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Thursday, December 7, 2023

Pag-IBIG Fund members saved record P59.52b in 8 months

Pag-IBIG Fund members collectively saved P59.52 billion from January to August this year, up by 11.45 percent year-on-year and setting a new record for the highest amount saved by members for any eight-month period.

“We are happy to see that more Filipino workers recognize the importance of saving and are choosing to save with Pag-IBIG Fund. The record high in Pag-IBIG members’ savings collected from January to August 2023 shows their continuing trust and confidence in us and in our programs,” said Secretary Jose Rizalino Acuzar, head of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund board of trustees.

“This is good news because as our collection increases, the more funds we are able to utilize for the benefit of our members who seek to apply for home loans and short-term loans. All these are in line with the directive of President Ferdinand Marcos Jr. to improve the Filipino workers’ access to finance,” Acuzar said.

Pag-IBIG Fund chief executive Marilene Acosta said the growth in members’ savings collected were seen in both the agency’s mandatory regular savings and voluntary MP2 savings.

Collections for the Pag-IBIG regular savings reached P28.03 billion, a 7-percent increase from P26.16 billion in the same period in 2022. The agency’s popular MP2 Savings reached P31.50 billion, a 16-percent increase from P27.25 billion collected from January to August last year.

The Pag-IBIG regular savings earned an annual dividend rate of 6.53 percent, while the MP2 savings posted an annual return rate of 7.03 percent in 2022.

“The continued growth of our members’ savings is truly remarkable. We are grateful to the business community for responsibly remitting the Pag-IBIG contributions of their employees and their counterpart share on time. We are also thankful to our members for their trust in saving with Pag-IBIG—by saving more than the required P100 monthly contribution under the Pag-IBIG Regular Savings, and by continuing to save in our MP2 Savings,” Acosta said.

“This trust is clearly displayed by the amount voluntarily saved by our members, which has in fact surpassed the amount of mandatory savings we have collected. That is why we remain steadfast in our commitment to prudently and excellently manage each and every hard-earned peso that our members have entrusted us, and provide their savings with the best possible returns,“ she said.

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