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Pag-IBIG Fund postpones raising contributions in 2023

As a result of the ongoing recovery of both employees and business owners from the pandemic, the Pag-IBIG Fund Board of Trustees formally authorized delaying the agency’s contribution increase this year, its senior officials declared on Monday.

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The Pag-IBIG Fund Board of Trustees, which consists of 11 members and is led by Secretary Jose Rizalino Acuzar, said it unanimously approved the Pag-IBIG Fund Management’s recommendation to postpone the increase in members’ monthly contributions in 2023 and move the implementation to January 2024. This decision confirms earlier statements made by the agency.

The share of their employers is likewise subject to the postponement.

This is in keeping with President Ferdinand Marcos Jr.’s demand to lessen the financial burden placed on our fellow Filipinos as a result of the ongoing socioeconomic difficulties brought on by the Covid-19 (coronavirus disease 2019) pandemic, according to Acuzar.

After gaining the support of stakeholders to carry out a planned contribution increase in 2021, agency officials approved the increase in the monthly contributions of its members in 2019.

The organization realized that an increase was required at that time because it anticipated that eventually the entire amount of loans disbursed would exceed the sum of all loan payments and member contributions.

Nonetheless, Pag-IBIG Fund has postponed for a third year in a row the rise of its contribution rates, which have been the same since 1986, in recognition of the effects of the epidemic on both its members and the business community.

According to Pag-IBIG Fund CEO Marilene Acosta, the organization has a strong financial position and strong collections as a result of members choosing to save more money through the Regular and MP2 Savings programs, which will enable it to meet members’ increasing loan demand even without increasing the contribution rate this year.

We will once again be able to put off the rise in our contribution rates for a year thanks to our solid financial situation. I am pleased to report that in 2022, despite not raising our rates, we achieved record-high savings from members of almost PHP80 billion, loan payment collections of PHP127.42 billion, short-term loan releases of PHP57.69 billion, and house loan takeout of PHP117.85 billion, according to Acosta.

“Therefore, despite not raising our contribution rates for the 37th straight year, we look forward to achieving another banner year for Pag-IBIG Fund in 2023 with the continuing trust and support of our members, the corporate community, and partners in the housing industry,” she stated.

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