Amid pandemic, Pag-IBIG MP2 savings reach a new record-high Php 13.3 billion; up by 11%

Image via Pag-IBIG Fund (HDMF) | Facebook
  • Pag-IBIG Fund revealed that the COVID-19 pandemic did not affect the MP2 savings of Filipinos in 2020
  • Total funds set a new record-high of Php 13.3 billion, a growth of 11% from 2019
  • MP2 savings is a voluntary savings program by Pag-IBIG that promises a high dividend rate versus regular savings

Even with the challenges brought about by COVID-19, the Pag-IBIG Fund MP2 savings made a historical record of Php 13.3 billion in 2020 from Php 12.01 billion in 2019 giving a growth of 11%.

Image via Pag-IBIG Fund (HDMF) | Facebook

Pag-IBIG Fund made the announcement on its social media account on January 20.

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 said, “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.”

According to President Duterte, 338,248 members regularly save an average of Php 3,270 monthly on their MP2 savings last year.

MP2 savings is a program by the agency that has a minimum savings requirement of P500 with a 5-year-maturity period. This program was first launched in 2010 and has seen a tremendous increase in contributors.

Image via James PagIbig | Facebook

Del Rosario added that it was only in 2017 when the program surpassed the Php 1 billion mark and in a span of 3 years, total savings skyrocketed to more than Php 13 billion.

The dividend rate for 2020 will be announced by March 2021. The annual dividend rate in 2019 was 7.23%.

For those who are interested in the program, you can apply through this link below.