Pag-IBIG Fund achieved greater earnings from January to March 2019 due to higher clamor for its loan products and improvement in its collections.
Compared to the first quarter of 2018, this year’s first quarter saw the Fund’s gross income ballooning by 17 percent to P12.69 billion as net income surged by 11 percent to post P8.96 billion.
The recorded data for granted home loans spiked to a 22 percent year-on-year high to P17.21 billion complimented by the 13 percent surge in the number of borrowers to post 19,696.
Meanwhile, Pag-IBIG collections hit P40.24 billion, which is equivalent to an overall increase of 13 percent year-on-year.
“Pag-IBIG Fund stands as one of the most profitable government corporations, we remain in a strong position to provide social services to more Filipino workers, especially the low-wage earners,” said secretary Eduardo del Rosario, who leads both Pag-IBIG Fund Board of Trustees and the Housing and Urban Development Coordinating Council (HUDCC).
Posting a growth rate that is 8 percent higher than the same quarter last year, short-term loans (STL) or cash releases registered P12.05 billion as the number of borrowers grew by 12 percent to achieve 593,269.
A similar positive trend is posted by payments for home loans at P15.25 billion and STL payments at P13.67 billion, growing 15 percent and eight percent, respectively.
“The demand for our home and cash loan programs exceeded our projections by a considerable margin and marked increases from the same period last year,” explained Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti.
“Our Q1 financials prove once again how robust the workers’ fund really is,” Moti continued “If the upward trend continues in the next three quarters, we may well be on the way to achieve another best year in 2019.” (JoelMangahis/PacificTimes)