Pag-Ibig doubles assets in 10 years

CEBU, Philippines - Aside from more than doubling its assets, the Home Development Mutual Fund, popularly known as Pag-Ibig, also more than doubled its membership in Central Visayas in the past 10 years.

HMDF Vice President Victoria dela Peña said in 2001 that assets of the government-owned and controlled corporation was pegged at P123 billion which grew to P191 billion in 2006 and that by yearend, the assets have ballooned to about P300 billion.

“In ten year’s time, from 2001 to 2011, our assets have grown to more than double from P123 billion to P300 billion this year,” Dela Peña said.

As of September, this year, there are 1.1 million members of Pag-Ibig in Central Visayas. Their target coverage for 2011, however, is 1.3 million.

While they were not able to meet their target coverage for this year, Dela Peña said that they are constantly conducting an aggressive campaign for employers to register their employees with Pag-Ibig since this is mandatory.

“Our coverage now also includes household helpers, drivers, and other plain workers as long as he or she has an average monthly income of P1,000,” De la Peña said.

Pag-Ibig Fund Cebu South Branch department manager Rio Teves said they registered a nine-percent increase in membership.

“Last year, the total members were 323,000 which grew this year to 351,691 members,” Teves said.

The Cebu South Branch covers the southern part of Cebu, Negros Oriental and Siquijor.

Department manager Jovelita of Pag-Ibig Fund Cebu North Branch Custodio likewise said their membership also increased by 94,109 new members.

“As of end of November, we have a total number of 304,839 members including the 94,000 new members this year,” Custodio said.

The Pag-Ibig has celebrated its 13th year with the theme “Makabuluhan. Matatag. Maasahan” which translates to English that means “Relevance. Stable. Reliable.” — (FREEMAN)