Several overseas Filipino workers (OFWs) groups have expressed their support for the plan of Pag-IBIG Fund, the national savings program for shelter financing, to increase its members’ monthly savings rate. This move has gained backing from prominent organizations such as 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.
Kampi President Luther Calderon emphasized the significance of this proposal, stating, “We unequivocally support Pag-IBIG Fund’s proposal to increase the contributions of its members. An increase in contributions is definitely a step toward 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.”
The proposed increase in the monthly savings rates will enable Pag-IBIG members to improve their benefits and prepare for the future, as highlighted in the letters sent by the OFW groups to the agency. Under the new savings rates, the maximum monthly compensation used to calculate the required two percent employee savings and two percent employer share of Pag-IBIG Fund members will be increased to P10,000 from P5,000. Consequently, the monthly savings for both the employee’s share and the employer’s counterpart will increase to P200 each from P100.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta expressed her gratitude to the OFW groups for their support and assured them that the agency’s new rates would provide better benefits to its members. Acosta acknowledged the aspirations of fellow Filipinos working overseas to provide a better life and future for their families. She stated, “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.”
The new rates will result in higher Pag-IBIG savings that earn annual dividends, which members will receive upon membership maturity or retirement. Additionally, members will have access to higher multi-purpose and calamity loan amounts to assist them with their financial needs. Acosta emphasized that these changes would also enable Pag-IBIG Fund to continue offering affordable home loans and provide better opportunities for members to own a home of their own.
The support from OFW groups and the Employer’s Confederation of the Philippines (ECOP) showcases the widespread recognition of the importance of increasing contributions to enhance the benefits received by Pag-IBIG Fund members. This collaborative effort aims to empower OFWs and ensure that they have the financial resources necessary to secure a brighter future for themselves and their families.
As the national savings program for shelter financing, Pag-IBIG Fund plays a crucial role in facilitating homeownership and providing financial assistance to its members. By increasing the monthly savings rates, Pag-IBIG Fund is taking proactive steps to meet the evolving needs of its members and contribute to their overall financial well-being.
In conclusion, the overwhelming support from overseas Filipino workers and various organizations for Pag-IBIG Fund’s plan to increase its members’ monthly savings rate demonstrates the collective commitment to improving the benefits and opportunities available to OFWs. This initiative will enable members to enhance their savings, access higher loan amounts, and ultimately achieve their dreams of homeownership and financial security. Pag-IBIG Fund’s dedication to serving its members is evident, and these changes will undoubtedly make a positive impact on the lives of countless Filipino workers both at home and abroad.
Source: The Manila Times
