The government is encouraging the public to save through the savings program of government’s Pag-ibig Fund and Social Security System where invested money grows big time!
According to GMA News, aside from bank savings, there are also other ways to save money where you can gain more out of it.
The government is encouraging the public to put their money in government savings program such as Pag-ibig Fund.
According to the news, with Pag-ibig Fund, members can upgrade their contribution from the normal P100.00. Depending on the amount of contribution, it will multiply based on its dividend.
You can get this money after 20 years or until you reach the retirement period.
“Ang katumbas po ng mga programa na ito sa mga bangko ay parang time deposit. For the last five years, hindi po bumaba sa four percent and dividend rate na naideklara natin,” said OIC of Pag-ibig Fund Acmad Rizaldy Moti.
“The equivalent of this program in banks are the so-called time deposit. For five years, you will receive a dividend that is not less than four percent of the declare amount,”
There is also another savings program in Pag-ibig Fund called Modified Pag-ibig 2 or MP2. The minimum deposit here is P500 but without maximum deposits.
Last 2016, there is about 6.9% declared dividend rate on regular Pag-ibig savings and 7.4% on MP2.
“Yung mga dati kong kasamahan sa banking industry, nangggaling ho ako ng bangko, wala ho silang produkto na ganyan na kayang magbigay ng 6.9 percent,” Moti added, as he secures that public that Pag-ibig Fund is safe.
“My other colleagues in the banking industry, I am worked on banks, they do not have products that can generate 6.9% interest rate,”
Meanwhile, there are Personal Equity and Savings o PESO Fund of SSS, where you can contribute as little as P1,000 up to P100,000 as minimum deposit for the whole year.
For Overseas Filipino Workers, they can avail Flexi Fund of SSS.
The good thing about these government savings program is the assurance that you can acquire the expected dividend after some time plus it is also tax free.
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