Pag-IBIG loan releases rise as economy reopens

Pag-IBIG home loan releases increased over the past two months as officials cited continued enhancements to its loan programs while making services more accessible to members amid the pandemic.

“We fully support the administration’s efforts, led by President Duterte, in helping our fellow Filipinos achieve their dream of homeownership even during these challenging times. And, with our recent offering of promo rates on our housing loan, we expect even more members to secure their own homes in the coming months. This also plays a major part in our country’s road to recovery because as more members secure homes, the more jobs it would generate for our fellow Filipinos,” said Secretary Eduardo del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund started the year on a high note with home loan releases reaching P5.5 billion in January, then rising further to P6.5 billion in February, exceeding the amount released for the same months last year by 17 percent. With such accomplishments in the first two months of 2020, Pag-IBIG was on track to release P100 billion in home loans by the end of the year.

But with the rise of the COVID-19 infection in March and the implementation of strict quarantine measures imposed in Metro Manila and other parts of the country for national safety, home loan releases dipped to P3.8 billion in March and P.88 billion in April.