Pag-IBIG Southern Mindanao releases P5.9B for salary, housing loans in 2009
DAVAO CITY, Feb. 10 (PNA) — A total of P5.9 billion was availed of by a good number of Pag-IBIG Fund members of Southern Mindanao in 2009.
Pag-IBIG Fund vice president for Southern Mindanao operations Jose W. Banzon, Jr. reported that both the multi-purpose loan (MPL) and housing loan registered double-digit percentage increases.
For the MPL alone, he said almost half of the Pag-IBIG members in their area availed of this type of loan, accounting to P3.398 billion by some 208,291 borrowers or an increase of 20.91 percent as against 2008 with only P3.001 billion with 198,303 who borrowed.
The multi-purpose loan is among the sought after services in the Davao branch, which receives 400 applications daily. With all requirements met processing is done within the day.
“Traffic is heavy during the months of May and October as most of the borrowers use the proceeds of their loan for enrollment purposes of their children,” Banzon said.
Meanwhile, Banzon said as to housing loans they were avail to release P2.361 billion to some 5,270 borrowers as against the P1.935 billion in 2008 availed of by 4,825 loan takers.
He said with regards to loan value, it generated about 21.98 percent for the year in review while number of takers registered an increase of 9.22 percent.
More than half of the borrowers were from Davao of about 2,868 and valued at P1.451 billion followed by General Santos with P494.9 million of 1,108 borrower, Tagum (Davao del Norte) with P294 million and 931 borrowers and Cotabato, P120.4 million by 363, he said.
The average loan value for last year was pegged at P448,077 in 2009 and P401,206 in 2008. Its housing loan collection in 2009 was at P1.239 billion or an increase of 19.03 percent compared to 2008 with P1.041 billion.
Banzon also reported that active membership level in Southern Mindanao as of last year totaled 484,302 compared to 2008 with only 469,020 or an increase of 3.26 percent.
Among the operating units within the Southern Mindanao Group (SMG), he said the Davao branch still has the most number of members with 204,045 in 2009 compared to 197,401 in 2008 or a 3.37 percent increase and followed by General Santos with 105,911 or an increase of 3.27 percent against the 2008 figure of 102,556.
He said Tagum had 89,974 members as of last year and registered an increase of 5.45 percent as against 85,325 the previous year while Cotabato had 84,372 members or a .76 percent increase from the previous year with only 83,738 members.
With regards members contribution almost half of the pie was contributed by the Davao branch with P509.3 million in 2009 compared to P473.5 million in 2008 or an increase of 7.54 percent. Half of Davao’s contribution was shared by General Santos with P256.8 million last year or an increase of 8.57 percent against 2008′s figure of P236.6 million. Tagum branch delivered a big increase with 22.16 percent or P240.1 million compared to its 2008 contribution of only P196.5 million. Cotabato had 241.9 million in 2008 which lower by -9.04 percent compared to that in 2008 with P265.9 million.
Total member’s contributions of SMG accounted to P1.248 billion or 6.44 percent increase compared to the 2008 total contributions of P1.172 billion.
The developer’s loan release posted an increase of 70.74 percent in 2009 with P247.980 million as against the 2008 figure of P145.236 million.
Of the operating branches, he said Davao registered 112.84 percent increase in 2009 with P178.143 million as against the P83.700 million in 2008, General Santos posted a decrease of -14.98 percent with P48.637 million last year compared to P57.207 million the previous year while Cotabato had P21.200 million in 2009 or a 389.72 percent against P4.329 million in 2008.
As to developers’ loans collections, the Group noted an increase of 51.68 percent with P229.562 million last year as against the previous year with only P151.342 million.
As to its financial highlights, Banzon said the SMG registered a gross income of P1.293 billion with net income of P1.002 billion or a percentage change on net income of 43.26 percent with that of 2008 with only P699.565 million.
Banzon attributed the positive performance to the increasing number of workers covered by the Fund and the number of members who availed of their line of services plus the lowering of interest rates applied to housing loans.
He also said some of the areas covered by SMG had become growth areas and noted that proceeds availed of by members through the multi-purpose loans were plowed back to the economy as more money were in circulation within the area while housing carries multiplier effect of 16 times as it opens also several economic activities. (PNA)
LAP/Prix Digna D. Banzon/lvp