Vice President Jejomar C. Binay today said the Home Development Mutual (Pag-IBIG) Fund has grown more financially stable and responsive to the needs of its members in the last three years even without increasing its monthly membership contribution of P100.
At the same time, the Vice President assured members that the agency will not enter into any settlement with fugitive developer Delfin Lee. Pagibig filed syndicated estafa charges against Lee and other officers of Globe Asiatique in December, 2010 for defrauding the agency of P6.6 billion using ghost borrowers and spurious documents.
“Gusto ko pong bigyan diin na may collateral na hinahawakan ang Pag-IBIG na katumbas sa loan value ng borrowers ng Globe Asiatique at hanggang ngayon po ay hawak natin ang mga collateral na ito,” he said.
“Tinitiyak ko po sa inyo na hindi tayo bibitaw, hindi tayo makikipag-areglo, hindi tayo papayag na babaan ang kaso at hindi tayo titigil hangga’t hindi sila napaparusahan,” he added.
According to Binay, Pag-IBIG Fund posted a net income of P16.25 billion in 2013, which is comparable to the net income of the country's biggest banks. He said the total assets of the agency amounted to P345.7 billion by year-end.
“With such robust financial standing, our members have the most to gain. They can be assured that their savings are secure, and bigger profits bring bigger dividends to them. As per our projection, we may declare P10.03 billion in dividends for 2013. Dividends are credited annually to each member’s account,” he added.
He also said Pag-IBIG’s current stellar standing is supported by the enhanced loan programs implemented in the previous years. In 2012, the agency doubled the home loan amount from Php3 Million to Php6 Million, and dropped interest rates of the affordable housing loan and calamity loans to record lows of 4.5 percent and 5.95 percent, respectively.
The Fund was able to maintain a high Performing Loan (PL) ratio for the past 3 years, averaging 87.66%. The accomplishment is credited to the enhanced collection mechanisms introduced by Pag-IBIG last year, including the outsourcing of payment collections for delinquent accounts. As a result, Pag-IBIG, has collected a total of P3.356 billion in housing loan payments from accounts that were previously non-performing, for the year 2013.
“Ang hamon ko sa inyo ngayon bilang bahagi ng Pag-IBIG fund ay ang lalo pang maigting na paglilingkod sa ating mga miyembro,” Binay said.
Binay said service channels were also expanded. In 2013, Pag-IBIG Fund opened more branches in key locations. Pag-IBIG’s offices ballooned to 62 from only 38 in 2012. The agency also widened its presence in shopping malls by opening 14 service desks in different malls nationwide. Some town halls also house Pag-IBIG Fund desks. The agency also forged collection agreements with leading banks and payment centers so that members can pay their savings and amortizations wherever convenient to them.
“Totoong hinigitan na natin ang ating mga sariling pagsisikap noong nakaraang taon. Ngunit alam natin, tulad ng nasabi ko na, na marami pa tayong magagawa. Marami pa tayong ibibigay,” he added.
These initiatives and policies have led to the Fund’s being recognized by various bodies. Pag-IBIG earned its ISO 9001: 2008 Certification in 2011, 2012 and 2013. It also earned an Excellent rating from the Civil Service Commission (CSC) for five of its branches in the 2013 Anti-Red Tape Act survey, and the Commission on Audit (COA) granted Pag-IBIG Fund an “unqualified opinion”, assuring the public that the agency's financial statements has complied with existing state financial policies and guidelines.
“In 2010, when the new board and management assumed office, there was already a board-approved resolution to increase the monthly contribution, since the P100 contribution rate has been the rate since the 1980s. However, our Chairman engaged us in a discussion on the timeliness and propriety of the strategy to increase the Fund at that time. He then proposed to increase the membership base first in order to increase the contributions; to improve our collection platform to makes sure that we not only disburse funds to lend to our members, but equally important, we also collect the loan amortizations, so that the Fund can be sustained; and lastly, to improve our benefits and services so that our members will choose to continue to contribute, or to save, with the Fund. These directives have guided us for the last three years, and we have adopted the mantra: Let us work for a bigger, better, faster Pag-IBIG Fund,” Pag-IBIG President and Chief Executive Officer Atty. Darlene Marie B. Berberabe said.