Pag-IBIG members save record-high P26-B in MP2, up 95% in 2021

Published February 22, 2022, 8:56 AM

by MB Business

Amid the ongoing health crisis, Pag-IBIG Fund members still showed preference for the MP2 savings program in 2021 as total savings reached nearly P26-billion, setting yet another record for the amount saved voluntarily by members in a year, agency officials said.

In only 12 months, members’ savings under the Modified Pag-IBIG 2 (MP2) Savings Program reached P25.95-billion in 2021, achieving a staggering growth of 95% from the P13.23 billion collected in 2020.

“Even amid some uncertainties caused by the pandemic, the MP2 proved to be one of our most sought-after programs. Because the MP2 has traditionally provided higher returns on savings, more and more members are preferring to grow their hard-earned savings in Pag-IBIG Fund. As we finalize all reports for the year, we will be announcing the dividend rates for 2021 very soon. Helping create more financially secure Filipino workers is our contribution to the national government’s efforts towards economic recovery,” said Secretary Eduardo D. del Rosario of the Department of Human Settlements and Urban Development (DHSUD) who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

The MP2 Savings Program is a special voluntary savings facility of Pag-IBIG Fund that comes with a maturity period of five years. With a low entry point of a P500 minimum savings, it is designed for active Pag-IBIG Fund members who wish to save more and earn higher dividends, in addition to the mandatory Pag-IBIG Regular Savings they save every month. The program is also open to workers who were once Pag-IBIG members. These include pensioners and retirees, as long as they had at least two years worth of savings prior to retirement.

Pag-IBIG Fund Chief Executive Officer, Acmad Rizaldy P. Moti, meanwhile, said that the number of cumulative MP2 savers also increased last year. In 2020, there were 508,522 MP2 savers. By the end of 2021, the total number of MP2 savers increased 42% to 721,980.

“We thank our members for their enduring support for the MP2 even during these challenging times. Because you choose to save in MP2, it has always been one of our most impressive programs. Prior to the pandemic, we had just achieved our best year in 2019. And while many lessons were learned during the last two years of the pandemic, we’ve also learned that your trust in Pag-IBIG never waned as the MP2 not only remained firm, but also grew to record-levels in 2020 and 2021. With our robust financial position and the Lingkod Pag-IBIG brand of service, our members can rest assured that their savings are safe and will continue to grow in the coming years,” Moti said.

 
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