Pag-IBIG Fund’s performing loans ratio surged to 92.53%
Pag-IBIG Fund’s performing loans ratio surged to 92.53% as top executives reported double digit growth in its housing loan payment collections in the first five months of the year.
From January to May, the agency collected P31.97 billion in home loan payments, which is 15 percent or P4.22 billion higher than the amount collected in the same period last year. The amount is also a record-high in terms of home loan payments collected by the agency for any January to May period.
“We are happy to report that our total collections for the first five months of the year already stand as the highest in our history. Strong collections not only reinforce Pag-IBIG Fund’s financial sustainability, but also benefits our members because the amount we collect are then ploughed back to our housing portfolio so that more members can avail of our home loans. This is one of our ways of heeding President Ferdinand Marcos, Jr.’s call in solving the country’s housing backlog under the Pambansang Pabahay para sa Pilipino or 4PH Program,” said Secretary Jose Rizalino L. Acuzar, who heads both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that because of the agency’s continued strong collections in home loan payments in the first five months of the year, Pag-IBIG Fund’s performing loans ratio continued its rise. From 90.69 percent as of December last year, the agency’s PLR has climbed 184 basis points to reach 92.53 percent as of May.
“We are grateful to our members for their efforts in fulfilling their payment obligations on their loans. Their on-time payments are clearly reflective of their trust in us as we continue to provide relevant programs and services to respond to their needs. Our strong collections and PLR would allow us to not only address the loan needs of our members, but also to keep our interest rates low despite the prevailing market conditions. These are all part of our Lingkod Pag-IBIG commitment to provide accessible and affordable home loans for each Filipino worker,” Acosta added.
Source: Business Mirror