Pag-IBIG welcomes Recto, Doria-Velarde as board officials

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February
2024

Pag-IBIG Fund welcomed Finance Secretary Ralph G. Recto and newly appointed trustee, Maria Lourdes Doria-Velarde, as part of the 11-member Pag-IBIG Fund Board of Trustees, top officials stated Tuesday (20 February).

Finance Secretary Recto, who now also serves as the Pag-IBIG Board’s ex-officio vice chairperson, is an experienced legislator who has pursued numerous economic and tax reforms. Doria-Velarde, who now sits as one of the agency’s private employers’ representatives, has had an extensive career in the construction industry. They join Pag-IBIG Fund Chief Executive Officer Marilene Acosta, Budget Secretary Amenah Pangandaman, Labor Secretary Bienvenido Laguesma, Trade and Industry Secretary Alfredo Pascual, Private Employees’ Representatives Anthony Cesar Arellano and Gregorio Montenegro, Private Employers’ Representative Atty. Cornelio Aldon and Government Employees’ Representative Ma. Lorelei Fajardo, as part of the Pag-IBIG Fund Board of Trustees. The board is chaired by Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD).

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"We look forward to working with Secretary Recto and Trustee Doria-Velarde in discussing and developing policies that shall enable Pag-IBIG Fund to continue providing responsive programs for its members and stakeholders. The expertise they possess in their respective fields shall allow us to further our efforts in heeding the call of President Marcos to uplift the lives of our fellow Filipinos through savings and affordable home financing under the Pambansang Pabahay para sa Pilipino Program," said Acuzar

Acosta, meanwhile, noted that Pag-IBIG Fund’s strong fiscal position and outstanding performance over the years can be attributed to their inclusive approach in addressing the needs of members and stakeholders who are properly represented in the agency’s board.

“The name Pag-IBIG stands for the acronym ‘Pagtutulungan para sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno.’ Our name itself denotes that the accomplishment of our mandates of providing savings and affordable home loans to our members lies on our ability to involve and develop synergies among all our stakeholders, whose voices are duly represented in our Board. We are happy that we are now joined by Secretary Recto and Trustee Doria-Velarde in pursuing our shared goal of continuing to provide excellent public service that the name Pag-IBIG Fund has become synonymous with,” Acosta stated.

In 2023, Pag-IBIG Fund released P126.04 billion in home loans, the highest amount of home loans released by the agency in a single year in its 43-year history. The amount was able to finance 96,848 housing units for its members. (END)

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Pag-IBIG home loans reach record-high P126B in 2023; nearly 100,000 members with new homes

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February
2024

Pag-IBIG Fund released a record-high P126.04 billion in home loans to finance the housing units of 96,848 members in 2023, its top officials announced February 08 (Thursday).

The amount of housing loans released in 2023 grew by P8.19 billion or 7 percent compared to the P117.85 billion released last year. The amount was able to finance 96,848 housing units and now stands as the highest amount of home loans released by the agency in a single year.

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“We are happy to report that Pag-IBIG Fund has posted the highest amount of home loans released during a single year in its 43-year history. This is very good news because as the amount of home loans we release increases, so does the number of Filipinos who now have homes of their own. This achievement is a testament to Pag-IBIG Fund’s unwavering commitment to help address the country’s housing backlog, in line with our efforts under the Pambansang Pabahay Para sa Pilipino or 4PH Program of the Marcos Administration,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and chairs the 11-member Pag-IBIG Fund Board of Trustees.

Acuzar further stated that out of the total housing units financed by the agency last year, 11,257 or 12% were socialized housing units which are now owned by members from the minimum-wage and low-income sectors.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the agency has maintained its low interest rates despite the strong demand for the agency’s home loans and amid prevailing high market rates.

“Our performance in 2023 is noteworthy because apart from releasing the highest amount of housing loans in our history, it was also during last year – July to be exact – that we further reduced our already low interest rates on our home loans to make it even more affordable,” Acosta stated.

“We expect to maintain the affordability of our home loans, especially since we have more funds to address the increasing demand for home financing from our members with the implementation of our new monthly savings rates this February. We assure our members that they can continue to rely on us to provide them the most affordable home loan in the market, so that they too can achieve their dream of homeownership. That is our pledge as Lingkod Pag-IBIG,” she added.

