The Pag-IBIG fund revealed on Friday that it was offering members an investment program, the Modified Pag-IBIG 2 Savings Program or MP2, which was akin to a commercial bank's time deposit.
Pag-IBIG Fund President and CEO Acmad Rizaldy Moti explained in a Friday report on GMA 7 news program "24 Oras" that the MP2 had a higher savings rate than the regular contributions.
"Yung Modified Pag-IBIG 2 program ng Pag-IBIG Fund, ito ay optional savings program ng Pag-IBIG Fund na inaalok po namin sa mga miyembro para ho dun sa gustong mag-impok sa mas malaking savings rate," Moti explained.
Moti added that the MP2 was safer than Unit Investment Trust Funds.
"Ang kahintulot niya sa bangko ay yung kanilang time deposit na five year term," he said. "Kung ako po ang tatanungin, mas safe pa po yan kesa sa mga bangko."
"Ang pinagkaiba sa UITF, kasi bumibili ka dun sa units, pwedeng yung pagpasok mo, pag-invest mo sa isang mutual fund, pwedeng over the years, mas mababa ang makukuha mo. Sa Pag-IBIG fund, worst case scenario, zero ang kikitain ng pera pero yung principal na pera natin ay laging nandyan," Moti added.
Members who contributed P500 monthly for five years can earn P4,912.79 at the interest rate of six percent; P5,812.73 at seven percent; and P6,724.92 at eight percent.
Those who opt to deposit a lump sum of P100,000 can earn P26,247.70 at six percent; P31,079.60 at seven percent; and P36,048.90 at eight percent.
Members can invest as much as much as they want with a minimum of P500 monthly for five years. They may claim their savings after five years or opt to renew it for another five years.
They may also claim their savings early in case of insanity, total disability, and unemployment due to health reasons. Their beneficiaries may also claim the funds in case of their death.
Employees may invest in MP2 by asking their human resources department to deduct their contribution from their salary, or they may opt to deposit their contributions at PAG-IBIG itself. — Rie Takumi/DVM, GMA News