Pag-IBIG members save record P28.75 billion in Q1 2024, up 36%; MP2 savings reach P15.56 billion, up 48%

In the first quarter of 2024, Pag-IBIG Fund members collectively saved a record P28.75 billion, which top officials say is the highest amount ever saved in a first quarter in the agency’s history. This represents an increase of 36% – around €7.66 billion more than the €21.09 billion saved in the same period in 2023.

Part of the total savings collections consists of the agency’s Pag-IBIG Regular Savings, which saw a 25% increase from P10.58 billion in the first quarter of 2023 to P13.19 billion this year.

“Our strong savings collections reflect the trust our members place in us, along with our ability to manage their savings wisely. The strong financial position of the Pag-IBIG Fund enables it to provide low interest rates and support the financing side of the Pambansang Pabahay Para sa Pilipino (4PH) program, a flagship program of President Ferdinand Marcos Jr.,” said Secretary Jose Rizalino L. Acuzar , who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

In February, the Pag-IBIG Fund implemented the new mandatory monthly savings rate of P200 for both employee and employer shares. The increase was the very first increase that the Pag-IBIG Fund implemented since its founding in 1986.

Marilene C. Acosta, CEO of the Pag-IBIG Fund, meanwhile, noted that the agency’s popular MP2 Savings continues to drive the growth of its members’ savings. The voluntary savings program maintained its growth, with members saving a record P15.56 billion, accounting for 54% of the total savings collected in the quarter.

Ms. Acosta further emphasized the continued confidence of their members, as evidenced by consecutive years of record highs in savings collections.

“With the implementation of the new mandatory monthly contribution rates of P200 from both members and employers, Pag-IBIG members can expect significant savings and access to higher cash loans in the future. Our goal remains the same: to maximize the growth of our members’ savings and keep mortgage rates low,” said Ms. Acosta.

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