Pag-IBIG member savings hit P59.5B

Members of the Home Development Mutual Fund (Pag-IBIG) collectively saved P59.52 billion in the first eight months of the year, with more than half coming from its voluntary savings program.

The year-to-date savings reflect an 11.45% increase from the same period last year, and is equivalent to 74.4% of the P80-billion savings target for the year.

Broken down, Pag-IBIG Regular Savings accounted for P28.03 billion, up by 7% from P26.16 billion in 2022, while its Modified Pag-IBIG 2 Savings (MP2) climbed 16% to P31.50 billion.

“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 and their counterpart share on time,” Pag-IBIG chief executive officer Marilene Acosta said.

“This trust is clearly displayed by the amount voluntarily saved by our members, which has in fact surpassed the amount of mandatory savings we have collected,” she added.

Under its charter, Pag-IBIG aims to generate more savings for Filipino workers and to provide accessible funds for housing of every member. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News