The Home Development Mutual Fund (Pag-IBIG Fund) has moved "from strength to strength" in performance for the last few years, substantially contributing to the national economy through job creation and shelter finance.
This is according to Pag-IBIG Fund president-chief executive officer Atty. Romero F.S. Quimbo who highlighted its performance before the recent Chamber of Real Estate and Builders Associations (CREBA) business meeting at the Manila Polo Club in Makati City.
For 2002-2005, Pag-IBIG Fund funded 43,788 housing units with its 8.3 multiplier effect of providing 364,187 jobs and, for the last seven years, provided P71.30 billion to build 298,587 housing units.
Quimbo said the Pag-IBIG Fund now a corporation with P178 billion in assets and more than six million members.
In 2005, the Fund posted P7.38 billion net income, representing 170 percent increase since 2000. In 2004, it was one of the biggest earning corporations listed by the Business World’s Top 1000 Corporations in the Philippines. With net income of P6.468 billion that year, it ranked 12th place next to the Bank of the Philippine Islands as No. 11.
In its management of the fund, Pag-IBIG Fund got a Aaa-(corp) Credit Rating in 2004, the highest possible rating that could be awarded to a corporation, given by the Philippine Ratings Services Corporation. The award is the highest current rating for any government agency, and the second highest possible to be attained. It won the ANVIL Award twice in a row for its "Tapat sa Pag-IBIG" collection campaign which encourages members to honor their obligations to ensure the continuous flow of funds.
In 2002-2004, Pag-IBIG Fund paid a total of P7.294 billion in taxes to the government, one of the few among government financing institutions conscientiously doing so. Its tax payments, Quimbo said, translated into a better return on provident savings in the form of dividends and an additional 27,836 socialized housing units for Fund members.
In 2005, he reported, its total collections amounted to P47.38 billions, or a 15.44 percent increase over the previous year’s P41.04 billion collections. The multi-purpose loans to members totalled P17.27 billion, or a 65.1 percent increase over 2000 and 2005.
Total assets in 2005 reached P178.3 billion, representing an 8.98 percent increase from 2004 and 56.7 percent increase since 2000.
Its current interest rates for housing loans are: up to P150,000, 6 percent on time payments, and 8 percent for late payments; over P150,000 to R180,000, 7 or 9 percent; over P150,000 to R225,000, 9 or 11 percent; over P180,000 to P300,000, 9 or 11 percent; over P225,000 to P500,000, 10 or 12 percent; over P500,000 to P750,000, 11 or 13 percent; over P500,000 to P2 million, 12 or 14 percent; and over P750,000 to 2 million, 12 or 14 percent. Housing loan terms – up to P500,000 and up to P750,000, 30 years; over P500,000 to P2 million and over P750,000 to P2 million, 20 years.
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