Pag-IBIG mortgage releases exceed P100 B in 2021 for a record; up 58% – UNTV News
Manila, Philippines – Members of the Pag-IBIG Fund have saved more than 52 billion pesos in the past 10 months, breaking another record for the period and surpassing the figures for the full year before the pandemic, the senior officials announced from the agency on November 24.
From January to October, the amount collectively saved by members with the agency was 52.47 billion pesos – the highest in any 10-month period.
Savings collected so far this year have increased by 35% compared to the same period in 2020 and by 26% compared to figures for 2019, which is the agency’s best performing year to date.
“Even in these difficult times, we are happy to see that members still want to grow their savings with the Pag-IBIG fund. With an increase in the amount of savings of 13.66 billion pesos compared to last year and 10.81 billion pesos compared to our best year in 2019, these figures clearly show that the Pag-IBIG Fund is has already recovered from the effects of the pandemic,” the secretary said. Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
“In fact, the savings of 52 billion pesos collected in October this year already exceeds the amount of savings collected for the entire 12 months of all previous years. With more savings, Pag-IBIG now has more than funds for its programs to help more members in the months and even years to come. This is our contribution to the recovery of the nation, which is led by President Duterte,” he added.
The engine of growth is the agency’s voluntary savings program, the modified Pag-IBIG 2 or MP2, according to Pag-IBIG fund managing director Acmad Rizaldy P. Moti. He said that over the past 10 months, MP2 savings stood at a record 21.43 billion pesos, or 41% of the total savings collected for the period.
“We have seen the dramatic increase in MP2 over the past five years. In fact, MP2 is the only number that has not shown signs of slowing down, and has even increased during the pandemic. But the growth in 2021 is truly remarkable,” Moti said.
“Savings of 21.43 billion MP2 pesos in October are more than double the 10.21 billion pesos collected during the same period last year and are already 8.16 billion pesos more than the 13, 27 billion pesos collected for the whole of 2020. To put it from another perspective, MP2 has grown so much this year that the savings from October are greater than the total amount collected from 2012 to 2019 combined! he says further.
The agency added that the increase in purely voluntary savings corroborates the results of the Philippine Trust Index 2021 which ranked the Pag-IBIG Fund as the most trusted GOCC.
“We thank our members for their continued confidence in the Pag-IBIG Fund and for choosing to rely on us to grow their hard-earned savings. We still have a few weeks to go before we wrap up the year, and with numbers like these, I’m optimistic that 2021 will be another landmark year and the start of another wave of “best year ever” as we’re helping even more members save safely for their future goals,” Moti said.