Pag-IBIG Fund reached new heights because the company breached the P1-trillion mark in Whole Web Property in August 2024, reflecting a 14% progress versus September final 12 months. The expansion is basically pushed by increased web revenues, elevated member financial savings, and strategic administration of its funding portfolios, high officers introduced.
“Now we have simply celebrated the Nationwide Shelter Month and we’re proud to share that Pag-IBIG Fund has breached the P1-trillion mark in belongings. This serves as a testomony to our dedication of fulfilling our mandate. Not solely can we guarantee that our members’ fund is prudently managed, it additionally implies that we’re prepared and in a position to finance our Filipino staff’ dream of house possession. This stays in keeping with the directive of President Ferdinand R. Marcos, Jr. to supply high quality and accessible social advantages to our countrymen,” mentioned Secretary Jose Rizalino L. Acuzar of the Division of Human Settlements and City Growth (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees.
As of the top of September 2024, Pag-IBIG Fund’s fiscal efficiency continues to develop, recording a Whole Web Property of P1.02 trillion – a P125.74 billion enhance in comparison with September final 12 months. The company’s gross earnings reached P62.09 billion, whereas web revenues amounted to P39.54 billion – increased by 17% in comparison with P33.66 billion in September 2023.
Member financial savings as of the third quarter of 2024 amounted to P98.72 billion, a rise of 48% from P66.73 billion collected inside the identical interval final 12 months. This double-digit progress was because of the enhance in each the Pag-IBIG Common Financial savings and Pag-IBIG MP2 Financial savings.
Buoyed by the implementation of the Most Fund Wage (MFS) enhance early this 12 months, whole collections for the Pag-IBIG Common Financial savings amounted to P49.86 billion as of September 2024, whereas MP2 voluntary savers remitted P48.86 billion collectively, a year-on-year enhance of 58% and 39%, respectively.
The company additionally reported a web unrealized acquire of P320 million, a reversal from the P2.28 billion web unrealized loss in September 2023. This motion is attributed to improved market valuations of investments measured at honest worth by way of different complete earnings, additional strengthening the company’s monetary place.
Pag-IBIG Fund Chief Government Officer Marilene C. Acosta remarked that members will profit essentially the most from the company’s robust efficiency.
“Ang panalo po dito ay ating mga miyembro. With our robust fiscal standing, we proceed to supply our members with the perfect advantages and applications, to assist them put together and safe a greater future, not only for themselves, but additionally for his or her households. They’re assured that the cash that they entrust with us isn’t just effectively accounted for however continues to develop. We stay steadfast in our dedication to assist enhance the lives of the Filipino staff,” Acosta mentioned.
Acosta emphasised that the expansion in Pag-IBIG Financial savings doesn’t solely translate to obtainable funds for the members but additionally helps the Philippine economic system develop.
“As a cash multiplier, each P100 saved by members and employers in Pag-IBIG Fund can doubtlessly assist generate P1,800 within the economic system by way of future loans and infusion of money into the economic system. After all, this may be simply achieved if our members and partner-developers proceed to avail of our housing mortgage, growth mortgage, and money mortgage applications. For these whose loans have already been authorized, on-time reimbursement can be essential in order that we will proceed the monetary cycle. In the long run, no matter revenues that Pag-IBIG generates, it would nonetheless profit our members by way of the crediting of dividends,” she added.
Apart from showcasing correct fiscal administration by way of its exponential progress in belongings and revenues, the Fee on Audit additionally rendered an unmodified opinion on the equity of the presentation of Pag-IBIG Fund’s 2023 monetary statements, in accordance with relevant monetary reporting frameworks. It’s the twelfth consecutive unqualified/unmodified opinion, which the Fund has obtained from the fee, since 2012.
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