Pag-IBIG offers savings program

By Maria Aprila W. Cruz

BAGUIO CITY – Pag-IBIG Fund is now offering a voluntary savings program called Modified Pag-IBIG II (MP2) Program which has higher yields and shorter terms.

Lawrence Ocampo, chief marketing and enforcement division of Pag-IBIG Fund, Baguio, in a radio interview announced that the program is open to all Pag-IBIG I members including Overseas Filipino Workers (OFWs) with a monthly gross income exceeding P5,000.

Ocampo said under the said program, Pag-IBIG members have a savings option with a term as short as five years and a preferential dividend rate that is higher than that of regular membership. A member may contribute as low as P500 monthly at six percent dividend rate per annum.

He added a 6 percent dividend rate per annum for a monthly contribution of P500, the Total Accumulated Value (TAV) at the end of the five year membership term of P34,921.79 and P81,655.02 for 10 years.

The TAV comprises a member's contributions and its corresponding dividends.

According to Ocampo, members who want to avail of the Pag-IBIG II savings should maintain their mandatory Pag-IBIG I membership where they have to contribute at least P100 monthly as employee counterpart and which has a 20-year maturity period.

Ocampo said the MP2 Program is solely a savings scheme.

It has membership term of five years renewal after maturity.

However, withdrawal of contributions prior to maturity shall be allowed under any of the following circumstances: total disability or insanity, separation from service by reason of health and death.