MANILA: The Pag-IBIG Fund has declared that its members' benefits will double following the implementation of new monthly contribution rates starting next month.
According to Philippines News Agency, both the employee's and employer's monthly savings contributions will increase from PHP100 to PHP200. This change is set to double the maturity benefits and 20-year savings for members, from PHP87,000 to PHP174,000. Aguilar explained that the additional PHP38 billion generated will enhance the fund's capacity to offer multipurpose and housing loans while maintaining low interest rates. New loan facilities, including a 'Quick Loan' via mobile phones for emergency loans up to PHP15,000, are also planned.
The increased funds will support health and education programs for members and contribute to the 'Pambansang Pabahay Para sa Pamilyang Pilipino' (4PH) housing program. The rate increase, initially approved in 2019 but deferred due to the Covid-19 pandemic and financial challenges, is now set to be implemented following recovery efforts and to address the increased loan demands against total collections.