Several organizations representing overseas Filipino workers (OFWs) have expressed their support for the Home Development Mutual Fund, also known as Pag-IBIG Fund’s, plan to raise members’ monthly contributions this year.
In a statement released on Tuesday, Pag-IBIG Fund announced that the proposal to increase contributions had gained the support of prominent OFW groups, including Kamag-anak at Migranteng Manggagawang Pilipino, Inc. (KAKAMMPI), Kabalikat ng Migranteng Pilipino, Inc. (KAMPI), Kaibigan ng mga OCWs, and other like-minded organizations.
Luther Calderon, President of KAMPI, stated, “We support unequivocally 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. Not only is it timely, but more importantly, it is the right thing to do.”
The OFW groups, in their letters to Pag-IBIG Fund, acknowledged that the new monthly savings rates would enable members to enhance their benefits and better prepare for the future.
Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation used for computing the required 2% employee savings and 2% employer share will be increased from P5,000 to P10,000. Consequently, the monthly savings for both the employee’s share and the employer’s counterpart will increase from P100 to P200.
Marilene Acosta, CEO of Pag-IBIG Fund, expressed her appreciation for the support of the OFW groups and assured members that they would receive better benefits under the agency’s new rates. She stated, “We thank the KAKAMMPI, KAMPI, Kaibigan ng mga OCWs, and all other OFW groups for their support and sharing in our efforts to improve the benefits received by our members, including our fellow Filipinos working overseas, by increasing our monthly savings rates.”
Acosta also highlighted the advantages of the new rates, emphasizing that members would have higher Pag-IBIG savings earning annual dividends, which they could access upon membership maturity or retirement. Additionally, the increased savings would result in higher multi-purpose and calamity loan amounts, providing greater financial assistance to members.