After setting a new record in home releases as of August, Pag-IBIG Fund expects to sustain its stellar performance for the remainder of the year.
Marilene Acosta, Pag-IBIG Fund chief executive officer, said this will
mainly be driven by the agency’s move to further lower its home loan rates last July.
Pag-IBIG set a new record in the first eight months of 2023 when it released P76.94 billion in home loans, breaking its previous highest home loan disbursement for any January to August period. Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development and head of the 11-member Pag-IBIG Fund Board of Trustees said the amount of home loans released by the agency during the period is P4.23 billion or 6 percent higher compared to the P72.71 billion released during the same period in 2022.
Acuzar said the amount financed 59,840 homes of Pag-IBIG Fund members.
Of this, 7,450 or 12 percent are members from the minimum-wage and low-income sectors, who were able to secure a total of P3.15 billion in socialized home loans.
Pag-IBIG Fund on July 18 announced home loans are pegged at 6.25 per annum under a three-year repricing period from the previous 6.375 percent. Interest rates for the 5, 10, 15, 20, 25 and 30-year repricing periods have also been reduced to 6.5 percent from 6.625 percent, 7.125 percent from 7.375 percent, 7.75 percent from 8 percent, 8.50 percent from 8.625 percent, 9.125 percent from 9.375 percent, and 9.75 percent from 10 percent, respectively. The new rates came to effect on July 1.
“ With four months to go before we end the year, we are optimistic that we shall once again set a banner year in the home loan front, and thus empower more Filipinos to become homeowners,” Acosta said.
