January 30, 2010 17:59:00
Cynthia Balana
Philippine Daily Inquirer
MANILA, Philippines—The Home Development Mutual Fund (Pag-IBIG Fund) announced Saturday a total of P8.5 billion as dividends for 2009 which will benefit its 7.4 million members throughout the country.
Vice President Noli de Castro, chairman of the Pag-IBIG Fund board Housing and Urban Development Coordinating Council, said in a statement that the dividend comprises 71 percent 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, he said.
“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.
As provided for in its Charter, the Pag-IBIG Fund will 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.
January 30, 2010 17:59:00
Cynthia Balana
Philippine Daily Inquirer
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