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PIA Press Release
2007/05/09

Pag-IBIG sustains assistance to delinquent borrowers

by Prix D Banzon

Davao City (9 May) -- Pag-IBIG Fund continues to implement the Housing Loan Restructuring and Penalty Condonation Program to enable member-borrower to settle their delinquent accounts.

In a press statement Pag-IBIG Fund chair of the board, Housing Czar and Vice President Noli De Castro instructed the Fund to sustain such program for those affected borrowers.

De Castro meanwhile announced that the Board has approved the grant of P6.18 billion in dividends to nearly 6.5 million Pag-IBIG members nationwide.

The 2006 dividend comprises 80 percent or the largest ever percentage cut from the Fundís net income, which represents a dividend rate of 4.81 percent. The Pag-IBIG Fund Charter provides that it should distribute at least 70 percent of its annual net income as dividends to its members.

The steady increase in annual dividends signifies the Pag-IBIG Fundís continuous growth and stable financial standing.

Pag-IBIG Fund president and CEO Atty Romero Quimbo on the other hand said that a higher income for the Fund invariably leads to higher dividends and better services for our members. (PIA XI) [top]

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