PASAY CITY - The Pag-IBIG Fund disclosed that its regular savings dividend rate has reached 6.55 percent, with the Modified Pag-IBIG 2 (MP2) savings program seeing an increase to 7.05 percent in 2023.
According to Philippines News Agency, Chief Executive Officer of the Pag-IBIG Fund, during the Chairman's Report at the Philippine International Convention Center, these rates are the highest recorded since the pandemic began, highlighting the fund's robust fiscal health and commitment to serving its members.
The fund also reported significant growth in total membership savings, reaching PHP89.26 billion, which represents a 12 percent increase from 2022. Furthermore, MP2 savings experienced a notable rise, amounting to PHP46.54 billion or 17 percent higher than the previous year. "The year 2023 was no different as we have again surpassed our 2022 accomplishments. Our home loans and cash loans are at their highest, our collections and loan portfolio are robust, and our fiscal standing at its strongest," Acosta stated.
Jose Rizalino Acuzar, Secretary of the Department of Human Settlements and Urban Development (DHSUD), emphasized the Pag-IBIG Fund's ongoing efforts to provide Filipinos with opportunities for savings and home ownership. He highlighted the progress of the government's national housing program, 4PH (Pambansang Pabahay Para sa Pilipino), which aims to address the country's housing backlog, currently at 6.5 million. Since its launch in September 2022, the program has initiated construction on 34 projects.
In 2023 alone, Acuzar reported that PHP20.17 billion worth of loans were approved for 17,791 housing units, with a total of 159,814 units under construction. The fund's commitment to housing projects is expected to reach PHP250 billion by 2028. "The housing loan take out is PHP126.04 billion -- seven percent higher than 2022 -- and 96,848 members have new or better homes, which is a record high," he added.
The fund also saw a 10 percent increase in short-term loans from the previous year, amounting to PHP59.32 billion, benefiting 2.65 million members. Overall, the Pag-IBIG Fund's total loan payments reached a record high of PHP142.19 billion, marking a 12 percent increase from 2022. The Fund's total assets, gross income, net income, and dividend payout all saw significant increases, with a dividend payout rate of 97.86 percent.
Additionally, the Pag-IBIG Fund has maintained its credibility and reliability, receiving 11 consecutive unmodified and unqualified opinions from the Commission on Audit. This achievement underscores the Fund's role as a steadfast partner in nation-building and supporting Filipino workers.
MANILA — The Manila Electric Company (Meralco) has successfully secured a 400-megawatt interim power supply agreement, a critical step towards ensuring a stable electricity supply for its consumers, especially during the anticipated dry season and the prevailing El Niño conditions.According to Philippines News Agency, the agreement was finalized following a competitive selection process, with Limay Power, Inc. emerging as the chosen supplier.
Limay Power, Inc. was awarded the 400-MW Interim Power Supply Agreement (IPSA) after offering an electricity rate of PHP6.2708 per kilowatt-hour, inclusive of value-added tax and line rental costs. This bid was favorably compared to the competing offer from Masinloc Power Co. Ltd., which proposed a rate of PHP6.2957 per kWh for a 195-MW capacity. The agreement with Limay Power, however, remains subject to approval by the Energy Regulatory Commission and, if sanctioned, will extend until February 2025.
Meralco's pursuit of additional power supplies follows an earlier attempt to secure a 260-MW interim power supply agreement, which did not receive any bids by the scheduled deadline. Jose Ronald Valles, Meralco's first vice president and head of regulatory management, disclosed plans to initiate another round of the Competitive Selective Process for the unfilled 260-MW requirement, underscoring the utility's commitment to maintaining electricity reliability.
Ronnie Aperocho, Meralco's executive vice president and chief operating officer, highlighted the importance of these interim agreements in ensuring that the power supply remains uninterrupted during periods of high demand and environmental stress, emphasizing the company's proactive measures to safeguard against potential shortages.