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Pag-ibig Visayas branch among top performing hubs in PH

By: Irene R. Sino Cruz December 11,2019 - 04:23 PM

Rio Teves, Pag-ibig vice president and area head of members service operation for Visayas/Mindanao and Northern Mindanao, says they will continue to monitor compliance of new companies in January next year. | Irene R. Sino Cruz

CEBU CITY — The Home Mutual Development Fund (Pag-ibig) Cebu is the top performing hub in the Philippines.

Rio Teves, Pag-ibig vice president and area head of members service operation for Visayas/Mindanao and Northern Mindanao, said that Cebu performed much better than last year because of the higher loan takeout.

“In fact, they exceeded their target by around 10 percent as of October. And this will be reflected as the highest ever growth for Cebu, in terms of (housing loan) takeout,” Teves said.

Also, he noted that the short-term loans such as the multi purpose loan, for Central Visayas, rose by about  eight percent.

Membership also grew by five percent. 

According to Teves, compliance for Pag-ibig membership also reached 98 to 99 percent in Central Visayas.

He said that they had coordinated with local government units to supply them with the list of new businesses.

Teves said that for South Central Visayas, membership increased by 18 percent during the first 10 months of 2019 when compared to the same period last year. 

According to Teves, the members in South Central Visayas grew from 484,262 in 2018 to 572,493 this year.

Membership savings from January to October 2019 also went up by 24 percent from P1.215 billion for the same period in 2018 to P1.501 billion in 2019.

The short-term loans (STL) this year reached P1.704 billion, up by 10 percent, from P1.545 billion in 2018.

South Central comprises of Cebu Ayala, Cebu Downtown, Talisay, Carcar, Toledo and Dumaguete.

On the other hand, North Cebu also posted growth in membership (12 percent); members savings (15 percent); and short-term loans (11 percent).

Meanwhile, Pag-ibig will auction around 70 acquired assets, which they took over after the lender of the properties failed to pay their amortization./dbs

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