Tala, Maya Bank Announce Loan Channeling Partnership Towards Financial Inclusion In PH

Tala, the first fintech company for the Global Majority, announced its team-up with Maya Bank, a digital bank leader in the Philippines! This partnership aims to close the financial gap for Filipinos by channeling PHP 2.75 billion through digital platforms for better credit access.

Strengthening Financial Health Key To Unlocking Economic Potential Of Global Majority

Discover how Tala's innovative solutions are transforming financial health for millions worldwide, fostering confidence and independence on the path to economic empowerment.

All Within 15 Minutes: Urban Planning Concept City To Rise In Pasay

Transforming transportation, boosting the economy, and shaping the future! The Pasay 360 Project is set to revolutionize city living and empower generations to come.

Pag-IBIG Dividend Rates Hit 6.55% For Regular Savings, 7.05% For MP2

9

Pag-IBIG Dividend Rates Hit 6.55% For Regular Savings, 7.05% For MP2

9

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

The Pag-IBIG Fund on Tuesday said its regular savings dividend rate reached 6.55 percent and its Modified Pag-IBIG 2 (MP2) savings increased to 7.05 percent in 2023.

During the Chairman’s Report at the Philippine International Convention Center in Pasay City, Pag-IBIG Fund chief executive officer Marilene Acosta said the dividend rates are the highest since the pandemic.

Pag-IBIG Fund also posted PHP89.26 billion worth of total membership savings, which is 12 percent higher than 2022

The agency also reported that MP2 savings reached PHP46.54 billion or 17 percent higher than last year.

“The year 2023 was no different as we have again surpassed our 2022 accomplishments. Our home loans and cash loans are its highest, our collections and loan portfolio are robust, and our fiscal standing at its strongest,” she said.

Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar emphasized that the Pag-IBIG Fund continued to provide opportunities for Filipinos to save money and have their own homes.

“Mula nang simulan natin ang programang ito, nasa 34 4PH na ang ongoing construction ngayon (Since we started this 4PH [Pambansang Pabahay Para sa Pilipino] program, there are already 34 projects that are under construction),” he said.

The 4PH is a government national housing program being implemented by the DHSUD in collaboration with other government agencies.

It was launched in September 2022 to address the 6.5 million backlogs on housing for the poor nationwide.

For 2023, Acuzar said PHP20.17 billion worth of loans have been approved for 17,791 housing units.

A total of 159,814 housing units are already under construction as Pag-IBIG Fund commitment has reached PHP250 billion up to year 2028.

“The housing loan take out is PHP126.04 billion — seven percent higher than 2022 — and 96,848 members have new or better homes, which is a record high,” Acuzar said.

“Short term loans reached PHP59.32 billion — 10 percent higher than 2022 — and short-term loan borrowers covered 2.65 million members and that is 41, 618 members more than 2022,” he added.

He said the Fund’s total loan payments have reached a record high of PHP142.19 billion (12 percent higher than 2022); total assets are at PHP925.61 billion (12 percent higher than 2022); gross income at PHP77.22 billion (12 percent higher than 2022); net income at PHP 49.79 billion (12 percent higher than 2022); dividend amount reached PHP48.76 billion (14 percent higher than 2022); and dividend payout of 97.86 percent.

The Fund’s Pag-IBIG on Wheels have served more than 100 members and provided discounts and rewards from 395 partners.

The agency likewise provides affordable housing loan at 3 percent, the lowest in the market, through it 207 service branches.

Acuzar said the Fund got 11 consecutive unmodified and unqualified opinions from the Commission on Audit, showing its commitment to being a reliable partner of Filipino workers and the government in nation-building. (PNA)