Pag-IBIG 10-month savings reach P67B

Continuing to drive the growth of its members’ savings is Pag-IBIG’s voluntary savings program — Modified Pag-IBIG 2 or MP2 Savings — which reached a record-breaking P 33.72 billion

Pag-IBIG Fund members have saved more than P66 billion in the last 10 months, breaking yet another record for the period and exceeding all prior full-year figures, top agency officials announced on Monday, 14 November.

From January to October, the amount collectively saved by Pag-IBIG members totaled P66.66 billion, the highest for any 10-month period. The savings collected so far this year grew 27 percent from the same period in 2021 and has surpassed all full-year figures in the agency’s history including last year when it collected P63.67 billion, Pag-IBIG Fund’s best-performing year yet.

“Pag-IBIG Fund has again set another record-high, this time in its members’ savings collections. It speaks well of the trust that our members and stakeholders have in our capability to manage their savings excellently and prudently. With more funds, Pag-IBIG remains in a strong position to finance its programs, particularly its home loans, while keeping interest rates on its loans low. All these are part of our efforts in support of President Ferdinand Marcos Jr.’s call for providing a better life for all Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

MP2 Savings

Continuing to drive the growth of its members’ savings is the agency’s voluntary savings program, the Modified Pag-IBIG 2 or MP2 Savings.

In the last 10 months, MP2 Savings amounted to a record -breaking P 33.72 billion or 51 percent of the total savings collected by the agency during the period.

Pag-IBIG Fund chief executive officer Marilene C. Acosta, meanwhile, noted that the MP2 Savings continues to display remarkable growth, as it posted a 57 percent increase from the P21.43 billion collected during the same period last year.

“The dramatic growth of our MP2 Savings started in 2016, when collections first breached the P1-billion level. We are happy to note that this year is even more remarkable as the P33.72 billion collectively saved by our members during the first 10 months of the year has already well surpassed the entire year’s record-high collection of P25.95 billion in 2021,” Acosta said.

“We thank our members for their continued trust in Pag-IBIG Fund. And, with only a few weeks remaining before the year ends, we assure our members that we are doing all that we can to provide them the best return rates on every hard-earned peso they have saved with us. That is our way of providing them

she added.

PHOTOGRAPH COURTESY OF LANDBANK OF THE PHILIPPINES Lao central bankers visit Delegates from the Bank of the Lao, the central bank of Laos, recently visited the Land Bank of the Philippines to learn more about the state-run bank’s model for development financing. LandBank president and CEO Cecilia Borromeo (6th from left) and other bank officers welcome Deputy Director General of the Finance Institution Supervision Department Phanthaboun Sayaphet (fifth from left) and the rest of the delegates from the BOL.