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Pag-IBIG declares record P8.5B dividends in ‘09Pag-IBIG declares record P8.5B dividends in ‘09 |
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VICE President and Chairman of the Housing and Urban Development CoordinatingCouncil (HUDCC) and the Home Development Mutual Fund (Pag-IBIG Fund) Board of Trustees announced that the corporation recently approved the declaration of P8.5 billion as dividends for the year 2009 which will benefit its more than 7.4 million members throughout the country.
“The amount, which represents an increase of 20 percent compared to last year’s level of P7.1 billion, is the biggest so far in the Fund’s 29-year history,” De Castro said.
De Castro explained the 2009 dividend comprises 71% of the Fund’s P12 billion net income leading to a dividend rate of 5 percent. This will be proportionately credited to the members’ total accumulated savings.
As provided in its Charter, the Pag-IBIG Fund is to set aside an amount equivalent to no less than 70 percent of the institution’s annual net income and declare this as dividends. The dividends are tax-free and fully guaranteed by the national government.
For the last five years, the level of dividends of Pag-IBIG has been continuously increasing from P4.8 billion in 2004, P5.5 billion in 2005, P6.2 billion in 2006 and 2007, P7.1 billion in 2008 and P8.5 billion in 2009.
Jaime Fabiaña, chief executive officer, attributed the increased dividend level to more effective collection procedures and prudent fund management.
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