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mikeortegaligalig

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PAG-IBIG offers 7% dividends for
tax-free govt-guaranteed savings

TAGBILARAN CITY, Bohol, Dec. 14, (PIA)—You still got that extra cash with you?

While contemplating on putting this in a savings stash in your favorite bank can earn you a little bit and offering you that easy chance to draw from it when you cash-starve, the government, through Pagtutulungan sa kinabukasan, Ikaw, Bangko, Industryia at Gobyerno (PAG-IBIG) Savings Program is one worth a second hard look.

In a bank of your choice, the maximum time deposit interest rate for your P1,000 for six months can go as high as 1.13% or at the least, .50%.

With PAG-IBIG Fund’s Modified Pag-ibig (MP) 2 Savings Program, this voluntary savings program of P500 per remittance or more if you have more cash, this will earn government-guaranteed and tax-free dividends at a higher rate than the already high interest rate of the regular PAG-IBIG Savings, according to PAG-IBIG Fund information officer Leonardo Cirujales.

Bringing this rare offer at the Kapihan sa PIA, Cirujales bared that this savings program is designed for PAG-IBIG Fund members and those with other income sources, who wish to save more and earn higher dividends

PAG-IBIG MP2 Savings Program saves you more with the assured 7% dividend rate receivable in annual credits to your Landbank of Development Bank of the Philippines savings, or through a check payable to the MP2 saver, or upon the five-year maturity of the MP2 with compounded dividends, he added.

In fact, the fund’s information officer said the savings funds has no limit.

“One can save as much as one wants under the MP2 Savings Program. If one wishes to remit an amount over 500,000, he will however have to issue a personal or manager’s check for the account,” he instructed.

And with retirees and pensioners who are spending lesser than what they get annually, the program is also open.

Regardless of age, retirees and pensioners with at least 24 monthly savings prior to retirement, can save under the MP2 savings, Cirujales stressed.

So why do you have to opt for this better savings program again?

PAG-IBIG Fund’s MP2 Savings program offers a minimum P500 per remittance, or a one-time savings of a higher amount, is assured of at least 7.0% annual dividends compared to only 1.13% from other banks.

While commercial bank’s minimum time deposits of P1,000 for a minimum of six months can earn 1.13%, MP2 can already earn 7% in a year and onwards to maturity.

And then, bank accounts are always subject to taxes that the interest sometimes would be drowned by the taxes paid for the account.

And while MP2 Savings is locked on for the next five years, this tax-free savings program presents an opportunity for the saver to impose financial discipline considering that unlike ordinary bank accounts, the money can be easily drawn, causing the principal to be depleted and the plan to save can easily be drained away. (rahc/PIA-7/Bohol)

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