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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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