The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, will start implementing a higher contribution rate in January next year, according to an official.
Julie Ann Deocariza, marketing head of Pag-IBIG-Davao, said in January 2024, the Monthly Fund Salary (MFS) will be at P10,000 times two percent and the savings of the employee will be P200 matched by the employer by another P200.
The current Pag-IBIG savings policy is based on a member’s MFS, which is capped at P5,000.
“The contribution rates this coming January 2024. We will be increasing our monthly savings for the members to P200. Sa dati natong balaod kay ang atoang maximum monthly compensation nga ginabasehan sa 2 percent na monthly contribution is P5,000 so we will increase it to P10,000. The employer’s share will also increase to P200. So magkakaroon na ng P200 savings ang kada member taga bulan starting January 2024,” Deocariza said during the AFP PNP Press Corps media briefing at the Royal Mandaya Hotel on Wednesday.
It can be recalled that Pag-IBIG postponed in March this year the contribution hike that was supposed to take effect this year as workers and business owners are just recovering from the Covid-19 pandemic.
Pag-IBIG last increased member and employer payments in 1986.
“Kabalo man ta tanan na the P100 monthly savings sa atong members since 1980s wala gyud nag increase. Before the pandemic pa unta ni siya i-implement but since nag Covid ta last 2020 and after the pandemic naghulat sad mi maka recover pa pud ang atoang mga employers and members,” Deocariza said.
She also said that they will be conducting a forum starting next month to inform the employers, members, and other stakeholders concerning the said contribution hike.
“For the savings program, the bigger the savings, the higher the dividend earnings. Aside from that higher din ang loanable amount for all the members specially our cash loan,” she said.
