JC BELLO RUIZ
March 28, 2012
MANILA, Philippines â€” Starting this July, state-run Home Development Mutual Fund (HDMF or Pag-IBIG) will double its current maximum loanable amount for members to P6 million from the current P3 million, Vice President Jejomar C. Binay disclosed.
Binay, concurrent chairman of the Pag-IBIG board of trustees made the announcement during a dinner meeting with Filipino community leaders in Seoul, South Korea on Sunday.
Pag-IBIG raised the maximum amount to P3 million from P2 million in 2009 amid increasing demand for loans both from middle-income earners and real estate developers.
Binay also bared that by July, new members would be allowed to avail of a housing loan even without the required 24-month membership residency.
“Ito ay sa pamamagitan ng pagbabayad ng buo ng kinakailangang buwanang kontribusyon (One only has to pay in full the required monthly contribution),” he explained.
The government housing czar also revealed that Pag-IBIG will be lowering the interest rate on its low-cost and socialized housing loans.
Loans amounting to P400,000 and below will only have an interest rate of 4.5 percent yearly. On the other hand, loans above P400,000 up to P750,000 will have an annual interest rate of 6 percent, Binay said.
The Vice President said the new policies were drafted in the hope that more members would get a chance to realize their dream of owning a house.
Pag-IBIG currently has over 10.2 million members who are mostly middle-income workers. Of the total membership, Overseas Filipino Workers account for 1.5 million.
Last year, Pag-IBIG posted a gross income of P24.8 billion in 2011, its biggest in 31 years according to Pag-IBIG Chief Executive Officer Darlene Marie B. Berberabe.
Last year’s gross income was also 11 percent higher than the P22.4 billion recorded in 2010.
“Our net income is at P11.959 billion, while our total asset level is now over P302 billion,” Berberabe said.
The Pag-IBIG Board of Trustees, on the other hand, approved the declaration of P8.491 billion worth of dividends for 2011 which will be divided among its members.