THE earnings of government-owned Home Development Mutual Fund (Pag-IBIG Fund) for the first half of the year reached P20.48 billion, a 27-percent increase compared to the same period last year, its top officials reported on Monday.

From January to June, Pag-IBIG Fund's gross income reached P32.19 billion, while net income amounted to P20.48 billion. Year on year, gross income improved 19 percent and net income went up 27 percent, driven mainly by earnings from its housing and short-term loans (cash loans) and trading gains.