The TUCP also cautioned the Home Development Mutual Fund (Pag-IBIG Fund) against raising its mandatory contribution rates, saying this would unduly burden its 7.4 million member-workers.
The contemplated increase in contribution rates is uncalled-for. It should be studied extensively. There should be adequate public consultations on the matter. To build up its financial capability to meet the growing demand for housing loans.
Pag-IBIG must forcefully expand membership and cover more workers. This is definitely the superior alternative to ramming higher contribution rates.
In a statement posted on the Pag-IBIG website on September 18, Chief Executive Officer Jaime Fabiaña announced that the fund would increase contribution rates. Increasing our contribution rates will allow members to borrow bigger loan amounts and support the higher loan packages under Pag-IBIG’s housing finance program, while still ensuring the long-term stability of the fund.
In spite of mandatory Pag-IBIG membership, only one out of every four workers is actually covered by the fund.
The Social Security System (SSS) now has 27.8 million member-workers in the private sector, while the Government Service Insurance System (GSIS) has another 1.4 million member-employees in the public sector.
Thus, Pag-IBIG has 29.2 million potential member-workers. Yet, the fund has managed to effectively cover only 25 percent, or 7.4 million of them.
Pag-IBIG could easily increase contribution collections and augment its financial resources four times by simply covering all SSS and GSIS members. After all, Pag-IBIG was established to provide inexpensive shelter financing and an affordable savings program for our workers.
Pag-IBIG provides P160-million worth of loans everyday that enable almost 300 members to borrow an average of P533,000 each to acquire new homes. At present, Pag-IBIG members contribute only 2 percent of their monthly earnings, with the salary ceiling at P5,000. Thus, most members contribute only P100 monthly, whether they are earning P5,000 or P50,000 every month. –Ernesto F. Herrera, Manila Times
ernestboyherrera@yahoo.com
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
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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