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Pag-IBIG members’ savings hit P29 billion in Q1

The Freeman
Pag-IBIG members� savings hit P29 billion in Q1
In February, Pag-IBIG Fund implemented the new mandatory monthly savings rates of P200 for both the employees and the employers’ share. The increase was the first ever increase that Pag-IBIG Fund implemented since it was established in 1986.
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CEBU, Philippines — In the first quarter of 2024, Pag-IBIG Fund members collectively saved a record P28.75 billion, setting the highest amount ever saved in the agency's history during a first quarter, according to top officials. This represents a 36% increase—roughly P7.66 billion more than the P21.09 billion saved during the same period in 2023.

Part of the total savings collections is the agency’s Pag-IBIG Regular Savings, which saw a 25% 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 L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

In February, Pag-IBIG Fund implemented the new mandatory monthly savings rates of P200 for both the employees and the employers’ share. The increase was the first ever increase that Pag-IBIG Fund implemented since it was established in 1986.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that 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% of the total savings collected in the quarter.

Acosta further highlighted 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.

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