The Home Development Mutual Fund, which operates under the trade name Pag-IBIG Fund, said home loan disbursements declined 38% to P36.43 billion the nine months to September, with the housing market hindered by the lockdown.
In a briefing Friday, the fund reported that its mortgages in the nine months funded 35,938 housing units, well below the targeted 100,000 units and mortgage volume of P100-billion.
“The restrictions themselves imposed to contain (the coronavirus) had a huge impact on our operations. For our partner developers, you know how difficult it was to conduct borrower validations and credit investigations,” Pag-IBIG said.
Loan releases peaked at P6.1 billion in February before hitting a low of P0.88 billion in April, at the height of the lockdown. In September, loan releases rebounded to P6.53 billion from P4.21 billion in August.
Pag-IBIG’s net profit was P21.65 billion in the nine months to September. In 2019, its profit was P34.37 billion, the highest in seven years. — Kathryn Kristina T. Jose