Metro Manila (CNN Philippines, September 11) — Officials of the Pag-IBIG Fund said they are considering to delay increasing monthly contributions of their members to ease the financial burden caused by the pandemic.
Secretary Eduardo Del Rosario, head of the board of trustees of Pag-IBIG Fund, said on Friday that he has ordered the consultation of the agency’s stakeholders on the possible delay of the ₱50 increase to members’ monthly contributions on January 2021.
Del Rosario, who also heads the Department of Human Settlements and Urban Development, said this is to help their members and businesses who are affected by the health crisis.
“We understand their plight and we want to help them in any way we can,” he said in a statement. “That’s why we are studying the possible delay of the ₱50 increase in the members’ monthly savings right now.”
Pag-IBIG Fund CEO Acmad Rizaldy Moti said the consultations will start in the coming weeks. This will involve labor unions, non-government organizations, and employer groups, he said.
The contribution adjustment was approved in November 2019. This will add ₱50 to the ₱100 monthly contribution starting next year until it reaches ₱200 by January 2023.
Stakeholders expressed their support for the increase given that the agency has not increased contributions for three decades.
Del Rosario explained that the increase will serve as additional funds for Pag-IBIG to continue to offer low housing loans. He noted that in the last five years, demand for Pag-IBIG’s housing loans grew at an average of 17.5 percent per year.
Moti assured that the agency is in a strong financial position that makes it possible to delay the increase in contribution.
Aside from the monthly contribution, the agency also has housing and short-term loan payment collections where funds are sourced, he said.
