Pag-IBIG postpones hike of decades-old contribution rate
After consulting with labor and employer groups, Pag-IBIG Fund will defer the January 2021 increase of its members’ monthly contributions. This is in consideration of the plight of both workers and business owners during the pandemic, officials said on Friday (Nov. 27).
Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees, said that they approved the recommendation of the Pag-IBIG Fund Management to defer the hike in the monthly contributions of its members – from P100 to P150 in 2021, and move the implementation by one year to January 2022. The deferment also applies to the share of their employers.
Pag-IBIG to allow deferral, lower payments on housing loans under new program
Pag-IBIG Fund is offering a loan restructuring program to allow housing loan borrowers to defer their payments until March 2021 and to lower their monthly payments, top executives announced on Wednesday (Nov. 18).
Secretary Eduardo D. del Rosario, who serves as Chairman of the 11-member Pag-IBIG Fund Board of Trustees and head of the Department of Human Settlements and Urban Development, said that the agency is ready to grant home loan borrowers with lower monthly payments, up to six months of payment relief, and waived penalties on unpaid monthly amortizations under its Special Housing Loan Restructuring Program (SHLRP) to help them better cope with the economic challenges brought by the pandemic.