MANILA — President Marcos on Tuesday urged the Home Development Mutual Fund, also known as Pag-IBIG Fund, to ensure that its home mortgage financing is both more affordable and sustainable. He reminded officials of the administration’s goal to construct the highest number of houses by any administration.
During the presentation of the Pag-IBIG Fund chairman’s report for 2023 in Pasay City, Marcos emphasized that his administration has inherited a substantial housing backlog that needs to be addressed.
The President highlighted the challenge for Pag-IBIG, the housing sector, and local governments to transform statistics into tangible homes where people can reside.
“I urge the Pag-IBIG Fund to make its home mortgage financing even more accessible and to balance this with sustainability. This is to inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own,” he said.
“With millions of our countrymen denied the right to decent shelter, the stakes could not be higher. So our task is clear: to build the most number of housing units by any administration,” he added.
The government has initiated a housing program aimed at tackling the 6.5-million housing backlog in the country. The goal is to construct one million houses annually before Marcos concludes his term in 2028.
The Chief Executive referred to his directive to build houses as a “tall order” but expressed confidence in the abilities of Human Settlements Secretary Jose Acuzar, who also serves as the chairman of Pag-IBIG Fund.
“Your secretary of housing does things not because they are easy, but because they are hard. He is fond of challenges. If I say that we need to reach these numbers, nothing is difficult for Secretary Jerry,” Marcos said.
He highlighted the Pasig River Urban Development Project, currently underway, despite what he labeled as a “cowardly” perspective suggesting that the river is beyond revival.
“So far, in the past two years, I have seen how the DHSUD (Department of Human Settlements and Urban Development) and its attached agencies have broken out of their comfort zones and tore down the walls that caged ideas,” he added.
Yesterday, Pag-IBIG Fund announced dividend rates of 6.55 percent per annum for its regular savings and 7.05 percent per annum for its MP2 savings for 2023.
The government-owned and controlled corporation achieved the highest housing loan amount at P126.04 billion, assisting more than 96,000 of its members in acquiring new or improved homes, according to the President.
Additionally, it recorded short-term loans totaling P59.31 billion, benefiting 2.65 million members, with an annual net income of P43.79 billion.
Pag-IBIG Fund’s assets reached P925.61 billion, while its dividend and net income stood at P48.76 billion and P49.79 billion, respectively.
