The Pag-IBIG fund posted a profit of 16.11 billion pesos in the first half of 2021 amid challenges posed by the lingering health crisis, an increase of 14% from the same period last year, reported its senior officials (Wednesday, August 25).
From January to June, the gross income of the Pag-IBIG fund reached 27.14 billion pesos while its net income amounted to 16.11 billion pesos. Compared to the same period last year, gross income increased by 13% and net income increased by 14%, mainly due to income from its home and short-term loans (cash loans) and earnings commercial.
“We are pleased to report that the Pag-IBIG Fund remains strong in the midst of the pandemic. The double-digit increase in our revenues proves that today we remain one of the most successful Crown corporations in the country. This places us in a strong position to continue to provide social services to more Filipino workers, as directed by President Duterte as we continue to recover from the challenges caused by the pandemic, ”said Secretary Eduardo D. del Rosario, president of the Department of Human Settlements and Urban Development (DHSUD) and of the 11 members of the Board of Directors of the Pag-IBIG Fund.
He added that in July, the Pag-IBIG Fund had so far released 52.22 billion pesos to finance the acquisition of 51,206 homes for its members. During the same period, the agency released 25.42 billion pesos in cash loans, helping more than 1.18 million members meet their immediate financial needs as the health crisis continues. Its members’ savings also reached 37.46 billion pesos in July, heavily driven by the agency’s popular MP2 Savings, where members collectively saved 15.83 billion pesos.
Pag-IBIG Fund CEO Acmad Rizaldy P. Moti said the agency’s earnings should benefit its members. He noted that under its charter, Pag-IBIG Fund is mandated to return at least 70% of its annual net income to its members in the form of dividends which are credited to their savings.
“The real owners of the Pag-IBIG Fund are the Filipino workers. This is why it is our responsibility, as administrators of the Fund, to manage their contributions with prudence and excellence. Last 2020, we returned 92.15% of our net income to members in the form of dividends, even though our Charter only requires a minimum of 70%. With our strong financial position, our members can rest assured that our programs will remain available to help them recover from the pandemic and that every hard-earned peso they save with us remains safe and continues to grow, ”Moti said. .
Earlier this month, the agency received its 9th consecutive unmodified opinion from the Audit Committee (COA) for its financial statements for the year 2020. This is the highest rating among State auditors assign to a government agency or enterprise, which means that an agency’s financial statements are presented, in all material respects, in accordance with applicable financial statements.
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