PAG-IBIG FUND HIKE DELAYED

Officials of Pag-IBIG Fund have announced that they may put on hold the plan to raise by P50 the decades-old monthly contributions of its members in consideration of the plight of workers and businesses amid the pandemic.

Human Settlements Secretary Eduardo D. del Rosario, who heads  the 11-member Pag-IBIG Fund Board of Trustees, has instructed the management of Pag-IBIG Fund to consult stakeholders again to discuss the possibility of delaying the January 2021 implementation of the P50-increase to the agency’s decades-old P100 monthly contributions or savings.

“We recognize that a number of our members and several businesses are experiencing financial hardships brought about by COVID-19. We understand their plight and we want to help them in any way we can," Del Rosario said.

"That’s why we are studying the possible delay of the P50-increase in the members’ monthly savings right now. This is our contribution to the efforts of the administration of President Rodrigo Roa Duterte to alleviate the financial burden of our fellow Filipinos during these challenging times,” said del Rosario.

In November 2019, the Pag-IBIG Fund Board approved the staggered increase of the members’ monthly savings from P100 to P150 by January 2021, and to P200 by January 2023. 

The approved increases also apply to their employers’ share. Both labor and employer groups expressed support for the move as Pag-IBIG Fund officials held months of public consultations before approving the increase. Stakeholders took note that Pag-IBIG Fund contributions remained unchanged for three decades already.

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