Despite the challenges from the COVID-19 pandemic in 2020, the Pag-IBIG Fund announced that its members were able to save P13.3 billion in its voluntary savings program.
“We are happy to report that despite the impact of the pandemic to our economy last year, the amount saved by our members in the Pag-IBIG MP2 Savings last year surpassed P13 billion,” said Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development and chairman of the 11-member Pag-IBIG Fund Board of Trustees.
The MP2 Savings is a “special savings facility” with a five-year maturity designed for Pag-IBIG Fund members who wish to save more and earn even higher dividends. This is in addition to their Pag-IBIG Regular Savings. The program is also open to pensioners and retirees who were former Pag-IBIG Fund members.
Del Rosario said that last year’s savings is historic since “this is the highest-ever amount saved by our members in the program so far.” This, he added, shows the significant “trust that our members have in Pag-IBIG Fund, that we shall manage their hard-earned peso prudently.”
The savings, Del Rosario explained, will also “go a long way in helping us serve more members by providing funds for their home loans and cash loans.” As of 2020, he noted that a total of 338,248 members currently save in the MP2 Savings.
“These members saved, on average, P3,270 per month in their MP2 Savings last year,” Del Rosario explained. Made available to members in 2010, Pag-IBIG noted that the MP2 savings program has been growing over the last five years mainly due to the higher dividends it offers compared to the agency’s Regular Savings program.
Pag-IBIG Fund CEO Acmad Rizaldy Moti described continued growth of the MP2 Savings program as “remarkable.”