Pag-IBIG Fund members collectively saved a record P28.75 billion in the first quarter of 2024, setting the highest amount ever saved in the agency’s history, top officials said Monday.
This represented a 36-percent increase, or P7.66 billion more than the P21.09 billion they saved in the same period in 2023.
Part of the total savings collections is the agency’s Pag-IBIG Regular Savings, which saw a 25-percent increase from P10.58 billion in the first quarter of 2023 to P13.19 billion this year.
“Our strong savings collections reflect the trust and confidence our members place in us, along with our ability to prudently manage their savings. Pag-IBIG Fund’s strong financial position enables it to offer low interest rates and support the financing side of the Pambansang Pabahay Para sa Pilipino [4PH] program, a flagship program of President Ferdinand Marcos Jr.,” said Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund board of trustees.
Pag-IBIG Fund implemented the new mandatory monthly savings rates of P200 for both the employees and the employers’ share in February. The increase was the first increase that Pag-IBIG Fund implemented since it was established in 1986.
Pag-IBIG Fund chief executive Marilene Acosta said the agency’s popular MP2 Savings continues to drive the growth of its members’ savings. The voluntary savings program maintained its growth, with members saving a record-high P15.56 billion, which accounted for 54 percent of the total savings collected in the quarter.
Acosta noted the continued trust and confidence of their members, as shown in the consecutive years of record-highs in savings collections.
“With the implementation of the new mandatory monthly contribution rates of P200 from both members and employers, Pag-IBIG members can expect substantial savings in the future and access to higher cash loans. Our goal remains the same – to maximize the growth of our members’ savings and keep home loan interest rates low,” Acosta said.
