Pag-IBIG SouthMin posts collection growth


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In photo with Mr. Banzon were editors and reporters from Business World, Philippine Daily Inquirer, Philippine Information Agency, Philippine News Agency, Mindanao Daily Mirror, Mindanao Times, SunStar Davao and The Edge

Pag-IBIG Fund of the Southern Mindanao Group has posted a P4.486 billion collections for the first nine months in 2008.

Vice President Jose W. Banzon, Jr. of Pag-IBIG Fund Southern Mindanao Group in an interview by Davao business reporters at Pryce Tower in Davao City said the Short-term Loan (STL) is biggest of the four anchor programs with P2.343 billion.

He said of the other three programs, members’ contribution followed next with P882.6 million, housing loan at P868.7 million and acquired assets collections at P391.7 million.

Based on annualized collections, he said the Southern Mindanao Group would generate about P5.982 billion as against the target of P5.556 billion, an increase of 10.48 percent.

Banzon also said that from among the four branches of the Group, the Davao branch tops the list with total collections generated within the period in review of P1.869 billion. The General Santos City branch ranks second with P923.623 million, Tagum, P866.030 million and the Cotabato branch with P827.16 million.

Also of the four major programs he mentioned that the Short-term Loan Availment is the most sought after services being accessed by Pag-IBIG members.

He said their total exposure of P2.538 billion is accessed by 168,110 members.

“This program is top gainer because they were able to institutionalize the fast phase of processing of loans,” he said.

“Fund members are interested on this because they find it very convenient. Within a day or two, borrowers can already have their loans processed,” he said.

Based on annualized figure this year, he said their total loan amount is at P3.384 billion that will be accessed by 224,147 members.

He said figures would show that 36 percent of the Pag-IBIG Fund members availed of the STL, a figure that only the Fund from among other similar institute could deliver.

The Southern Mindanao Group is expected to give out total STL loan for 2008 of P2.637 billion to about 166,974.

Current figure showed that the Group will hit towards end of 2008 128.30 percent of the loanable amount and about 134.24 percent increase of the Fund’s borrowers.

Banzon also said that the Southern Mindanao Group has a total of 472,638 active members as of September 2008 as against this year’s target of 465,696 registering an increase of 101.49 percent.

The Davao branch accounted to 196,259, Tagum, 88,452, General Santos, 103,523 and Cotabato 84,404.

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