Pag-IBIG Fund members saved P40.27 billion in the state-run fund in 2018 setting a new record high savings in a single year.
In a statement, Pag-IBIG said that last year’s savings was 11 percent higher than the P36.27 billion in 2017. Members contribute more than P100 in monthly mandatory savings.
“Pag-IBIG Fund members showed a great deal of trust in the Fund in 2018. As a result of their trust, Members’ Savings collections breached the P40-billion mark. This shall allow the Fund to grow even stronger and have funds to utilize for its home financing programs, in line with President Rodrigo Duterte’s drive to provide social services to more Filipinos,” said Secretary Eduardo D. del Rosario, Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund Board of Trustees.
In addition, Pag-IBIG reported that members’ upgraded savings amounted to more than P1 billion in 2018 while MP2 Savings reached a record high of P4.47 billion.
The MP2 Savings, the Fund’s voluntary high-yield savings program showed a phenomenal 242 percent increase from 2017 figures.
The P4.47 billion saved by members in the program in 2018 was the highest in history and marks the first time that it surpassed the P4 billion level.
The savings program, which also has a shorter 5-year maturity period compared to the regular Pag-IBIG Savings program, also now allows retirees and pensioners who were former Pag-IBIG Fund members to save. It also carries an enhanced feature that provides annual payout of dividend earnings.
Meanwhile, Pag-IBIG CEO Acmad Rizaldy P. Moti said, “Our members’ trust has been a salient ingredient in the growth of the Fund. While we have a mandated savings program, it is a show of trust if the savings are paid consistently and on time. It also speaks volumes if the savings remitted to us come from our voluntary savings program MP2 and from upgraded savings.”
Moti thanked Pag-IBIG members for their continuous support and enduring trust. “The amount of Members’ Saving we collected is proof of their wider appreciation of the benefits of saving with Pag-IBIG Fund,” said Moti. (BCM)