Pag-IBIG Members save record-high P79.9B in 2022

Pag-IBIG Fund members collectively saved nearly P80 billion in 2022, setting yet another record for the highest amount saved by members with the agency in a single year, its top officials said in a statement.

Last year, the amount collectively saved by Pag-IBIG members totaled P79.9 billion. This is the highest savings accumulated in the agency’s 42-year history.
The total savings collected last year also increased by 25%, or P16.2 billion from the P63.7 billion collected in 2021. Forming part of the total savings is the agency’s Pag-IBIG Regular Savings, which also increased by 6% from P37.71 billion in 2021 to P40.06 billion in 2022.

“The sustained growth in Pag-IBIG Members’ Savings collections has been truly remarkable. It denotes our members’ trust and confidence in our programs, and our capacity to manage each hard-earned peso they have saved with us. And, as our collections remain strong, we remain able to finance and maintain the low interest rates of our loan programs. These are among our many efforts in adhering to the call of President Ferdinand Marcos, Jr. towards advancing the welfare of our fellow Filipinos,” said Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund Chief Executive Officer Marilene Acosta, 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 in 2022, as members saved a record-high P39.84 billion in the program, an increase of 53%, or P13.89 billion from the P25.95 billion collected in 2021.

“We are happy that we continue to gain the trust of our members, as shown by the record-high amounts that they have saved with us in 2022, as well as in the past years. This shows their growing appreciation of the value in saving with Pag-IBIG Fund. That is why we remain committed in responsibly and prudently managing their savings, so that we can provide them the best possible returns,” Acosta said.

Under Republic Act No. 9679, membership to the Pag-IBIG fund is mandatory for OFWs with an initial monthly contribution of P200. Those applying for jobs overseas will likewise be required to get a Pag-IBIG MID number before they can regiser for an Overseas Employment Certificate processing.

A contribution that an OFW member makes are credited to his Total Accumulate Value or savings that are fully guaranteed by the national government. A member’s savings earn annual dividends that are tax free. A member may claim his total accumulated alue after 20 years of membership with the fund and also after having made a total of 240 monthly contributions.

Aside from this, Pag-IBIG savings are also portable which means these remain in the name of a member regardless if he transfers employers, works abroa or becomes-employed or even unemployed. Members are also entitled to borrow short-term loans offered by the fund to help address immediate financial needs, as well as a housing loan.