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Pag-IBIG members to gain more benefits under new rates starting February 2024

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January
2024

Pag-IBIG Fund members are set to enjoy doubled savings and higher cash loan entitlements while continuing to have access to affordable home loans, as the agency is set to increase the nearly four-decade old mandatory monthly savings for both members and their employers starting February 2024, officials announced Wednesday (17 January).

Under the agency’s new rates, the monthly savings of Pag-IBIG Fund members for both the employee’s share and the employer’s counterpart shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100). This follows the adjustment in the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer sharefor Pag-IBIG Fund members, which shall now increase to ten thousand pesos (P10,000) from the current five thousand pesos (P5,000).

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“We at Pag-IBIG Fund have long recognized the need of our members to have higher savings that shall provide them with decent and fair returns upon their retirement, as well as higher cash loans to help them during times of need. By implementing the new Pag-IBIG Monthly Savings Rates of both members and employers originally scheduled in 2021, not only would we be able to improve the benefits of our members, we would also be better equipped to finance the growing demand for home loans of our members while maintaining our affordable rates. All these are in line with the call of President Ferdinand Marcos, Jr. to provide Filipino workers with opportunities to gain comfortable and productive lives,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s new monthly rates were initially approved by its Board of Trustees in 2019, after obtaining the concurrence of stakeholders to implement a scheduled increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ savings. However, due to the difficulties brought about by the COVID-19 pandemic in 2021 and 2022, the Pag-IBIG Fund Board deferred the increase of the agency’s savings rates.

The agency again deferred the implementation of the increase in 2023, following the request of the Employers’ Confederation of the Philippines (ECOP) to provide the business community with time to further recover from the continuing financial challenges due to the health crisis. The deferment was also the Pag-IBIG Fund’s response to the call of President Ferdinand Marcos, Jr. early last year, to alleviate the financial burden of fellow Filipinos due to the prevailing socio-economic challenges brought about by the COVID-19 pandemic.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of stakeholders, and assured members of better benefits under the agency’s new rates.

“We thank the Trade Union Congress of the Philippines (TUCP), the Federation of Free Workers (FFW), the Philippine Government Employees’ Association (PGEA), Overseas Filipino Workers’ (OFW) Organizations, and the Employers’ Confederation of the Philippines (ECOP) for supporting our plans and for recognizing that raising our monthly savings rates will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years,” Acosta said.

“It is also important to note that the increase in our monthly savings rates shall benefit our members the most because every peso they save will go to their Pag-IBIG Savings. Under our new rates, they will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. For example, based on our old rates, a member would receive around P87,000 upon reaching membership maturity. On the other hand, a member who saves under our new rates over a period of 20 years would receive P174,000 or double the amount. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta emphasized. (END)

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OFW groups join support for Pag-IBIG contribution hike

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January
2024

OFW organizations are also backing Pag-IBIG Fund’s plan to increase members' monthly savings rate this year, agency officials announced Tuesday, (16 January).

After gaining support from labor and employer groups, Pag-IBIG Fund's plan also received nods from the Kapisanan ng mga Kamag-anak at Migranteng Manggagawang Pilipino, Inc. (KAKAMMPI), the Kabalikat ng Migranteng Pilipino, Inc. (KAMPI), the Kaibigan ng mga OCWs, and several other OFW groups.

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“We support unequivocally Pag-IBIG Fund’s proposal to increase the contributions of its members. An increase in contributions is definitely a step towards the right direction as this would mean more funds that could be employed for the benefit of members seeking to apply for home loans and short-term loans. Not only is it timely, but more importantly, it is the right thing to do,” said Luther Calderon, who serves as President of KAMPI.

In their respective letters sent to Pag-IBIG Fund, the OFW groups noted that the new Pag-IBIG monthly savings rates would enable members to improve their benefits and better prepare for the future.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required 2% employee savings and 2% employer share of Pag-IBIG Fund members shall be increased to P10,000, from the current P5,000. As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to P200 each from the current P100.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the OFW groups and gave assurance that Pag-IBIG Fund members shall receive better benefits under the agency’s new rates.

“We thank the KAKAMMPI, KAMPI, Kaibigan ng mga OCWs and all other OFW groups for their support and sharing in our efforts to improve the benefits received by our members, including our fellow Filipinos working overseas, by increasing our monthly savings rates,” Acosta said.

