Pag-IBIG savings collections hit P11.15B
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Fri, 31 May 2019 16:22:09 +0000
STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) reported that its members’ savings collections rose to a record-high P11.15 billion in the first three months of 2019.
In a statement, Pag-IBIG said the amount was 16 percent higher than the members’ savings collections registered a year ago.
“Our members’ savings collections from January to March 2019 reached a record-high, increasing by P1.50 billion compared to the P9.65 billion we collected during the same quarter last year and is higher than any quarter in the previous years,” Secretary Eduardo del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, was quoted as saying in the statement.
For his part, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti said the increase was not confined to its Regular Savings program, as the amount saved under its Modified Pag-IBIG 2 (MP2) Savings Program also saw a continued surge in the first quarter.
Collections from the MP2 in January to March hit P1.93 billion, up 150 percent from the P771.7 million collected in the same period in 2018. It wassaid to be the highest amount saved by members under the MP2 program.
The MP2 is a voluntary savings program that provides active members and retirees who are former Pag-IBIG members with another savings option that has a term of only five years.
With a minimum savings amount of P500, the MP2 yields higher dividend earnings compared to other offerings in the market, according to Pag-IBIG.
“For 2018, we declared an MP2 dividend rate of 7.41 percent, which is higher compared to other offerings in the market. We also enhanced the program by giving MP2 savers the option to receive dividends on an annual basis or compounded dividends at the end of the five-year maturity period,” Moti said.
Earlier, Pag-IBIG reported that its net income rose to P8.96 billion in the first quarter of 2019, 10.5-percent higher from its earnings in the same period last year.
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