COME 2024, the Home Development Mutual Fund or Pag-IBIG Fund announced that they will implement an increase in the contribution of their members, which they said as “long overdue.”
Earlier, PAG-IBIG deferred their premium hike to next year due to the “continuing effects of the pandemic to both the business community and our members.”
“We are just waiting for PBBM’s (President Ferdinand Marcos Jr.)… not his approval because the Board approved it already. We just informed PBBM,” Pag-IBIG CEO Marilene Acosta said.
Acosta said that they had sent a memorandum to the President in the last week of November.
He also said that there is no opposition from Malacañang on the planned members’ contribution hike.
“I think it’s good to go. We just want something in writing. That’s why we sent a memo to the President… [but] he’s aware of our accomplishments and he’s also aware that the last time that contribution rate was set was 1986. It’s long overdue,” Acosta said.
Under Pag-IBIG Fund’s contribution policy, the monthly fund salary (MFS), which is the basis of the 2% contribution rate, is pegged at a maximum of P5,000 a month.
This means the average premium of members is currently capped at P100 per month, with the employer also paying P100 for the member savings fund.