The coronavirus disease (COVID-19) pandemic has pushed back plans to increase the monthly contributions for the Home Development Mutual Fund (Pag-IBIG Fund) for all Filipinos.
At present, Pag-IBIG charges Php100 (AED7.58*) per month for all its members. The management initially planned to scale up the “decades-old” monthly rate with an additional Php50 (AED 3.79*).
“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. That’s why we are studying the possible delay of the PHP50-increase in the members’ monthly savings right now,” said Housing czar Sec. Eduardo del Rosario.
Del Rosario has already instructed the agency’s management to consult anew stakeholders and discuss the possibility of delaying the January 2021 implementation of the PHP50-hike.
READ ON: Duterte orders DFA to help stranded Pinoy seafarers abroad
Meanwhile, Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said the board will consult stakeholders in the coming weeks.
“We will be in talks again with labor unions, non-government organizations, and employer groups and we will consider their stand before we proceed. It is important for us to consult them and hear their voices before we decide,” Moti said, following del Rosario’s call as per reports from the Philippine News Agency.
He added that Pag-IBIG Fund’s “strong financial position” would allow them to consider delaying the increase in their members’ monthly savings.
*AED 1 = Php13.19
