Compliance woes stall Pag-IBIG home loan releases

The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, is facing challenges in the release of its housing loans, with only a little over 50 percent of the target reached as of August.

- LOUISE MAUREEN SIMEON

In a briefing yesterday, Pag-IBIG Fund CEO Marilene Acosta said the agency is having difficulties in its home loans but remains confident that releases will pick up toward the end of the year.

In particular, home loan releases reached P77.3 billion in January to August, almost flat from the P76.94 billion in the same period last year.

This is also equivalent to just 54 percent of the target P143 billion in home loans for 2024.

In 2023, Pag-IBIG’s full year target was at P129 billion but slightly fell short at P126 billion.

Acosta explained that Pag-IBIG is having problems in terms of compliance of critical documents among member-borrowers.