“We at Pag-IBIG Fund recognize the aspirations of our fellow Filipinos working overseas of providing a better life and future for their families. That is why we assure our OFW members that the increase in the Pag-IBIG monthly savings rates shall mean better benefits to further help them pursue their dreams. Under our new rates, members shall have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement, as well as higher multi-purpose and calamity loan amounts to help them with their financial needs. This shall also allow us to continue offering affordable home loans and provide them better opportunities to gain a home of their own,” Acosta added. (END)

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Pag-IBIG gains FFW support as workers’ benefits set to increase under new monthly rates in 2024

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January
2024

Pag-IBIG Fund secured the support of the Federation of Free Workers (FFW), one of the country’s top labor organizations, in its plan to increase the nearly four-decade old mandatory monthly savings rate for both members and their employers starting January 2024, officials stated Monday (08 January).

The FFW, in its letter to Pag-IBIG Fund, cited the agency’s responsible management of the funds entrusted by Filipino workers and its efforts to provide social protection for its members in accordance with its charter.

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“We wish to express our support and raise no objections to your plan to increase Pag-IBIG Monthly Contributions by January 2024. With this increase, we recognize that our fellow workers will be entitled to greater savings when their memberships (with Pag-IBIG Fund) mature or upon retirement. We particularly note the equal increase in employers' counterpart contributions, which will result in more substantial savings for our fellow workers,” said Atty. Sonny G. Matula, FFW National President.

Matula further emphasized that the FFW’s support to Pag-IBIG Fund’s planned rate increase is contingent with the agency’s commitment to further improve the benefits of its members, and ensure that its growth is directed toward the betterment of workers.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100).

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the FFW and gave assurance that Pag-IBIG Fund members shall be entitled to better benefits under the agency’s the new rates.

p>“We thank the Federation of Free Workers for supporting our plan and sharing our efforts in advancing the welfare of Filipino workers. We assure the FFW, our members and our stakeholders that the increase in our monthly savings rates shall redound to the benefit our members. The increase in our monthly savings rates mean that our members shall have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs. On an equally important note, our new rates shall allow us to continue providing affordable home loans to our members in the coming years,” Acosta said. (END)

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Pag-IBIG gets ECOP support on new contribution rates

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January
2024

Pag-IBIG Fund gained the support of the Employers’ Confederation of the Philippines (ECOP) on its plan to increase the monthly contribution (savings) rates for both employers and members, the agency’s top executive announced Tuesday (09 January).

With the agency gaining ECOP’s support, Pag-IBIG Fund has now secured both employer and labor groups’ backing as it plans to increase its nearly four-decade old savings rate this year.

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“Over the years, Pag-IBIG Fund and ECOP have engaged in productive discourse to help shape responsive policies for the benefit of our stakeholders. We appreciate their recognition of the need for us to finally implement our new rates, after having deferred its implementation since 2021, so that we can increase our members’ benefits, address the growing loan demand of our members, maintain the affordability of our home loans, and ensure the sustainability and growth of Pag-IBIG Fund,” said Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100).

In 2019, agency officials approved the increase of its members’ monthly savings rates after obtaining the concurrence of stakeholders to implement a planned increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ savings. However, recognizing the effects of the pandemic to the economy, requests made by the business community led by ECOP, and the directive of President Ferdinand Marcos, Jr. early last year to provide workers and employers with relief from the continuing effects of the pandemic, Pag-IBIG Fund deferred the implementation of the new rates in years 2021, 2022 and 2023.

“For three consecutive years, Pag-IBIG Fund heeded our request to postpone the implementation of their new monthly savings rates in view of the difficulties brought by the pandemic. This time around, after having discussed the need for its implementation, we pose no further objection to their plan to push through with it this year,” said ECOP Honorary Chairman and President Sergio Ortiz-Luis, Jr.

p>“Our support is also a reflection of how we have seen Pag-IBIG Fund properly manage the funds that their members entrust to them. We also understand that the increase in Pag-IBIG’s savings rates means added benefit for their members, as this equates to an increase in their forced savings,” Ortiz-Luis added.

