Pag-IBIG in Davao spent P5.9 B for salary, housing loans in 2009

A total of P5.9 billion in loans were availed of by Pag-IBIG Fund members in 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.
Banzon said a total of 208,291 people, or almost half of the Pag-IBIG members in the area, availed themselves of multi-purpose loans, accounting for P3.398 billion, showing an increase of 20.91 percent compared to 2008, with only P3.001 billion released to 198,303 borrowers.
The MPL is among the most sought after services of Pag-IBIG. The Davao branch it receives an average of 400 applications a day and 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 loans for the enrollment of their children.
Banzon also reported that in 2009, Pag-IBIG released a total of  P2.361 billion in housing loans  to 5,270 borrowers in the region as against the P1.935 billion  availed of by 4,825 members in 2008.
A total of 2,868 housing borrowers were from Davao  and valued at P1.451 billion . Davao was followed by General Santos with P494.9 million to 1,108 borrowers, then Tagum with P294 million and 931 borrowers, and Cotabato, P120.4 million by 363. 
The average loan value was P448,077 in 2009 and P401,206 in 2008.  Its housing loan collection in 2009 was at P1.239 billion, showing an increase of 19.03 percent compared to 2008 with P1.041 billion.
Banzon also reported that active member in Southern Mindanao as of last year totaled 484,302 compared to 2008 with only 469,020, registering an increase of 3.26 percent.
Of all the operating units within the Southern Mindanao Group (SMG), 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; followed by General Santos with 105,911 or an increase of 3.27 percent against the 2008 figure of 102,556. 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, 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 that 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.