PAG-IBIG Fund home loan releases hit a record-high in December 2020 as disbursement reached P12.11 billion despite the economic downturn caused by the Covid-19 pandemic.
This amount is P640 million higher, or a six percent increase, from the previous record of P11.47 billion that was set in December 2019.
“Our home loan takeouts in December were 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,” said Secretary Eduardo del Rosario, who heads both the Department of Human Settlements and Urban Development, and the 11-member Pag-Ibig Fund board of trustees.
In 2020, Pag-Ibig Fund released P63.75 billion in home loans allowing 63,750 members to acquire their own homes. Out of the total amount, 11 percent or P7.1 billion were released as socialized home loans that benefited 16,975 Pag-Ibig Fund members who belong to the minimum-wage and low-income sectors.
Meanwhile, Pag-Ibig Fund chief executive officer Acmad Rizaldy Moti expressed optimism that the numbers will continue to rise especially as the economy has reopened.
“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.
The Pag-Ibig Fund approved P84.53 billion in home loans to finance the acquisition of 80,748 homes in 2020. Of this, the amount of P20.78 billion represents approved home loan applications pending for release, the proceeds of which are ready for disbursement upon submission by borrowers of post-approval requirements. / PR