President Ferdinand R. Marcos, Jr. lauded Pag-IBIG Fund’s highest dividend rates since the COVID-19 pandemic, as its Regular Savings dividend rate for 2022 reached 6.53% and its Modified Pag-IBIG 2 (MP2) Savings surged to 7.03% per annum.
The dividend rates on the members’ savings of the agency were the highlights of the Pag-IBIG Fund Chairman’s Report for 2022, where the President spoke before a gathering of agency members, partners and stakeholders at the SMX Convention Center on March 28.
“It makes me proud that your agency’s stewardship of our national savings program has successfully provided affordable shelter financing for our people. Let me thank all of you, the members who are the owners of Pag-IBIG Fund, including concerned housing developers, partners, and other key stakeholders who have been instrumental in fulfilling the Pag-IBIG Fund’s mandate, of serving the Filipino workforce,” the President said.
“As the Pag-IBIG Fund was established under the presidency of my father, I look forward to your efforts in continuing his legacy of quality public service into the future. I urge you to sustain the transparency and accountability in all the work that you do. Thus, we are able to maintain the public’s renewed trust in government. Let us ensure that the Pag-IBIG Fund remains at the forefront of fulfilling our peoples’ aspirations,” the chief executive added.
Pag-IBIG Fund posted its best performing year in 2022 as the agency’s net income reached a record-high P44.50 billion, a 28% increase from the P34.69 billion the year prior.
The agency also reported several record-high figures for the year, with home loans reaching P117.85 billion; total membership savings collected amounting to P79.90 billion and loan payments amounting to P127.42 billion.
Pag-IBIG Fund also assisted the highest number of members with 105,212 securing new homes from its housing loan programs and over 2.61 million aided through its short-term loans. The agency ended the year with total assets at its highest, amounting to P827.40 billion.
Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who also heads the 11-member Pag-IBIG Fund Board of Trustees, explained that the dividend rates are the result of the agency’s record-high net income coupled with the highest dividend payout ratio approved by the Pag-IBIG Board.
Mr. Acuzar said that while the agency is required to give back to members only at least 70% of its annual net income as dividends, the Pag-IBIG Board approved a 97% payout ratio, resulting in a dividend amount to P42.70 billion — the highest in the agency’s history.
“We at Pag-IBIG do all that we can to keep the returns on our members’ savings high, while ensuring the Fund’s sustainability and stability. With Pag-IBIG Fund capably led by its CEO ‘Manang’ Malen Acosta having its best performing year in 2022, we were able to declare the highest amount of dividends for our members’ savings in our 42-year history,” the DHSUD chief said.
“Truly, when Pag-IBIG Fund performs well, it is our members who benefit the most. We assure our members that Pag-IBIG Fund shall be their reliable partner as they pursue a better and more secure future,” the Pag-IBIG Chairman noted.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
