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Pag-IBIG savings at record high

STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) said its members saved more than P63 billion last year, a new high during the pandemic.

It said in a statement on Friday that the actual savings collected last year were P63.67 billion, up from P48.18 billion in 2020.

Collections under the Pag-IBIG Regular Savings Program, which makes up a portion of overall savings, climbed by 8 percent from P34.90 billion in 2020 to P37.71 billion in 2021.

“During these challenging times, we are glad to report that Pag-IBIG remains resilient. While our members were not spared from the pandemic's effect on the economy, they still chose to save and grow their hard-earned peso with Pag-IBIG,” said Eduardo del Rosario, secretary of the Department of Human Settlements and Urban Development.

He went on to say that current data show members have a lot of faith in Pag-IBIG Fund's ability to carefully manage their savings.

“And, with more funds, Pag-IBIG is in a better position to finance its programs to help more members in the coming months, as we continue to contribute to the recovery of the whole nation,” del Rosario added.

For his part, Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said the agency's voluntary savings program, the Modified Pag-IBIG 2 or MP2, which has become increasingly popular among members in recent years, is driving the growth of its members' savings.

He added that savings in the MP2 in 2021 nearly doubled the P13.29 billion saved by members in 2020.

“The growth of our members' savings in 2021 is truly remarkable. The MP2 has bucked the downward trend experienced by the market. As I have said before, we have seen the dramatic increase in MP2 in the last five years but reaching almost P26 billion despite the continuing pandemic is truly exceptional,” Moti also said.

Following a board approval, he added, the Pag-IBIG Fund will release the dividend rates for the ordinary savings and MP2 for 2021 within the quarter.

“With our strong performance and robust fiscal standing, I am optimistic that our dividends will still be higher than most instruments available in the market,” Moti assured Pag-IBIG members.

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