The Pag-IBIG Fund Board of Trustees has approved the dividend for members’ savings for 2021, declaring a record-high amount of over P31 billion, which shall be credited directly to its members’ savings accounts, top executives announced on Friday (Mar.11).
During the Pag-IBIG Chairman’s Report, February 24, Sec. Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11- member Pag-IBIG Fund Board of Trustees, announced that the rates of Pag-IBIG Savings remained higher than other instruments in the market.
This announcement came with a caveat that these were to be approved by the Board.
“I’m happy to announce once again that the Pag-IBIG Board has approved dividends for our members’ savings in the amount of P31.79 billion – the highest declared amount in the history of Pag- IBIG,” said del Rosario.
He added that the Board also adjusted upwards the previously announced indicative rates. The final dividend rates are now 5.5% for the Pag-IBIG Regular Savings and 6% for MP2.
“This gives higher returns on members’ savings is part of our efforts to give the best benefit to our members, especially as they face economic challenges due to the ongoing pandemic, while ensuring the Fund’s sustainability and stability,” he added.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the higher rates are a result of a higher dividend pay-out ratio approved by the Board.
He said while the agency is required to give back to members only at least 70% of its annual net income as dividends, the Management and the Board always sought to give back more.
“Pag-IBIG Fund has always looked out for the wellbeing of our members. And when we perform well, it’s our members who benefit the most. For 2021, I’m glad to say that the Board decided to retain the highest payout ratio of 92.15%,” Moti said.
He added that they are able to do this for the second consecutive year because of their strong financial position and improving loan portfolio despite the economic effects of the pandemic.
Thus, they thank all members of the Board for recognizing the Fund’s efforts to maintain a stable Fund as well as they also recognize that the members themselves – their trust and confidence in the Fund’s programs – helped the Fund deliver a great performance year after year. (Pag-IBIG Fund/PIA-10)
