STATE-RUN Home Development Mutual Fund (Pag-IBIG Fund) members collectively saved P38.82 billion in the first six months of 2022, the highest amount recorded in a semester.
In a statement, Pag-IBIG Fund said the total savings of its members for January-June period was an increase of P7.23 billion, or 23 percent, compared to the P31.59 billion collected during the same period last year.
“I am happy to note Pag-IBIG Fund's excellent performance in its members' savings collections. Our strong collections mean that we have funds to finance our programs and continue providing affordable home and cash loans for our members. This is our contribution to the call of President Ferdinand R. Marcos Jr. to resolve the country's housing backlog and provide a better life for Filipinos,” said Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Driving the double-digit growth is the continuing popularity of the agency's voluntary Modified Pag-IBIG 2 (MP2) Savings. MP2 Savings amounted to a record-high P19.40 billion in the first half of the year, growing 47 percent from the P13.23 billion collected during the same period last year.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti attributed the agency's record-high collections to the trust of members in preferring to save with Pag-IBIG Fund, and the support of the business community for the proper and on-time remittance of their employees' Pag-IBIG Savings.
“The continued growth of our members' savings is truly remarkable. We are grateful to the business community for responsibly remitting the Pag-IBIG contributions of their employees on time, and to our members for their continued trust in saving with Pag-IBIG, particularly in the MP2 Savings. Should the upward trend in our collections hold, we expect another record high in terms of total members' savings by the end of the year,” Moti said.
“More importantly, with our robust fiscal position, we are confident that we can continue to finance the increasing demand for our loans while keeping interest rates low. This is one of our ways of bringing 'Tapat na Serbisyo, Mula sa Puso' to our members,” he added.