IPIL, Zamboanga Sibugay (PIA) - The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund, is set to implement new monthly rates for its regular Pag-IBIG savings contributions starting February 2024.

Evelyn Tindahan, head of Pag-IBIG Fund in Zamboanga City, said the contribution hike, set to be implemented nationwide, is a direct response to the persistent appeal of members for augmented savings and benefits. She said the increase in contribution translates to amplified savings and, subsequently, heightened benefits.

With the impending change in contribution rates, Pag-IBIG Fund members can anticipate a two-fold increase in savings, elevated cash loan entitlements, and sustained access to affordable housing loans. Tindahan further explained that the adjustment in contribution rates will empower the Pag-IBIG Fund to accumulate funds for subsidizing housing loan interest rates. 

"This strategic approach will fortify our capacity to provide steady interest rates for housing loans and preclude any unwarranted increases," she emphasized.

"Through the implementation of the new savings rates, Pag-IBIG Fund aims not only to enhance the benefits for members but also to position the Fund to effectively meet the rising demand for home loans. These efforts align with the overarching goal set by President Ferdinand Marcos Jr. to afford Filipino workers opportunities for a comfortable and productive life," she added.

Tindahan detailed that under the Fund’s new rates, the monthly savings of Pag-IBIG Fund members for both the employer's counterpart and the employee's share shall increase from the existing  P100 to P200. This comes after the maximum monthly compensation was changed from the current P5,000 to P10,000, which will be used to calculate the required two percent employee savings and two percent employer share for members of the Pag-IBIG Fund.

"For employees, this is a direct investment in our future. No portion of our contributions will remain with Pag-IBIG; all will be returned to us through maturity, retirement benefits, or other qualified reasons when we choose to withdraw our savings from the Fund. To employers, this underscores your social responsibility to your employees. Providing these benefits serves as a motivating factor for them to excel in your company and elevate their financial capabilities," Tindahan expressed.

Tindahan meanwhile disclosed that in Zamboanga City,  Pag-IBIG Fund had conducted meetings in October and November 2023, engaging employers’ representatives, bookkeepers, NLAs, and LGUs to disseminate information and elucidate the details of the new rates set to be implemented in 2024. (NBE/EDT/JPA/Zamboanga Sibugay)