Picture for illustration purposes only.
PHOTO BY ARCHIVE
MANILA – The Home Development Mutual Fund (Pag-IBIG Fund) said it is considering postponing its plan to increase by P50 the monthly contribution of its members.
The increase in the minimum monthly contribution from P100 to P150 was scheduled to be rolled out on January 2021. By January 2023, it is planned to increase further to P200.
According to PAG-IBIG Secretary Eduardo del Rosario the plan to postpone the increase is in consideration of the plight of workers and businesses amid the coronavirus pandemic.
Del Rosario has instructed the agency’s management to do further consultations to discuss the possibility of delaying the planned increase.
“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,” del Rosario said in a statement.
“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,” he added.
PAG-IBIG Fund CEO Acmad Rizaldy Moti said the agency will be in talks with labour unions, non-government organizations and employer groups on the matter.
Meanwhile, Del Rosario said that the planned increase in members’ monthly savings is meant to provide necessary additional funds “to sustain the growing demand for housing”.
According to PAG-IBIG Fund, the demand for housing loans has grown at an average of 17.5 percent per year since 2015. ICA/Expat Media
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