Hongkong-based workers are keen in joining the home development mutual fund under its expanded coverage, according to Vice President Noli de Castro citing a report from Pag-Ibig Fund officials.
Led by Jaime Fabiana, chief executive officer, Pag-Ibig officers met with leaders of the Filipino community in Hong Kong last Jan. 30 in the first in a series of meetings with workers to inform them on the new law that makes it mandatory for all employees to join the fund.
“The positive response of our OFW leaders to the Fund’s expanded coverage was overwhelming,” Fabiana said in a report to De Castro, also chairman of the Pag-Ibig board of trustees.
The report said that hundreds of Filipinos flocked to register at the iREMIT registration center and at the Philippine Consulate General where the Pag-IBIG information desk is based.
Under the new law, new members will contribute a minimum of P100 a month, much lower than the $5 minimum required by the old law. “Majority of the new registrants in Hong Kong paid for their contributions that are good for at least three months, while some paid for the entire year,” Fabiana pointed out.
Under Pag-IBIG’s universal or expanded membership coverage, all Filipino workers, and Filipinos employed by foreign-based employers, whether deployed in the country or abroad, are mandatorily covered beginning January 2010. Also covered are employees who are members of the SSS and GSIS, uniformed members of the Armed Forces, Bureau of Fire Protection, Bureau of Jail Management and Penology and National Police. Pag-IBIG has 7.4 million members, so far.
Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government. In 2009, Pag-IBIG declared tax-free dividends amounting to P8.5 billion with a dividend rate of 5 percent.
“At this dividend rate, a member will generate savings amounting to P40,753 if he contributes P100 monthly for 20 years; P81,507 if he contributes P200; and P203,768 at P500 a month. –Manila Standard Today
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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