Vice President and concurrent Housing and Urban Development Coordinating Council (HUDCC) chairman Noli de Castro urged yesterday the Senate and Lower House to restore the provision in the Charter of the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund that the shelter agency should “invest not less than 70 percent of its investible fund to housing.”
De Castro thanked the Senate and House for pushing the amendments in the Charter of the Pag-IBIG Fund that seeks to strengthen not only the Fund but the entire housing sector.
He said the draft bills approved by Congress would restore the tax-exempt privilege of Pag-IBIG Fund and authorize the board to set the contribution rates of members which would result in additional funds for the benefit of Pag-IBIG members.
However, De Castro objected to the deletion of the provision in Pag-IBIG’s existing Charter that the Fund should “invest not less than 70 percent of its investible fund to housing.”
“Housing is one sector with a big multiplier effect on the economy. Every P1 million invested in housing translates to P16.6 million of economic activity in the country,” De Castro said. “At this time of the global financial crisis, we need to put our funds in industries that would stimulate the economy and create more jobs for our people.”
He urged Congress to restore the provision to realize the prospective law’s objectives of providing the Filipino citizen with sufficient shelter through the mobilization of funds for shelter finance. – Pia Lee-Brago, Jose Rodel Clapano, Philippine Star
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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