In a statement, Vice President Jejomar C. Binay, who chairs the Home Development Mutual Fund said the agency earned P16.22 billion in 2014, its biggest in its 34-year history.
Pag-IBIG’s assets rose 9.12 percent year-on-year to P376.09 billion.
“Pag-IBIG Fund continues to be bigger, offers better services and more benefits to its members through faster and more efficient operations, all without increasing its monthly contribution which remains at P100 since the 1980s,” Binay said.
“The record-breaking achievements in 2014 reinforce Pag-IBIG’s solid and robust financial standing that resulted from the reforms and innovations that Pag-IBIG put into action in the past four years,” he said.
Housing loan takeout also hit a record at P40.6 billion for 54,026 units, up 19 percent and 14 percent from the previous year’s P33.96 billion for 47,562, respectively.
Despite the increase in loan take-up, loan quality improved, with the agency’s non-performing loan ratio easing to 13 percent last year from 17 percent in 2013, making the 2014 figure the lowest since 2008.
Pag-IBIG attributed the improvement partly to the outsourcing of collections for housing loans in arrears, resulting in the conversion of 47 percent of the agency’s non-performing loans, or 189,498 accounts, into active accounts. Pag-IBIG-accredited collection agencies raised P2.7 billion.
“In 2014, Pag-IBIG recorded an impressive housing loan portfolio, a feat propelled by the reforms implemented by the Fund such as the creation of a department focused on marketing the housing business, the execution of strengthened underwriting guidelines, and an efficient collection mechanism, which resulted to high loan takeouts and the best performing loans ratio Pag-IBIG has ever attained in its 34-year history,” Binay said.
The agency last year also increased its membership, which in turn lifted savings. Pag-IBIG members increased 9 percent to 14.76 million last year from 13.49 million in 2013. This in turn was due to a 27 percent increase in voluntary members and a 20 percent uptick in overseas Filipino worker members.
As a result, members’ savings reached P28.07 billion last year, including P3.8 billion in voluntary upgraded savings, or amounts beyond that mandated by law.
“Hindi po matatawaran ang P4.66 bilyon na boluntaryong inimpok sa Pag-IBIG ng 121,979 Pag-IBIG members. Wala pong duda, ito ay isang patunay ng tiwala at kumpiyansa sa Pag-IBIG Fund ng mga Pag-IBIG members,” Binay said.
The Pag-IBIG board has declared P11.34 billion in dividends last year, equivalent to a dividend rate of 4.18 percent, which is higher than the 0.5-1 percent offered by banks.
Savers under the Modified Pag-IBIG 2 (MP2) Program earned dividends at a higher dividend rate of 4.68%. Pag-IBIG has credited a total of P80.73 billion to members’ accounts in the past decade, 58 percent of which was declared from 2010 to 2014.
“Dahil sa mas lumalaki at mas matatag na pondo, ang mga Pag-IBIG members ngayon ay may mas marami nang benepisyo,” he added.
To boost service, Pag-IBIG strengthened partnerships with other government agencies such as the Bureau of Internal Revenue, Land Registration Authority and the Philippine Overseas Employment Administration.
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