Pag-IBIG Fund members continue to show preference in the MP2 Savings program in 2022 as total savings reached nearly P40 billion, setting yet a new record-high for the amount saved voluntarily by members under the program in a year, its top officials said on Feb. 27.
For 2022, members’ savings under the Modified Pag-IBIG 2 (MP2) Savings Program reached P39.84 billion, achieving an impressive 54% increase from the P25.95 billion collected in 2021.
“Pag-IBIG Fund has again set another record, this time in the amount saved by members under the MP2 Savings Program. This shows the unwavering trust of our members in our capability to excellently and prudently manage their hard-earned peso. With our strong collections, we can continue to finance the loans of our members and keep our interest rates low. These are in line with our efforts of supporting the call of President Ferdinand Marcos, Jr. to provide a better life for all Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
The MP2 Savings Program is a special voluntary savings facility of Pag-IBIG Fund that comes with a maturity period of five years. With a low entry point of P500 as minimum savings, it is designed for active Pag-IBIG Fund members who wish to save more and earn higher dividends, in addition to the mandatory Pag-IBIG Regular Savings they save every month. It provides members the option to claim the earnings of their MP2 Savings annually or compounded at the time of its maturity. The program is also open to pensioners and retirees who were once Pag-IBIG members and had at least two years worth of savings prior to retirement. Initially made available to members in 2010, the MP2 Savings has seen phenomenal growth over the past few years, as more members find it as a safe and low-risk savings facility which provides competitive returns.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted the increase in the total number of MP2 savers in 2022. From 750,267 in 2021, MP2 savers increased to 977,643 or 30.3% by the end of 2022. Acosta further emphasized that the MP2 has become an instrument that has allowed more workers to save, with 86% of the agency’s total MP2 Savers having an average savings of P19,357.
“We are very happy that the MP2 Savings continues to encourage more and more Filipino workers to save. Through the program, we have made more Filipino workers appreciate the value of saving by providing them with a secure savings channel for their future goals. Our members can rest assured that we shall do our best to grow their savings and provide them the highest possible returns. That is Lingkod Pag-IBIG at work,” Acosta said.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.