Pag-IBIG collections up to P67B in Q3 as more members increase savings

Posted by watchmen
October 24, 2023
Posted in BUSINESS

Pag-IBIG Fund members collectively saved P66.73 billion during the first nine months of 2023, up by P6.3 billion or 10% year-on-year, as more members contributed more than the required Pag-IBIG monthly savings, agency officials announced Monday (23 Oct).

“We are happy that more Filipino workers are saving with 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 2023. This is good news because the increase in the savings collected shall allow us to finance the increasing demand for our home loans and short-term loans, and thus allow us to serve more members. This is in line with the directive of President Marcos to provide financial access to better the future of every Filipino,” 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.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the collections from the agency’s mandatory Regular Savings and voluntary MP2 Savings both increased during the period and have posted new record-highs. 

Collections from the Pag-IBIG Regular Savings amounted to P31.6 billion, an increase of 7% from the P29.6 billion from the same period last year. The amount includes P7.69 billion in upgraded savings from members, or savings which members have voluntarily entrusted with Pag-IBIG Fund on top of the required monthly savings. The agency’s MP2 Savings, on the other hand, sustained its popularity as collections reached P35.13 billion, a 14% increase from the P30.81 billion collected as of September last year.

“The record-high in members’ savings we collected from January to September this year shows the wider appreciation of our members on the benefits of saving with Pag-IBIG Fund. We are grateful that the biggest growth areas in our savings collections come from our voluntary MP2 Savings and from members who save more than their mandated monthly savings,” Acosta said.

“We recognize that our members’ trust in our programs stems from how we have gained competitive returns on their savings over the past many years. We highly value that trust and that is why we assure them that we shall continue to prudently manage their hard-earned savings. That is the Lingkod Pag-IBIG way,” Acosta added

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