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Wednesday, 10 January 2024

Pag-IBIG gains support from labor org to increase rates in 2024

Pag-IBIG Fund secured the support of the Federation of Free Workers (FFW), one of the country’s top labor organizations, in its plan to increase the nearly four-decade old mandatory monthly savings rate for both members and their employers starting January 2024, officials stated on Monday, 08 January.

The FFW, in its letter to Pag-IBIG Fund, cited the agency’s responsible management of the funds entrusted by Filipino workers and its efforts to provide social protection for its members in accordance with its charter.

“We wish to express our support and raise no objections to your plan to increase Pag-IBIG Monthly Contributions by January 2024. With this increase, we recognize that our fellow workers will be entitled to greater savings when their memberships (with Pag-IBIG Fund) mature or upon retirement. We particularly note the equal increase in employers' counterpart contributions, which will result in more substantial savings for our fellow workers,” said Atty. Sonny G. Matula, FFW national president.

Matula further emphasized that the FFW’s support to Pag-IBIG Fund’s planned rate increase is contingent with the agency’s commitment to further improve the benefits of its members, and ensure that its growth is directed toward the betterment of workers.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent employee savings and two percent employer share of Pag-IBIG Fund members shall be increased to P10,000, from the current P5,000. As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to P200 each from the current one hundred pesos P100.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the FFW and gave assurance that Pag-IBIG Fund members shall be entitled to better benefits under the agency's new rates.

“We thank the FFW for supporting our plan and sharing our efforts in advancing the welfare of Filipino workers. We assure the FFW, our members and our stakeholders that the increase in our monthly savings rates shall redound to the benefit of our members. The increase in our monthly savings rates mean that our members shall have higher Pag-IBIG savings that earn annual dividends, which they shall receive upon membership maturity or retirement. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs. On an equally important note, our new rates shall allow us to continue providing affordable home loans to our members in the coming years,” Acosta said. (Pag-IBIG/PIA-Caraga)