The Home Development Mutual Fund (HDMF), more known as Pag-IBIG Fund has announced a 100-percent increase in member contributions effective this February 2024.
Quoting Pag-IBIG CEO Marilene Acosta, an ABS-CBN News report on Tuesday, January 16, 2024, said that the P100 monthly contribution will be increased to P200, which employers have to match. The new amount of contribution will give members a chance to save up to P400 a month.
The move also means an increase in the loanable amount for short-term loans, increased retirement savings, and lower interest for housing loans, maintaining at 6 percent a year. Hence, more benefits can be provided to Pag-IBIG's member workers. Pag-IBIG CEO Marilene declares a P38 billion savings with the contribution hike.
Several OFW organizations have reached out to Pag-IBIG Fund and expressed their support for its P200 monthly contribution plan. Kabalikat ng Migranteng Pilipino, Inc. (KAMPI) president Luther Calderon welcomes the government agency's plan as a great help for the OFWs and their families. Moreover, he noted that it is the right thing to do.
Overseas Filipino workers (OFWs) laud the contribution hike as it will be one way for them "to improve their benefits and better prepare for the future."
