Pag-IBIG savings soar to almost P100 B

Member savings collections of the Home Development Mutual Fund, commonly known as Pag-IBIG, reached almost P100 billion as of the third quarter, allowing the agency to finance the higher demand for home loans.

- LOUISE MAUREEN SIMEON

In a statement, Pag-IBIG said its members saved P98.72 billion from January to September, soaring by 48 percent from P66.73 billion in the same period last year.

Half of the savings at P49.27 billion under the Pag-IBIG Regular Savings reached P49.27 billion, growing by 56 percent from last year's P31.6 billion.

Pag-IBIG implemented in February the new mandatory monthly savings rates of P200 for both the employees and the employers' share.