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Pag-IBIG members save record-high P39.84-B under MP2 program

February 27, 2023, 4:06 pm

MANILA – Pag-IBIG Fund members continued to show preference for the Modified Pag-IBIG 2 (MP2) program in 2022 as total savings reached nearly PHP40 billion, setting yet a new record-high.

Members’ savings under the MP2 Savings Program reached PHP39.84 billion last year, achieving an impressive 54 percent increase from the PHP25.95 billion collected in 2021.

“This shows the unwavering trust of our members in our capability to excellently and prudently manage their hard-earned peso. With our strong collections, we can continue to finance the loans of our members and keep our interest rates low. These are in line with our efforts of supporting the call of President Ferdinand R. Marcos Jr. to provide a better life for all Filipinos,” Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees, said in a statement on Monday.

The MP2 Savings Program is a special voluntary savings facility of Pag-IBIG or the Home Development Mutual Fund that comes with a maturity period of five years.

With a low entry point of PHP500 as 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 monthly.

It provides members the option to claim the earnings of their MP2 Savings annually or compounded at the time of its maturity.
The program is also open to pensioners and retirees who were once Pag-IBIG members and had at least two years’ worth of savings prior to retirement.

Initially made available to members in 2010, the MP2 Savings has seen phenomenal growth over the past few years as more members find it a safe and low-risk savings facility which provides competitive returns.

Marilene Acosta, Pag-IBIG Fund chief executive officer, said from 750,267 in 2021, MP2 savers increased to 977,643 or 30.3 percent by the end of 2022.

She said the MP2 has become an instrument that allowed more workers to save, with 86 percent of the agency’s total MP2 Savers having an average savings of PHP19,357.

“We are very happy that the MP2 Savings continues to encourage more and more Filipino workers to save. Through the program, we have made more Filipino workers appreciate the value of saving by providing them with a secure savings channel for their future goals. Our members can rest assured that we shall do our best to grow their savings and provide them the highest possible returns. That is Lingkod Pag-IBIG at work,” Acosta said. (PR)

 

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