MANILA, Philippines – The Home Development Mutual Fund or Pag-IBIG Fund is considering an increase in the minimum monthly contribution of its members to P200 as part of its goal to double its loan portfolio to P50 billion.
Pag-IBIG chief executive officer Darlene Marie Berberabe said the increase in members’ contributions from the current P100 may be done via a flexible schedule.
She said an enlarged capital will allow Pag-IBIG to provide more housing loans to its members as well as real estate developers.
To date, the fund has a housing loan portfolio of around P21 billion. It also has P40 billion in investible funds other than the housing and cash loans.
Pag-IBIG is mandated to invest up to 70 percent of its portfolio in housing while the rest are for member loans.
It is looking at a 15 percent increase in its net earnings this year to P15 billion.
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Pag-IBIG is also planning to boost its membership base to about 20 million by yearend from the present 12.6 million, targeting the overseas Filipinos market, three million of which are already members.
To better serve the needs of its members, Pag-Ibig has partnered with Globe Telecom to allow its 12.6 million members to pay their monthly contributions and housing loans using their mobile phones.