Pag-ibig Fund members to get higher dividend
TAGUM CITY (23 December) -- Christmas has yet to end but the Pag-ibig Fund brings good tidings to its members for the New Year. It will be giving a higher dividend share as it posts a 15 percent income growth this year.
Pag-ibig Fund deputy chief executive officer Jaime A. Fabiaņa said Pag-ibig Fund is expected to rake in P7.5 billion earnings by yearend, a 15 percent increase from P6.5 billion in 2004.
Every year, the Fund sets aside an amount equivalent to no less than 70 percent of its annual income but Fabiaņa explained that this will not be directly apportioned to its members but will be declared as dividends "that are credited to the members' total savings."
Fabiaņa was the keynote speaker during the recently held groundbreaking and cornerstone laying ceremony of its acquired lot located in Energy Park, Apokon in Tagum City.
Pag-ibig Fund has also grown in terms of total assets from P163.60 billion in 2004 t0 about P180 billion by end of this year.
Fabiaņa was sure that the Fund will soon overtake in total asset value other government corporate entities established way ahead of it.
Showing a remarkable increase in income and in asset value, Pag-ibig Fund now ranks among the top performing corporations in the country.
It has garnered triple A ratings from Philrating, a leading ratings agency in the country, landing fourth in line with Ayala Corp., Globe, Gokongweis which are top performing corporations.
"That shows that the Fund is well managed," Fabiaņa said.
In its desire to reach out to its members in the provinces of Davao del Norte, Davao Oriental and Compostela Valley, Pag-ibig Fund will be putting up a P30 million building in a 3,000 square meter lot in Tagum City.
Fabiaņa estimated Pag-ibig Fund members in the three provinces to reach 80,000 from whom it is collecting about P600 million annually in terms of amortizations due to housing loans, multi-purpose loans and other financial programs of the Fund. (PIA/JMDAbangan) [top]