PAG-IBIG’S HOME LOANS UP BY 98%,P5B RELEASED FOR JAN-FEB ‘08
May 14, 2008

THE Pag-IBIG Fund, the biggest single housing loan provider in the country today, has recorded a 98 percent increase or P4.59 billion in end-user home financing for the first two months of the year over the P2.32 billion recorded for the same period last year. This amount helped finance the construction of nearly 9,000 housing units.

Meanwhile, institutional funding or loans released to the Fund’s developer-partners likewise grew by 49 percent to reach P304.9 million which made possible the development of more than 20 housing projects.

Atty. Romero F.S. Quimbo, Pag-IBIG Chief Executive Officer, said, “we hit the ground running in 2008, having already surpassed our target by seven percent for the first two months of the year.”

Quimbo attributes the continued positive growth in housing to the implementation of the ‘Abot-Kamay Pabahay’ Program initiated by Vice President and concurrent Pag-IBIG Board Chairman Noli ‘Kabayan’ De Castro.

The Program, deemed as the most affordable in the market today, reduced interest rates to six percent and extended amortization payments up to 30 years.

Implementation of the ‘Abot-Kamay Pabahay’ program is further enhanced by such measures as comprehensive marketing offsite briefings, widespread information dissemination campaign, improved processing steps, and streamlined documentation requirements.

Reception of Pag-IBIG members to the program has been overwhelming. In 2007, the number of attendees to the housing loan counseling session increased by 207 percent while the number of calls received at the agency’s Call Center (724.4244 or PAGIBIG) posted a 400 percent increase from 4,304 in 2006 to 21,000 in 2007. Similarly, the number of Membership Status Verification Slip (MSVS), a good way of measuring member’s interest to avail of a housing loan, soared to 128 percent.

“At the outset, VP De Castro instructed the Pag-IBIG Fund to continually find ways to reach out to more members and make our services more convenient and relevant to our members’ needs. The growth in our lending performance for housing affirms the effectiveness of those efforts.”

The Fund continues to be one of the most financially profitable institutions in the government. In 2007, it earned P7.6 billion and lent out a record P9.601 billion in loans, servicing 291,921 members.

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