Pag-IBIG members save P37B in Jan-Sept
Credit to Author: THE MANILA TIMES| Date: Tue, 05 Nov 2019 16:30:00 +0000
MEMBERS of the Home Development Mutual Fund (Pag-IBIG Fund) saved a record P36.95 billion in the first nine months of 2019.
In a statement, the state-run agency said the amount was a 26-percent increase from the figure posted in the same period last year, and was the highest “saved by members for any January-to-September period.”
“We are happy that more Filipino workers are saving with the Pag-IBIG Fund. The trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections in January to September 2019,” Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, said in the statement.
“[T]he 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,” he added. “This is in line with the directive of President Rodrigo Duterte to provide social benefits to more Filipinos.”
According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, the increase in savings was not confined to the mandated regular savings of its members. He also attributed it to the growing popularity of the Modified Pag-IBIG 2 (MP2) Savings Program.
Collections from MP2 savings in the first nine months surged to P8.28 billion, nearly double the amount recorded in 2018 and a 176-percent increase from the P3 billion collected in the same period last year.
MP2 Savings is Pag-IBIG’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…we expect to surpass the P10-billion mark in collections,” Moti said.
“We thank our members for their continued support and enduring trust in our savings programs. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings,” he added.
“The record-high in members’ savings we collected from January to September of this year show the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund.”
Pag-IBIG members save P37B in Jan-Sept
MEMBERS of the Home Development Mutual Fund (Pag-IBIG Fund) saved a record P36.95 billion in the first nine months of 2019.
In a statement, the state-run agency said the amount was a 26-percent increase from the figure posted in the same period last year, and was the highest “saved by members for any January-to-September period.”
“We are happy that more Filipino workers are saving with the Pag-IBIG Fund. The trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections in January to September 2019,” Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, said in the statement.
“[T]he 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,” he added. “This is in line with the directive of President Rodrigo Duterte to provide social benefits to more Filipinos.”
According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, the increase in savings was not confined to the mandated regular savings of its members. He also attributed it to the growing popularity of the Modified Pag-IBIG 2 (MP2) Savings Program.
Collections from MP2 savings in the first nine months surged to P8.28 billion, nearly double the amount recorded in 2018 and a 176-percent increase from the P3 billion collected in the same period last year.
MP2 Savings is Pag-IBIG’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…we expect to surpass the P10-billion mark in collections,” Moti said.
“We thank our members for their continued support and enduring trust in our savings programs. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings,” he added.
“The record-high in members’ savings we collected from January to September of this year show the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund.”