Pag-IBIG Fund members saved more than P63 billion last year, attaining yet another record-high amid the pandemic, according to agency officials.
In 2021, the amount collectively saved by members with Pag-IBIG totaled P63.67 billion – the highest amount in the agency’s history. The total savings collected last year jumped 32% from the P48.18 billion collected in 2020 and is 26% higher compared to P50.38 billion collected in 2019, which was the agency’s best performing year prior to the pandemic. Forming part of total savings, collections under the Pag-IBIG Regular Savings also increased by 8% 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. This shows their significant trust that Pag-IBIG Fund shall manage their savings prudently. 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,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Behind the growth of its members’ savings is the agency’s voluntary savings program, the Modified Pag-IBIG 2 or MP2, which has become increasingly popular among members in recent years, said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti. In fact, he said that savings in the MP2 in 2021 nearly doubled the P13.29 billion saved by members in 2020, with collections soaring 95% to a record-breaking P25.95 billion.
“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. We are thankful to our members for growing their savings with Pag-IBIG Fund, and particularly, in favoring the MP2 even during the health crisis. And as we close our books for 2021, we know that our members are eagerly waiting for the announcement of the dividend rates for the regular savings and MP2 for 2021. We will make the announcement within the quarter, following the approval from our Board. 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 said.