Metro Manila (CNN Philippines, March 8) — There will be no increase in the monthly Pag-IBIG Fund contributions this year after the agency’s board of trustees postponed its implementation to January 2024.
The board chairman, Housing Secretary Jose Rizalino Acuzar, said they unanimously approved the recommendation to defer the hike for the third consecutive year, as they acknowledged the lasting impact of the COVID-19 pandemic.
“We recognize that many of our members and employers are still in the midst of recovering from financial challenges arising from the effects of the pandemic on the economy,” Acuzar said in a statement on Tuesday.
The deferment also applies to the share of employers, according to Pag-IBIG, also known as the Home Development Mutual Fund.
In 2019, the agency’s officials approved the increase of its members’ monthly contributions, effective 2021.
Pag-IBIG said the increase was necessary as it projects the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ contributions.
However, Chief Executive Officer Marilene Acosta said the agency’s fiscal standing and strong collections will allow Pag-IBIG to address members’ growing loan demand without a contribution rate increase this year.
“Our strong financial position shall allow us to again postpone the increase in our contribution rates for a year,” Acosta said.
“We are happy to report that even without any increase in our rates, we were able to post record-highs in 2022 with our membership savings collections reaching nearly ₱80 billion, loan payment collections amounting to ₱127.42 billion, short-term loan releases at ₱57.69 billion and home loan takeout amounting to ₱117.85 billion,” she added.
