NextGen Day

MANILA – Once they attain legal age, Filipinos must join the Home Development Mutual Fund (Pag-IBIG Fund) membership program to ensure their future.

Pag-IBIG Fund deputy chief executive officer Alexander Aguilar said in a press conference on Tuesday that investing can begin as early as 18 years old.

“Pag-IBIG has two mandates,” says the official. The first is to encourage Filipino employees to save, and the second is to use the cash saved to finance housing,” Aguilar explained.

“The earlier you start saving, the better; the more money you’ll have as your career progresses,” he continued.

The necessary minimum monthly contribution of PHP100 made by Pag-IBIG Fund members would go to the Regular Savings facility, where savings can grow with annual dividends.

Pag-IBIG also offers the Modified Pag-IBIG 2 (MP2) Savings, a special five-year saving facility for members who want to save even more and receive even larger returns on top of their usual savings.

Members can add the same amount or more monthly from the needed initial PHP500 savings, invest a one-time lump sum, or just deposit at any time.

MP2 also earns a split each year with a 0.5 percent premium. It is also open to former Pag-IBIG Fund members who are now pensioners or retirees.

“You’re not only saving; you’re also putting aside emergency monies for future demands,” Aguilar explained. “There’s also the fact that if you’re a Pag-IBIG Fund member, you can acquire a home loan.”

With the MP2 program in place during the epidemic, Aguilar observed that the Fund’s collection has become “phenomenal,” with PHP26 billion in voluntary contributions gathered last year.

Despite the effects of the Covid-19 outbreak, the Pag-IBIG Fund provided PHP100.8 billion in home loans in 2021, the biggest amount ever released by the organization in a year.

“We decided to take a new approach. Instead of slowing down home loans, he believes they should be aggressively pushed because “when you extend loans, you generate more houses, and when you produce more houses, you create more jobs.”

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