Pag-IBIG Fund net income hits P8.96B in Q1
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 13 May 2019 16:28:37 +0000
THE Home Development Mutual Fund or Pag-IBIG reported that its net income rose to P8.96 billion in the first quarter of 2019.
In a statement, the state-run firm said the amount was a 10.5-percent increase from its earnings in the same period last year.
Its gross income grew by 7.3 percent to P12.05 billion in January to March, it added.
“While the first three months of the year are usually slow for most companies, we have once again bucked the trend as we continue to achieve double-digit growth,” Pag-
IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said in the statement.
Pag-IBIG attributed the higher profit to high demand for its loans and to improving collections.
“The demand for our home loan and cash loan programs exceeded our projections by a considerable margin and marked increases from the same period last year,” Moti said.
The Fund said the home loans it released surged 22 percent year-on-year to P17.21 billion and the number of borrowers increased 13 percent to 19,696.
Short-term loans (STL) or cash-loan releases rose 8 percent to P12.05 billion as the number of borrowers grew to 593,269, which is 12 percent higher than the figure in the same period last year.
Collections amounted to P40.24 billion, an overall increase of 13 percent year-on-year.
Collected members’ monthly savings jumped 16 percent to P11.15 billion.
Meanwhile, payments for home loans and STL amounted to P15.25 billion and P13.67 billion, growing 15 percent and 8 percent, respectively.
“Our first-quarter financials prove once again how robust the workers’ Fund really is. We achieved our best year yet in 2018,” Moti said.
“If the upward trend continues in the next three quarters, we may well be on the way to achieve another best year in 2019,” he added.
Fund’s total assets have reached P552 billion as of March, about 12 percent higher than last year’s figure.
“Because Pag-IBIG Fund stands as one of the most profitable government corporations, we remain in a strong position to provide social services to more Filipino workers,” said Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council and of the Pag-IBIG Fund Board of Trustees.
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