Pag-ibig members save P11.15 billion

PAG-IBIG Fund members saved over P11.15 billion during the first three months of 2019, improving 16 percent yearon-year and setting a new record for the highest amount saved by members in any quarter.

“Last year, we encouraged Pag-ibig Fund members to save more, and we are happy to note that many saw the merit of this campaign. Our members’ savings collections from January to March 2019 reached a recordhigh, increasing by P1.50 billion compared to the P9.65 billion we collected during the same quarter last year, and is higher than any quarter in the previous years. This is good news because the amount of member’s savings collected finances the programs we provide to our members. More collections mean more funds that we can utilize for our short-term loans and home financing programs, in line with the directive of President Rodrigo Duterte to provide social benefits to more Filipinos,” said Secretary Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-ibig Fund board of trustees.

Pag-ibig Fund Chief Executive Officer Acmad Rizaldy Moti also said that the increase in savings was not confined to its regular savings program, as the amount saved under its Modified Pag-ibig 2 (MP2) Savings Program also saw a continued surge in the first three months this year.

Collections from the MP2 in the first quarter of 2019 amounted to P1.93 billion, up by 150 percent from the P771.7 million collected during the same period in 2018. This is by far the highest amount saved by members under the MP2 program.

The MP2 is a voluntary savings program that provides active members and retirees who are former Pag-ibig members with another savings option that has a term of only five years. With a minimum savings amount of P500, the MP2 yields higher dividend earnings compared to other offerings in the market.

“For 2018, we declared an MP2 dividend rate of 7.41 percent, which is higher compared to other offerings in the market. We also enhanced the program by giving MP2 savers the option to receive dividends on an annual basis or compounded dividends at the end of the five-year maturity period,” said Moti.

“More members are seeing the value of saving in Pag-ibig Fund. Many are saving more than P100 a month under our regular savings program while others are opting to save even more under the MP2 because of its higher returns,” he said.