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Members save record-high P27.51B in Jan-Apr 2023 in Pag-IBIG, up 10%; MP2 Savings reach P13.89B, up 14%
PAG-IBIG Fund members saved P27.51 billion during the first four months of 2023, growing 10 percent year-on-year and setting a new record for the highest amount saved by members for any January to April period.
“We are happy that Filipino workers are saving more with Pag-IBIG Fund. Their trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections for January to April. This is good news because the increase in the savings collected shall allow us to finance the increasing demand for our home loans, in line with our objectives under the Pambansang Pabahay para sa Pilipino Housing or 4PH Program of President Ferdinand Marcos, Jr.,” said Secretary Jose Rizalino L. Acuzar, who leads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said that the increase in savings was not confined to the mandated Pag-IBIG Regular Savings of its members. Acosta also attributed the record-high collections to the continued popularity of the agency’s Modified Pag-IBIG 2 (MP2) Savings Program. The amount voluntary saved by members under its MP2 Savings in the first four months have already reached P13.89 billion, which is 14% higher than the P12.14 billion saved by members during the same period last year, and is also a new record-high.
The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that yields higher dividends compared to the agency’s Regular Savings program. The program has a 5-year maturity period and a minimum savings requirement of only P500. The MP2 Savings is also open to retirees and pensioners who are former Pag-IBIG Fund members. For 2022, the savings program earned an annual return rate of 7.03%, the highest since the pandemic.
“Our MP2 Savings Program continues to grow at a strong pace. We thank our members for their continued support and enduring trust in our MP2, as well as in our Regular Savings program. We are even more grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings. The new record-high in total members’ savings we collected from January to April of this year show the deeper appreciation of our members on the benefits of saving with Pag-IBIG Fund,” Acosta added.