MANILA, Philippines — Housing loans released by the Home Development Mutual Fund (HDMF), also known as the Pag-IBIG Fund, hit P12.11 billion in December, the highest ever made in a single month.
In a statement, Pag-IBIG said housing loans for the month of December increased by six percent from the P11.47 billion recorded in the same month in 2019.
Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund board, said this happened even amid the disruptions caused by the coronavirus pandemic and the ongoing mobility restrictions.
“Our home loan take-outs 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 said.
“Amid the challenges, Pag-IBIG has provided homes to more members during the pandemic, aiding the government’s efforts led by President Duterte, to keep Filipino families safe at home,” he said.
For the whole of 2020, Pag-IBIG’s total housing loan releases amounted to P63.75 billion, benefiting a total of 63,750 members.
Del Rosario said 11 percent or P7.1 billion of the total amount was released as socialized housing loans to 16,975 members who belong to low-income sectors.
Meanwhile, Pag-IBIG chief executive officer Acmad Rizaldy Moti said the fund was originally poised to achieve another record in 2020, but strict community quarantine measures interrupted the fund’s loan growth.
He said total home loan releases in January and February 2020 amounted to P12 billion, 17 percent up from 2019. However, this dipped to P3.8 billion in March and P883 million in April.
As restrictions eased, Moti said home loan figures started to recover, growing to P1.2 billion in May and P2.9 billion in June.
Loan releases continued to climb in the second half of 2020, and by the end of the third quarter, home loan releases had already recovered, he said.
“From September to December, our home loan releases were close to pre-pandemic levels. We released more than P6 billion to P7 billion in home loans every month, reaching its peak in December when releases reached over P12 billion. 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,” Moti said.
“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. Rest assured that as 2021 unfolds, we will continue to be our members’ reliable partner as we all journey to full recovery,” he said.
The Pag-IBIG Fund approved P84.53 billion in home loans last year to finance the acquisition of 80,748 houses. Of this amount, P20.78 billion are still pending for release. These are ready for disbursement upon submission by borrowers of post-approval requirements.