OFW groups join support for Pag-IBIG contribution hike

OFW organizations are also backing Pag-IBIG Fund’s plan to increase members’ monthly savings rate this year, agency officials announced on Jan. 16.

After gaining support from labor and employer groups, Pag-IBIG Fund’s plan also received nods from the Kapisanan ng mga Kamag-anak at Migranteng Manggagawang Pilipino, Inc. (KAKAMMPI), the Kabalikat ng Migranteng Pilipino, Inc. (KAMPI), the Kaibigan ng mga OCWs, and several other OFW groups.

“We support unequivocally Pag-IBIG Fund’s proposal to increase the contributions of its members. An increase in contributions is definitely a step towards the right direction as this would mean more funds that could be employed for the benefit of members seeking to apply for home loans and short-term loans. Not only is it timely, but more importantly, it is the right thing to do,” said Luther Calderon, who serves as President of KAMPI.

In their respective letters sent to Pag-IBIG Fund, the OFW groups noted that the new Pag-IBIG monthly savings rates would enable members to improve their benefits and better prepare for the future.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required 2% employee savings and 2% employer share of Pag-IBIG Fund members shall be increased to P10,000, from the current P5,000. As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to P200 each from the current P100.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the OFW groups and gave assurance that Pag-IBIG Fund members shall receive better benefits under the agency’s new rates.

“We thank the KAKAMMPI, KAMPI, Kaibigan ng mga OCWs and all other OFW groups for their support and sharing in our efforts to improve the benefits received by our members, including our fellow Filipinos working overseas, by increasing our monthly savings rates,” Acosta said.

“We at Pag-IBIG Fund recognize the aspirations of our fellow Filipinos working overseas of providing a better life and future for their families. That is why we assure our OFW members that the increase in the Pag-IBIG monthly savings rates shall mean better benefits to further help them pursue their dreams.  Under our new rates, members shall have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement, as well as higher multi-purpose and calamity loan amounts to help them with their financial needs. This shall also allow us to continue offering affordable home loans and provide them better opportunities to gain a home of their own,” Acosta added.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.