The Pag-IBIG Fund Board of Trustees officially approved the postponement of the
agency’s contribution hike in 2023, citing the continuing recovery of both workers and
business owners from the pandemic, its top officials announced Monday (06 March).
Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements
and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, said
that they unanimously approved the recommendation of the Pag-IBIG Fund
Management to defer the hike in the monthly contributions of its members in 2023 –
affirming pronouncements made by the agency earlier this year – and move the
implementation by one year to January 2024. The deferment also applies to the share
of their employers.
“We recognize that many of our members and employers are still in the midst of
recovering from financial challenges arising from the effects of the pandemic on the
economy. After consulting with our stakeholders, we have officially approved the
deferment of the increase of Pag-IBIG members’ monthly contributions for another
year. This is in line with the call of President Ferdinand Marcos, Jr. to alleviate the
financial burden of our fellow Filipinos due to the prevailing socio-economic challenges
brought about by the Covid-19 pandemic,” Acuzar stated.
In 2019, agency officials approved the increase of its members’ monthly contributions
after obtaining the concurrence of stakeholders to implement a planned contribution
increase in 2021. During that time, the agency saw the increase necessary as it
projected that the amount of loans disbursed will eventually outpace the total collections
from both loan payments and members’ contributions.
However, recognizing the effects of the pandemic on its members and the
request of the business community led by the Employers’ Confederation of the
Philippines (ECOP) to consider their plight, Pag-IBIG Fund has deferred for the
third consecutive year the increase of its contributions rates which remain
unchanged since 1986.
According to Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, the agency’s
robust fiscal standing and strong collections driven by members opting to save more
under the agency’s Regular and MP2 Savings programs, shall allow it to address the
growing loan demand of members even without a contribution rate increase this year.
“Our strong financial position shall allow us to again postpone the increase in our
contribution rates for a year. We are happy to report that even without any increase in
our rates, we were able to post record-highs in 2022 with our membership savings
collections reaching nearly P80 billion, loan payment collections amounting to P127.42
billion, short-term loan releases at 57.69 billion and home loan takeout amounting to
P117.85 billion. And, with the continued trust and support of our members, the business
community and housing industry partners, we look forward to achieving another banner
year for Pag-IBIG Fund in 2023 despite not increasing our contribution rates for the
37th consecutive year,” Acosta said.