Pag-IBIG Fund collected P9B from housing loans in Q1

The Home Development Mutual Fund, also known as Pag-IBIG Fund, collected P9.1 billion from housing loan amortizations during the first quarter of 2016, an increase of 5-percent or about P400 Million from the amount collected in same period in 2015, it was learned recently. 

The figure is also 20-percent higher compared with the first-quarter collections average covering the 2011-to-2015 period.

“Pag-IBIG Fund intensified its collection efforts, which are essential in ensuring that our housing funds are replenished regularly. Thus, more and more Filipino workers will be given a chance to acquire affordable and decent homes,” Pag-IBIG Fund President Darlene Marie B. Berberabe said.

The amount, according to her, does not yet include the P1.8-billion collections generated from asset recovery.

“Adding up the asset-recovery collections will bring to P10.9 billion the total collections of the Fund in the first quarter of 2016,” Berberabe said.

She explained that the collections from asset recovery came from the successful disposition of the Fund’s acquired properties, which are offered to the public at very affordable rates.

Pag-IBIG’s partnership with collection agencies also generated an additional P822.4 million for the Fund during the same period.

Pag-IBIG tapped the expertise of these agencies for its delinquent accounts. The agencies have collected a total of P9.9 billion for Pag-IBIG from January 2013 to March 2016.

“It is Pag-IBIG Fund’s duty to collect from its borrowers. The Fund has an obligation to protect and manage well the money of Pag-IBIG members,” Berberabe said.