Members of Pag-IBIG Fund continued to prefer the Modified Pag-IBIG 2 (MP2) program in 2022, with total savings exceeding PHP40 billion and setting a new record.

Members' savings through the MP2 Savings Program totaled PHP 39.84 billion last year, representing a 54 percent increase over the PHP 25.95 billion collected in 2021.

The MP2 Savings Program is a Pag-IBIG, or Home Development Mutual Fund, a special voluntary savings facility with a five-year maturity period.

It is designed for active Pag-IBIG Fund members who want to save more and earn higher dividends in addition to the monthly Pag-IBIG Regular Savings. It has a low entry point of PHP 500 as the minimum savings.

Moreover, it gives members the option of claiming their MP2 savings earnings annually or compounded at maturity. Pensioners and retirees who were once Pag-IBIG members and had at least two years of savings prior to retirement are also eligible for the program.

MP2 Savings, which was first made available to members in 2010, has seen phenomenal growth in recent years as more members see it as a safe and low-risk savings facility with competitive returns.

According to Marilene Acosta, chief executive officer of Pag-IBIG Fund, MP2 savers increased from 750,267 in 2021 to 977,643 or 30.3 percent by the end of 2022.

She stated that the MP2 has become a tool that has enabled more workers to save, with 86 percent of the agency's total MP2 savers saving an average of PHP 19,357.