From July 2022-September 2024, Pag-IBIG collects over P11 billion in savings

Local

THE Pag-IBIG Fund has collected more than P11 billion in savings from its members in Central Visayas, covering contributions made between July 2022 and September 2024.

The savings, which include both mandatory and voluntary contributions, reflect the growing participation of the region’s workforce in the agency’s programs.

Rio R. Teves, Pag-IBIG Fund vice president for Member Services Operation in Visayas-Mindanao, said during a Kapihan sa Bagong Pilipinas in Central Visayas forum that P7.634 billion came from mandatory contributions, while P3.953 billion came from MP2, a voluntary savings program.

Teves highlighted that private sector workers account for 60 to 70 percent of the contributions.

With 1.2 million active members in the region, Pag-IBIG is now exploring partnerships with transportation cooperatives and plans to engage market vendors and over 2,000 registered Transport Network Vehicle Service (TNVS) riders in Central Visayas.

He noted that the Fund’s collection efficiency in the region stands at 92 percent, meaning 9 out of 10 members are actively paying their contributions.

Meanwhile, over 12,000 members in Central Visayas have accessed Pag-IBIG’s housing loan programs during the same period.

According to Teves, the agency approved loans for 11,981 members to purchase new homes, including 790 who availed of socialized housing loans.

The Fund released a total of P18.4 billion for end-user home financing and P330.3 million for socialized housing loans in Central Visayas.

Nationwide, records show Pag-IBIG has approved P280 billion in loans for end-user home financing and P12 billion for socialized housing loans since 2022.

Pag-IBIG housing loan programs allow members to borrow up to P6 million with a repayment term of up to 30 years.

The interest rates range from 5.75 percent to 6.25 percent for end-user loans, while socialized housing loans, available to members earning at least P12,000 gross monthly income, offer a maximum loan amount of P580,000 for subdivision projects and P650,000 for condominiums at a 3 percent annual interest rate.

Teves encouraged workers to register as members and maximize their benefits, emphasizing the programs and services that Pag-IBIG offers to support their financial and housing needs.(MyTVCebu)