Pag-IBIG Fund members save record-high P13.3B in MP2 amid pandemic, up 11% in 2020
Despite the uncertainties caused by Covid-19 last year, Pag-IBIG Fund members turned to the agency’s MP2 Savings and collectively saved over P13 billion, setting a new record for the amount saved voluntarily by members under the program in a single year.
“We are happy to report that despite the impact of the pandemic to our economy last year, the amount saved by our members in the Pag-IBIG MP2 Savings last year surpassed P13 billion. This is the highest-ever amount saved by our members in the program so far. This shows the significant trust that our members have in Pag-IBIG Fund, that we shall manage their hard-earned peso prudently. This will also go a long way in helping us serve more members by providing funds for their home loans and cash loans, all in line with President Rodrigo Roa Duterte’s directive to help uplift the lives of more Filipinos especially during these difficult times,” said Secretary Eduardo D. del Rosario, Chairperson of the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG postpones hike of decades-old contribution rate
After consulting with labor and employer groups, Pag-IBIG Fund will defer the January 2021 increase of its members’ monthly contributions. This is in consideration of the plight of both workers and business owners during the pandemic, officials said on Friday (Nov. 27).
Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, said that they approved the recommendation of the Pag-IBIG Fund Management to defer the hike in the monthly contributions of its members – from P100 to P150 in 2021, and move the implementation by one year to January 2022. The deferment also applies to the share of their employers.