MANILA, Philippines: The plan of the Pag-IBIG Fund to increase its members’ monthly savings rate has received significant support from various organizations of Overseas Filipino Workers (OFWs). The Kapisanan ng mga Kamag-anak at Migranteng Manggagawang Pilipino Inc. (KAKAMMPI), Kabalikat ng Migranteng Pilipino Inc. (KAMPI), Kaibigan ng mga OCWs, and several other OFW groups have expressed their backing for the agency’s proposal.
The Employer’s Confederation of the Philippines (ECOP), the largest employers’ group, has also given its full support to the Pag-IBIG Fund’s plan. This collective endorsement highlights the importance of the proposed increase in contributions for the benefit of members seeking home loans and short-term loans.
“We unequivocally support 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,” said KAMPI president Luther Calderon. He further emphasized the timeliness and necessity of this move.
The OFW groups, in their letters to the agency, expressed that the proposed increase in the monthly savings rates would enable Pag-IBIG members to improve their benefits and better prepare for the future.
Currently, the maximum monthly compensation used to compute the required two percent employee savings and two percent employer share of Pag-IBIG Fund members is set at P5,000. However, under the new savings rates, this maximum limit will be increased to P10,000. Consequently, the monthly savings for both the employee’s share and the employer’s counterpart will increase to P200 each, up from the current P100.
Marilene Acosta, the Chief Executive Officer of Pag-IBIG Fund, assured the OFW groups that their members would receive better benefits under the agency’s new rates. She expressed gratitude towards KAKAMMPI, KAMPI, Kaibigan ng mga OCWs, and all other OFW groups for their support and shared commitment to improving the benefits received by members, including fellow Filipinos working overseas.
Recognizing the aspirations of fellow Filipinos working abroad to provide a better life and future for their families, Acosta emphasized that the increase in the Pag-IBIG monthly savings rates would result in better benefits, helping them pursue their dreams. The new rates will allow members to have higher Pag-IBIG savings that earn annual dividends, which they will receive upon membership maturity or retirement. Additionally, members will have access to higher multi-purpose and calamity loan amounts to assist 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, highlighting the agency’s commitment to supporting OFWs in their goal of homeownership.
The overwhelming support from OFW organizations and the Employer’s Confederation of the Philippines reflects the significance of the Pag-IBIG Fund’s plan to increase contributions. This move not only strengthens the financial security of OFWs but also aligns with their aspirations for a better future for themselves and their families.
Source: The Manila Times
