(UPDATES) PAG-IBIG Fund said on Tuesday it had disbursed P88 billion in home loans from January to September.
The high rate of home loan applications was attributed to the agency's efficient processing system.
"At Pag-IBIG, it's easier to avail housing loans, which could be done online, among others," Pag-IBIG Fund Chief Executive Officer Marilene Acosta said in a TV interview.
She added the amount disbursed among 55,000 members showed an increase of P383 million compared to the P76.9 billion released during the same period last year.
Acosta said interest has been pegged at 3 percent for socialized housing packages for minimum wage earners with loan terms of up to 30 years.
"Pag-IBIG Fund has been a dependable partner for Filipino workers in fulfilling their dreams of homeownership through affordable shelter financing. We are grateful to our members for their continued support of our programs. We also recognize their consistent and timely loan payments, which enabled us to uphold strong collections and high performing loans ratio," she added.
Human Settlements and Urban Development Secretary Jose Rizalino Acuzar said the increase in Pag-IBIG loan applications was indicative of the success of the government housing program.
"This is a step consistent with the government's efforts to resolve the housing backlog and provide a better quality of life for Filipinos," said Acuzar, head of the 11-man Pag-IBIG Fund Board of Trustees.