ECOP is one of the largest organizations representing employers in the Philippines. It serves as the umbrella organization for the country’s business community on important national issues on employment, industrial relations, labor issues and related social policies. (END)

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TUCP backs Pag-IBIG’s plan to increase rates, improve members’ benefits

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January
2024

The Trade Union Congress of the Philippines (TUCP) has expressed its support to Pag-IBIG Fund’s plan to increase the nearly four-decade old mandatory monthly savings rate for both members and their employers starting January 2024.

In its letter to Pag-IBIG Fund, the TUCP reiterated its position in 2019 supporting the agency’s planned increase. The trade union is one of the country’s largest labor organizations and is composed of 27 labor federations representing workers in the private and public sectors, seafarers, Overseas Filipino Workers (OFWs), and workers from the informal sector.

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“The TUCP believes that the adjustment in the savings rates will double the amount of members’ maturity claims, as well as other important benefits of Pag-IBIG (Fund) members, such as cash loans, calamity loans and housing loan entitlements. In addition, an adjustment is necessary to restore the lost real value of the P100 minimum contribution which was set all the way back in 1986,” said Atty. Raymond Democrito T. Mendoza, who serves as President of the TUCP and as Deputy Speaker of the House of Representatives.

“The TUCP also recognizes the pivotal role of the Pag-IBIG Fund in ensuring continued access to affordable housing loans. Increasing the rates shall enable the (Pag-IBIG) Fund to sustain its affordable home loan interest rates,” Mendoza added.

Under Pag-IBIG Fund’s new savings rates, the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members shall be increased to ten thousand pesos (P10,000), from the current five thousand pesos (P5,000). As a result, the monthly savings of Pag-IBIG Fund members, for both the employee’s share and the employer’s counterpart, shall increase to two hundred pesos (P200) each from the current one hundred pesos (P100). Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of the TUCP. She assured the trade union federation and Pag-IBIG Fund members of better benefits as the agency prepares to implement the new rates.

“We thank the TUCP for supporting our plans, and for recognizing that raising our monthly savings rates will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years. It is also important to note that the increase in our monthly savings rates shall benefit our members the most because every peso they save will go to their Pag-IBIG Savings. Under our new rates, they will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta emphasized.

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Pag-IBIG approves P12B funding for over 9,000 4PH housing units

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January
2024

Pag-IBIG Fund has approved a P12-billion revolving credit line for the National Housing Authority (NHA), adequate to finance the development of 9,110 housing units, with an initial 6,967 homes to be built in Quezon City, Valenzuela, Zamboanga and San Juan as part of the government’s Pambansang Pabahay para sa Pilipino Housing or 4PH Program, top officials announced Wednesday (20 December).

“We are happy to report that the Pambansang Pabahay para sa Pilipino Program of the Marcos Administration continues to gain momentum. Pag-IBIG Fund’s approval of a revolving credit line for its fellow key shelter agency, the National Housing Authority, not only shows the government’s united front in addressing the housing backlog but also shows our shared commitment to provide our fellow Filipinos with decent yet affordable shelter in sustainable communities,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

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Pag-IBIG Fund’s revolving credit line for the SHFC shall finance the construction of medium and high-rise condominiums under the 4PH program consisting of 996 units in San Fernando City, Pampanga, 352 units in Tondo, Manila, 416 units in Tagoloan, Misamis Oriental and 500 units in Davao City. To ensure the proper and efficient use of funds, the revolving credit line contains safeguards which include the corresponding loan collaterals provided by the SHFC, a maximum payment term of three (3) years and provisions ensuring the release of funds for the intended projects.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos Administration’s efforts of addressing the housing backlog under the 4PH Program.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the NHA is part of its commitment to the Marcos Administration’s efforts of addressing the housing backlog under the 4PH Program.

“Since day one, Pag-IBIG Fund has provided its full support to President Marcos’ 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home. With the housing projects under the 4PH Program, not only will Pag-IBIG Fund members have the opportunity to own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-IBIG Housing Loan under the 4PH program. We are happy to be able to work with the NHA and provide added funding for their housing projects under the most secure and affordable terms, so that we can advance our common objective of empowering our fellow Filipinos to achieve homeownership,“ Acosta said.

Last week, Pag-IBIG Fund announced that it approved a P929-million revolving credit line for the Social Housing Finance Corporation (SHFC) to finance the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental, and Davao. (END)

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