DESPITE the uncertainties caused by Covid-19 in 2020, Pag-Ibig Fund members turned to the agency’s MP2 Savings and collectively saved over P13 billion, setting a new record for the amount saved voluntarily by members under the program in a single year.
“We are happy to report that despite the impact of the pandemic to our economy last year, the amount saved by our members in the Pag-Ibig MP2 Savings last year surpassed P13 billion. This is the highest-ever amount saved by our members in the program so far. This shows the significant trust that our members have in Pag-Ibig Fund, that we shall manage their hard-earned peso prudently. This will also go a long way in helping us serve more members by providing funds for their home loans and cash 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, chairperson of the Department of Human Settlements and Urban Development and the 11-member Pag-Ibig Fund Board of Trustees.
He said that as of 2020, a total of 338,248 members currently save in the MP2 Savings.
“These members saved, on average, P3,270 per month in their MP2 Savings last year. This means that it’s the typical Filipino worker who’s diligently saving and entrusting their hard-earned money with Pag-Ibig Fund,” del Rosario added.
The MP2 Savings is Pag-Ibig Fund’s voluntary savings program that has a five-year maturity period and a minimum savings requirement of only P500. Made available to members in 2010, the savings program has seen phenomenal growth over the last 5 years, mainly due to the higher dividends it offers compared to the agency’s Regular Savings program.
The agency expects to declare the MP2 Savings dividend rate for 2020 within the first quarter of the year.
“The continued growth of our MP2 Savings program is remarkable. It was only in 2017 when collections from our MP2 Savings surpassed the P1-billion mark, which was then a historic feat. And by the end of 2020, in a span of just three years, MP2 Savings has now reached P13.28 billion. This surpasses the previous record-high of P12.01 billion saved by our members in 2019, achieving an 11 percent growth amid the pandemic. We thank our members for their continued support and enduring trust that despite the challenging times, they opted to save voluntarily in our MP2 Savings Program. That is why they can expect nothing less than our Lingkod Pag-Ibig brand of service, Tapat na Serbisyo, Mula sa Puso, from us,” said Pag-Ibig Fund CEO Acmad Rizaldy P. Moti. (PR)