Home Development Mutual Fund (HDMF) or Pag-IBIG Fund has released a total of 1,035 housing units in Southern Mindanao under its socialized housing program while reporting a total membership savings of PHP1.68 billion as of October 2019 in Southern Mindanao. Lawyer Marie Antoniette D. Diaz, Vice President for Housing Loan Operations-Visayas Mindanao Group speaking before mediamen at the Kapihan sa PIA, said that their office has approved 7,747 housing units amounting to a total of P7.4 billion for Southern Mindanao area.
This gives Pag-IBIG Fund an 88 percent accomplishment in terms of housing units and 78 percent in terms of loan value for their performance in Mindanao. She added that the annual target could possibly be attainable before the year ends since the city and Cagayan de Oro have a lot of potentials due to the number of its active members.
Manolito Olegario, Area Head of Member Services Operation for Southern Mindanao said Home Development Mutual Fund (HDMF) or Pag-IBIG Fund has a total membership savings of PHP1.68 billion as of October 2019 in Southern Mindanao.
The figure accounts for 4 percent of the nationwide membership savings of PHP41.66 billion. Olegario said 69 percent of this year’s figure in October or PHP1.164 billion was derived from the membership savings of Davao City based HDMF branches.
-MP2 Savings Program-
Meanwhile, Olegario said the alternative savings generated some PHP321.237 million investment under the Fund’s MP2 Savings Program as of October 2019. The figure is much higher than the total investments in 2018 with only PHP196.4 million, he said. He attributed the increase to “member’s security of their funds, higher dividends rate and also the member’s trust to the Fund”.
In 2018, the dividend rate reached 7.41 percent, Olegario said, which was higher among other financial institutions in terms of savings. Given this rate of interests by the members, he said they are confident they can meet their target this year of PHP450 million. He said MP2 yields higher dividends and tax-free, making it popular option for most retirees, young professionals, individuals. “It is open to all members which is a better alternative savings program where hard-earned money is safe yet earned dividends at higher rates,” he added.
He said MP2 is a voluntary savings program for members-both active and former Fund members who wish to save more and earn higher dividends. Southern Mindanao has active members of 585,000 and 67 percent of this or 389,732 are from the Davao City branches. This figure is 4 percent of the 14.28 million active members nationwide.
-Short Term Loans-
Olegario also said the Fund granted short-term loans to 126,167 members also of the same period amounting to PHP2.469 million. The area is composed of six member services branches in Bajada, Matina, Lanang in this city, Digos City, Davao del Sur; Tagum City, and Panabo City in Davao del Norte with one-member service office in Mati, Davao Oriental.
The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund has a total membership savings of PHP1.68 billion as of October 2019 in Southern Mindanao.