28 C
Manila
Thursday, February 27, 2020
Home Business Top Business Pag-IBIG members save P37B in Jan-Sept

Pag-IBIG members save P37B in Jan-Sept

 

MEMBERS of the Home Development Mutual Fund (Pag-IBIG Fund) saved a record P36.95 billion in the first nine months of 2019.

In a statement, the state-run agency said the amount was a 26-percent increase from the figure posted in the same period last year, and was the highest “saved by members for any January-to-September period.”

“We are happy that more Filipino workers are saving with the Pag-IBIG Fund. The trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections in January to September 2019,” Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, said in the statement.


“[T]he increase in the savings collected shall allow us to finance the increasing demand for our home loan and short-term loans, and thus allow us to serve more members,” he added. “This is in line with the directive of President Rodrigo Duterte to provide social benefits to more Filipinos.”

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, the increase in savings was not confined to the mandated regular savings of its members. He also attributed it to the growing popularity of the Modified Pag-IBIG 2 (MP2) Savings Program.

Collections from MP2 savings in the first nine months surged to P8.28 billion, nearly double the amount recorded in 2018 and a 176-percent increase from the P3 billion collected in the same period last year.

MP2 Savings is Pag-IBIG’s voluntary savings program that yields higher dividends compared to the agency’s Regular Savings program. The program has a five-year maturity period and a minimum savings requirement of only P500. The Fund also opened the program to retirees and pensioners who are former Pag-IBIG Fund members last year, further driving growth.

“Our MP2 Savings Program continues to grow at a remarkable pace. 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 2019…we expect to surpass the P10-billion mark in collections,” Moti said.

“We thank our members for their continued support and enduring trust in our savings programs. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings,” he added.

“The record-high in members’ savings we collected from January to September of this year show the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund.”
Pag-IBIG members save P37B in Jan-Sept

MEMBERS of the Home Development Mutual Fund (Pag-IBIG Fund) saved a record P36.95 billion in the first nine months of 2019.

In a statement, the state-run agency said the amount was a 26-percent increase from the figure posted in the same period last year, and was the highest “saved by members for any January-to-September period.”

“We are happy that more Filipino workers are saving with the Pag-IBIG Fund. The trust and confidence in our savings programs continue to grow as proven by our record-high members’ savings collections in January to September 2019,” Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, said in the statement.

“[T]he increase in the savings collected shall allow us to finance the increasing demand for our home loan and short-term loans, and thus allow us to serve more members,” he added. “This is in line with the directive of President Rodrigo Duterte to provide social benefits to more Filipinos.”

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, the increase in savings was not confined to the mandated regular savings of its members. He also attributed it to the growing popularity of the Modified Pag-IBIG 2 (MP2) Savings Program.

Collections from MP2 savings in the first nine months surged to P8.28 billion, nearly double the amount recorded in 2018 and a 176-percent increase from the P3 billion collected in the same period last year.

MP2 Savings is Pag-IBIG’s voluntary savings program that yields higher dividends compared to the agency’s Regular Savings program. The program has a five-year maturity period and a minimum savings requirement of only P500. The Fund also opened the program to retirees and pensioners who are former Pag-IBIG Fund members last year, further driving growth.

“Our MP2 Savings Program continues to grow at a remarkable pace. 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 2019…we expect to surpass the P10-billion mark in collections,” Moti said.

“We thank our members for their continued support and enduring trust in our savings programs. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings Program and from members who save more than their mandated monthly savings,” he added.

“The record-high in members’ savings we collected from January to September of this year show the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund.”

P170K ‘shabu’ seized in Las Piñas

AN estimated P170, 000 worth of shabu was seized from a suspect in Las Piñas before dawn on Thursday. Operatives from Las Piñas City police...

Gunman kills 5, shoots self at Milwaukee brewery complex

MILWAUKEE: An employee opened fire Wednesday at Milwaukee’s Molson Coors complex, killing five fellow workers before taking his own life, police said. The gunman was...

Duterte condoles with Robredo on mother’s passing

PRESIDENT Rodrigo Duterte on Wednesday conveyed his condolences to Vice President Maria Leonor "Leni" Robredo, whose mother, Salvacion Santo Tomas Gerona, recently passed away. Speaking...

Duterte accepts ABS- CBN apology but can’t tell SolGen off

PRESIDENT Rodrigo Duterte has accepted the apology of television network ABS-CBN for airing a smear advertisement against him during the 2016 presidential campaign. Speaking to...

DoH: Filipino repatriates from cruise ship test negative for Covid-19

ALL 445 Filipino repatriates from the M/V Diamond Princess tested negative for the Coronavirus Disease (Covid-19), but the Department of Health (DoH) on Wednesday said...

Today’s Front Page February 27, 2020

Today’s Front Page February 27, 2020