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PAG-IBIG approved an increase of 100 pesos monthly contribution


     

 Manila, Philippines (November 28, 2019)- The contribution of the Home Development Mutual Fund (HMDF or Pag-ibig Fund) increased have been approved. The additional will increase up to Php 100.00 per monthly contribution for all members.

From Php 100.00 monthly contribution it will increase to Php150 per month starting January in 2021 and Php 200.00 per month for the year 2023.

According to Chief Executive Officer Acmad Moti, the department will not anymore borrow money from others because this increase can help many members who are applying for loans.

He said that if they will not increase their monthly contribution by next year there will be a shortage in the fund for Php 1.4 million pesos for money loans and housing loans.

There is a possibility that by the next few years they will increase the housing loans. For Trade Union Congress of the Philippines (TUCP) they said that the contributions increase of Pag-ibig must increase higher than the department proposes in order to offer bigger loans for all members. TUCP Spokesperson Alan Tanjusay said the members will save big when the contribution is high and their increase of Php 50.00 per year will not be enough. The adjustment was very little for us. "Instead of Php 50.00 per year, why they don't make it Php 100.00 as an adjustment to contribution" he quote.

 By 2021, the annual contributions of Pag-ibig members will be Php 3,600.00 from Php 2,400.00 per year. And for the year 2023, it will increase to Php 4,800.00






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