Pag-IBIG members’ H1 savings rise 4% to P18.5 billion

THE Home Development Mutual Fund (Pag-IBIG Fund) has reported that its collections from member savings during the first six months of the year increased by 4 percent to reach P18.463 billion, with more members saving through its modified Pag-IBIG 2 (MP2) savings program.

According to Pag-IBIG Fund, its members saved more during the first semester of 2018, with total collections reaching P18.463 billion, expanding by 4 percent from the P17.687 billion recorded during the same period last year.

“Following President Rodrigo Roa Duterte’s directives to prioritize the needs of our citizens, Pag-IBIG Fund ramped up its savings campaign and further encouraged its members to save, and save more. This complements the housing sector’s Balai [Building Adequate, Livable, Affordable and Inclusive] Filipino communities program in ensuring that Filipinos will have a better future, in which they have the double security of home ownership and savings,” said Housing and Urban Development Coordinating Council (HUDCC) Chairman Eduardo D. del Rosario.

Collections from its MP2 savings program was reported to show an increase of 175 percent reaching P1.568 billion, compared to the P571 million collected in the first half of 2017.

Pag-IBIG Fund CEO Acmad Rizaldy P. Moti added that the P1.568 billion collected in the first half of 2018 under the MP2 savings program is 121 percent of the total MP2 collection in 2017 amounting to P1.3 billion.

“We already surpassed the 2017 figures, as more and more Pag-IBIG members opt to enroll with our additional savings program that is the MP2. Our MP2 savers even save more than the required minimum amount of P500 monthly,” Moti said.

Moti explained that the increase in member savings can also be attributed to the enhanced campaigns conducted by the agency to encourage more Filipinos to save more through Pag-IBIG.

“The ongoing Dagdag Ipon Raffle Promo urges our members to upgrade their savings. We also offer Penalty Condonation for eligible employers to settle their obligations with Pag-IBIG Fund and enable their employees to enjoy the benefits of Pag-IBIG membership,” he added.

For 2017 Pag-IBIG Fund declared an unprecedented 7.61-percent and 8.11-percent dividend rates for its Pag-IBIG 1 and MP2 savings programs, respectively. The dividends were credited to the savers’ respective Pag-IBIG 1 and MP2 accounts.

The MP2 savings program provides active Pag-IBIG members and retirees with another savings option aside from the Pag-IBIG 1, which is required by Republic Act 9679, or Pag-IBIG Fund Law of 2009.

It has a term of five years and can be withdrawn after maturity. MP2 savers may opt to have an annual dividend payout or have this compounded.

Pag-IBIG Fund was created to help address the need of Filipino workers for a national savings program and an affordable shelter financing. It was established on June 1978 by virtue of Presidential Decree 1530 primarily to address these two important needs.

 

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Rea Cu is a graduate of Assumption College-Makati with a Bachelor's degree in Communications. She majored in Advertising and is currently the finance reporter of the BusinessMirror.

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