SMF Proposes Additional PMN Of IDR 1.89 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Sarana Multigriya Finansial/SMF (Persero) proposed an additional value of State Equity Participation (PMN) for the 2024 fiscal year of IDR 1.89 trillion to Commission XI of the DPR.

"So, the PMN proposed at IDR 1.89 trillion is very much needed to finance 166,000 housing units targeted by the government in 2024. This is very much needed, because with IDR 1.89 trillion, we will leverage it to IDR 7.02 trillion," said SMF President Director Ananta Wiyogo in a Hearing Meeting (RDP) with Commission XI DPR RI, quoted from Antara, Tuesday, July 2.

The criteria for the distribution of Housing Financing Credit for Financing Liquidity Facilities (KPR FLPP) are in order to fulfill housing needs for Low-Income Communities (MBR) ranging from diesel 8 (income of around Rp. 8 million) to diesel 1, both informal and formal workers.

The allocation scheme for the 2024 FLPP KPR is PMN of IDR 1.89 trillion which is combined with SMF funds and other funds of IDR 5.12 trillion, so that indications of blended costs of funds of IDR 7.02 trillion.

After that, the total funds that were last said to have been combined with funds from the People's Housing Savings Management Agency (BP Tapera) amounted to Rp21.05 trillion, so that Rp28.06 trillion was collected to finance 166,000 houses for MBR with a fixed rate of 5 percent for 20 years.

"With the injection of PMN of Rp1.89 trillion, the total assets will increase slightly, liabilities too, income also increases slightly, net profit also increases slightly (Rp492 billion with PMN and Rp486 billion without PMN). Meanwhile, if we look at the equity, that's what PMN is bigger than without PMN," he also said.

Based on the feasibility analysis, his party is said to have had positive financial growth since 2019 with an average asset growth of 14.4 percent. SMF was also stated to have distributed KPR FLPP during the 2018-2023 period with an accumulation of distribution reaching IDR 21.64 trillion for 594,172 debtors.

In distributing it, the company also reduced the fiscal burden through the issuance of debt securities to diverge PMN received reaching Rp12.34 trillion.

The results of the calculation simulation of the Economic-Internal Rate of Return, the value of E-IRR of 9.61 percent is above the discount factor level of 4.45 percent (interest rate to channeling banks, as well as a Net Present Value (NPV) value of Rp998 billion. This is considered to show that investment in PMN is economically feasible to run.

"We ask that the PMN proposal of Rp1.89 trillion submitted by the Company can be approved in order to support changes to the 2024 FLPP for 166,000 housing units," said Ananta.