Pag-IBIG Fund reached new heights as it breached the P1-trillion mark in total net assets in August 2024, reflecting a 14 percent growth versus September last year.
The growth is largely driven by higher net revenues, increased member savings, and strategic management of its investment portfolios, top officials announced.
“We have just celebrated the National Shelter Month and we are proud to share that Pag-IBIG Fund has breached the P1-trillion mark in assets. This serves as a testament to our commitment of fulfilling our mandate,” Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees, said in a statement Nov. 4.
“Not only can we assure that our members’ fund is prudently managed, it also means that we are ready and able to finance our Filipino workers’ dream of home ownership. This remains consistent with the directive of President Ferdinand Marcos Jr. to provide quality and accessible social benefits to our countrymen,” Acuzar added.
As of end Sept. 2024, Pag-IBIG Fund’s fiscal performance continued to grow, recording total net assets of P1.02 trillion, or a P125.74 billion increase compared to September last year. The agency’s gross income reached P62.09 billion, while net revenues amounted to P39.54 billion, higher by 17 percent compared to P33.66 billion in September 2023.
Member savings, as of the third quarter of 2024, amounted to P98.72 billion, or an increase of 48 percent from P66.73 billion collected in the same period last year. This double-digit growth was due to the increase in both the Pag-IBIG Regular Savings and Pag-IBIG MP2 Savings, the agency said.
Buoyed by the implementation of the Maximum Fund Salary (MFS) increase early this year, total collections for the Pag-IBIG Regular Savings amounted to P49.86 billion, as of Sept. 2024, while MP2 voluntary savers remitted P48.86 billion collectively, a year-on-year increase of 58 percent and 39 percent, respectively.
The agency also reported a net unrealized gain of P320 million, a reversal from the P2.28 billion net unrealized loss in September last year. This movement is attributed to improved market valuations of investments measured at fair value through other comprehensive income, further strengthening the agency’s financial position.
Pag-IBIG Fund chief executive officer Marilene Acosta said that members will benefit the most from the agency’s strong performance.
“Ang panalo po dito ay ang ating mga miyembro. With our strong fiscal standing, we continue to provide our members with the best benefits and programs, to help them prepare and secure a better future, not just for themselves, but also for their families,” Acosta said.
“They are assured that the money that they entrust with us is not just well accounted for, but continues to grow. We remain steadfast in our commitment to help improve the lives of the Filipino workers,” she stressed.
Acosta emphasized that the growth in Pag-IBIG Savings does not only translate to available funds for the members, but also helps the Philippine economy grow.
“As a money multiplier, every P100 saved by members and employers in Pag-IBIG Fund can potentially help generate P1,800 in the economy through future loans and infusion of cash into the economy. Of course, this can be easily achieved if our members and partner-developers continue to avail of our housing loan, development loan, and cash loan programs. For those whose loans have already been approved, on-time repayment is also important so that we can continue the financial cycle. In the end, whatever revenues that Pag-IBIG generates, it will still benefit our members through the crediting of dividends,” she added.
Aside from showcasing proper fiscal management through its exponential growth in assets and revenues, the Commission on Audit also rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s 2023 financial statements, in accordance with applicable financial reporting frameworks.
It is the 12th consecutive unqualified/unmodified opinion, which the Fund has received from the commission, since 2012. ||
