Infonavit and Its Promise of Reform for 2025: A Crucial Resource for Workers
For Infonavit, the year 2025 represents a key opportunity to approve a reform that will not only allow for the construction of homes but also implement a rental scheme that includes a purchase option for the workers who are its beneficiaries. This reform, which was supported by the Senate last year, also proposes significant changes in the governing bodies of the National Housing Fund Institute for Workers, giving greater representation to the government and granting the general director the right to veto if consensus isn't reached with labor and business sectors. This situation has raised concerns among both workers and employers. According to analysts, these changes could result in a lack of transparency and arbitrariness in the management of Infonavit's resources.
Infonavit, the entity that serves formal workers in the country, manages assets worth 2.4 trillion pesos. Just in 2023, Infonavit's economic contribution accounted for 0.82% of the national gross domestic product (GDP). From 2019 to August of the previous year, the institute's economic disbursement surpassed 1.3 trillion pesos. During the last administration, employers contributed 1.6 trillion pesos, along with an additional 763.296 billion pesos from the Infonavit Investment Fund (Fanvit). During the previous administration, the institute's resources increased thanks to the wage increase policy promoted by former President Andrés Manuel López Obrador, which allowed the 5% that employers allocate to workers' housing subaccounts to rise in nominal terms. By June 2024, there were 77.7 million housing subaccounts managed by Infonavit, according to data from Banxico, Conavi, and the institute itself. The economic disbursement from Infonavit in 2023 was the highest in relation to the Mexican GDP in the last 11 years. Under Carlos Martínez Velázquez’s administration, the Fanvit grew to over 763 billion pesos, a figure 5.2 times higher than the 146.903 billion reported at the end of 2018. Before López Obrador took office, the management of the Fanvit had been delegated to third parties, but during the last term, those contracts were canceled and the decision was made to develop internal capabilities to manage it directly within Infonavit, as Carlos Martínez indicated in September of last year. From 2012 to 2024, the maximum amounts that Infonavit lends have increased from just over 341,000 pesos to 2.7 million pesos.
Regarding credit placements, Infonavit has successfully increased this activity for three consecutive years. In the total up to August of each year, the credit placements in 2024 were the second highest, surpassed only by the more than 432,000 credits granted in 2015. In 2019, after adjusting the methodology to define the overdue portfolio, the index (ICV) rose from below 10% to 18.64% in August of the previous year. This change, according to Infonavit’s executives, was attributed to “discretionary criteria” to keep the ICV at manageable levels. Finally, Infonavit’s operating expenses were reduced during the previous administration; in the first two-thirds of the term, they represented 0.23% of the total assets of the institute, while in 2023 and 2025 they rose to 0.25%. According to legal stipulations, Infonavit’s operating expenses should not exceed 0.55% of the total resources managed, as Carlos Martínez stated in September 2024.
The intention of Infonavit to offer more housing and rental options is positive, as it can significantly contribute to improving the quality of life for Mexican workers. However, it is crucial that transparency is maintained in the management of resources so that these reforms translate into real and tangible benefits for the population. The Mexican economy relies on the proper management of these funds, as well as a clear focus on long-term sustainability.
