020 amid the economic downturn posed by the coronavirus disease 2019 (Covid-19) pandemic.

In a statement Friday, Pag-IBIG said the amount of home loan disbursements has increased up to six percent or PHP640 million higher than PHP11.47 billion posted in December 2019.

Housing czar Sec. Eduardo del Rosario said Pag-IBIG was able to provide homes to more of its members even during the pandemic.

“Our home loan takeouts in December is the highest for a single month in Pag-IBIG Fund’s history. Because of it, we were able to finance the acquisition of 12,275 homes for our members in December alone, which is also a record-high,” del Rosario, also Pag-IBIG Fund board chairperson said.

Del Rosario said the agency has released about PHP63.75 billion for home loan applications within the year 2020, “allowing 63,750 members to acquire their own homes.”

Of the total amount, some PHP7.1 billion or 11-percent were released as socialized home loans for the benefit of 16,975 Pag-IBIG Fund members who belong to the minimum wage and low-income sectors, he added.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Moti said their disbursements from September to December were near to “pre-pandemic” levels despite slow releases in March and April.

“We released more than PHP6 billion to PHP7 billion in home loans every month, reaching its peak in December when releases reached over PHP12 billion,” said Moti. “The year 2020 may not have been record-breaking in terms of numbers, but it was a story of grit and resiliency as we were able to bounce back quickly.”

Pag-IBIG said it could have achieved another milestone year in 2020, if not for the pandemic, as the loan releases in January and February were higher by 17-percent compared to the same period in 2019.

“Home loan releases dipped to PHP3.8 billion in March and P883 million in April. But, as restrictions were eased, home loan figures started to recover in as early as May when disbursements jumped to PHP1.2 billion and rose even higher to PHP2.9 billion in June,” he added.

Moti then attributed the recovery in the latter half of the year 2020 due to the easing of quarantine restrictions.

“Looking at the bigger picture, the improvement in numbers does not only mean increased homeownership among Filipinos. It also means that Pag-IBIG Fund is able to take part in ensuring the safety of our members and their families, especially during this time of a pandemic,” Moti said. “Rest assured that as 2021 unfolds, we will continue to be our members’ reliable partner as we all journey to full recovery.”

Pag-IBIG also said it has approved PHP84.53 billion worth of loans to finance the acquisition of 80,748 homes last year. Of this amount, about PHP20.78 billion of the approved home loan applications are still pending release.