Pag-IBIG Fund members saved P36.95 billion during the first nine months of 2019, a considerable 26 percent year-on-year jump from the year-ago level, the government lending agency announced.
The savings for the period set a new record for the highest amount pegged for any January to September period.
Secretary Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council (HUDCC) said the trust and confidence in Pag-IBIG Fund’s savings programs continue to grow as proven by the “record-high Members’ Savings collections” during the first nine months of 2019.
Secretary Del Rosario is also chairman of the Pag-IBIG Fund Board of Trustees.
“This is good news because the increase in the savings collected shall allow us to finance the increasing demand for our home loan and short-term loans, and thus allow us to serve more members. This is in line with the directive of President Rodrigo Roa Duterte to provide social benefits to more Filipinos,” he said.
For his part, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the increase in savings was not confined to the mandated Regular Savings of its members. He also attributed the record-high number to the increasing popularity of its Modified Pag-IBIG 2 (MP2) Savings Program. Collections from its MP2 Savings in the first nine months surged to P8.28 billion, nearly double the amount saved by members in 2018, and up by a phenomenal 176 percent from the P3 billion collected during the same period last year.
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 five-year maturity period and a minimum savings requirement of only P500. The Fund also opened the program to retirees and pensioners who are former Pag-IBIG Fund members last year, further driving growth.
“Our MP2 Savings Program continues to grow at a remarkable pace. It was only in 2017 when collections from our MP2 Savings surpassed the P1 billion mark, which was then a historic feat. And by the end of 2019, in a span of just two years, we expect to surpass the P10 billion mark in collections,” Moti said.