Pag-IBIG Fund members save record-high P10.7B in MP2 Savings in Jan-May 2021, up 109%
Pag-IBIG Fund members collectively saved P10.67 billion under the agency’s voluntary Modified Pag-IBIG 2 Savings program in the first five months of the year, setting another record-high despite the ongoing health crisis, top officials of the agency said on Monday (June 21).
“We are happy to report that despite the impact of the pandemic to our economy, the amount saved by our members in the MP2 Savings from January to May of this year has reached P10.67 billion. This amount is a record-high for any January to May period in our history and hence, speaks highly of the trust that our members have in Pag-IBIG Fund. We would like to assure our members that we will continue to safeguard their savings and do our best to gain the best possible return for every hard-earned peso they save with us. This will also go a long way in helping us serve more members by providing funds for their cash loans and home loans, all in line with President Rodrigo Roa Duterte’s directive to help uplift the lives of more Filipinos especially during these difficult times,” said Secretary Eduardo D. del Rosario of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board of Trustees.
The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that has a 5-year maturity period and a minimum savings requirement of only P500. Made available to members in 2010, the MP2 Savings has seen phenomenal growth over the last 5 years due to the program’s consistently high dividends. In 2020, amid the pandemic-induced economic slowdown, the program still posted a 6.12% annual dividend rate.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti cited the MP2 Savings’ remarkable growth, noting that even in midst of the pandemic, more members continue to save in the program.
“It was only in 2017 when collections from our MP2 Savings surpassed the P1 billion-mark, which was then a historic feat. By the end of 2020, in a span of just three years, MP2 Savings reached a record-high P13.28 billion, surpassing the previous high of P12.01 billion saved by our members in 2019 – an 11% growth. This year, despite the ongoing health crisis, MP2 Savings continue to increase as collections in January to May are up by 109% compared to the same period last year. In fact, the amount of MP2 Savings collected in the first five months of 2021 is already equivalent to 80% of the P13.3 billion saved in MP2 for the entire year of 2020. We thank our members for their continued support and enduring trust that despite the challenging times, they opt to save voluntarily in our MP2 Savings Program,” said Moti.