Credit to Author: The Manila Times| Date: Thu, 11 Jul 2019 16:21:08 +0000
MEMBERS of the Home Development Mutual Fund (Pag-IBIG Fund) collectively saved more than P23.40 billion in the first half of 2019, the state-run agency said on Thursday.
In a statement, Pag-IBIG said the amount was a P4.94-billion or 27-percent increase from the P18.46 billion collected in the same period last year.
The amount, it added, was also the highest amount saved by members with the agency for any January-to-June period.
“The members’ savings collections continue to grow at an unprecedented rate due to our members’ trust and confidence in our programs,” said Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and of the Pag-IBIG Fund Board of Trustees, in the statement.
“We welcome this development because the increased savings collections allow the Pag-IBIG Fund to sustain the rapid growth of home loan and short-term loan releases, allowing us to serve more members, in keeping with President Rodrigo Roa Duterte’s directive to uplift the lives of our Filipino workers,” he added.
Driving the double-digit growth is the rising popularity of the agency’s Modified Pag-IBIG 2 (MP2) Savings Program. MP2 savings reached P4.66 billion in January to June, a 198-percent surge from the P1.57 billion collected in the same period last year.
MP2 Savings is the agency’s voluntary savings program that yields higher dividends compared to the regular Pag-IBIG Fund Savings program. MP2 Savings has a 5-year maturity period and a minimum savings requirement of only P500. Starting last year, the Fund opened the program to retirees and pensioners who are former Pag-IBIG Fund members.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said they had been noting the phenomenal growth of MP2 Savings. In 2018, MP2 Savings collections by yearend jumped by 242 percent year-on-year and reached a record P4.47 billion.
“Our MP2 Savings Program has been growing at a phenomenal pace. In 2018, it took us a whole year to breach the P4-billion mark, which was a historic feat in itself. This year, it took only six months for MP2 Savings collections to reach P4.66 billion, surpassing the total amount collected for the entire 2018,” Moti said.
“We thank our members for their continuous support and enduring trust. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings program and from members who have upgraded their mandated monthly savings,” he added.
“The record-high in Members’ Savings we collected in the first half of 2019 shows the wider appreciation of our members of the benefits of saving with Pag-IBIG Fund.”