PAG-IBIG Fund Membership Is Now Mandatory-PAG-IBIG Officials

Aug.24,2010
PAG-IBIG Fund Membership Is Now Mandatory-PAG-IBIG Officials
By Quirico M. Gorpido,Jr.
Maasin City, Southern Leyte-The PAG-IBIG Fund membership, which was optional during the past several years, is now mandatory as required by a new law thru Republic Act 9679 that was put into effect starting January 2010.
This was the disclosure from a PAG-IBIG official Jennylind L. Barreta, Chief Division Marketing and Enforcement during a meeting held at Supercha Restaurant here which was attended by various representatives from different government and private institutions-the Saint Joseph college, College of Maasin, Maasin Christian Academy, Rural Bank of Maasin, Greenbank,Maasin Water Disrict, Prestige International School, Baptist Church, Philippine Information Agency, the press, some cooperatives, among others.
Barreta told the attendees that house helpers and other lowly workers who are receiving a salary of at least P1,000.00 a month and above are mandated to register themselves to PAG-IBIG Fund by asking forms to the said office.
Likewise, all employees have now the obligations to register their employees to PAG-IGIG offices in every regions of the country and to give their counterpart to the employees’ PAG-IBG monthly contributions. For permanent PAG-IBIG IDs, Barreta said, membership registrants are now required to write their middle names in full, not initials only as it was done before. They must also get TIN numbers from the BIR. Employers who will not follow the new law will be penalized, she said.
A slide presentation was also done by PAG-IBIG’s moderator Ketchie Rex Barrañez where guidelines to the new law RA9679 were reflected in details for explanations and clarifications from the presenters.
The M&E Division Chief clarified that if an employee has a monthly salary of P1, 000 to P1, 500, his/her PAG-IBIG contribution is one percent and two percent counterpart for the employer. For bigger salary like P15, 000, deduction for the contribution is two percent while the employer’s counterpart is also two percent.
For P50, 000 monthly salaries, the contribution is P1, 000 and P2, 000 for the employer’s counterpart. From P5, 000 to P10, 000, the deduction for one’s contribution is P200 with a counterpart from the employer. There is no forfeitures on contributions, she said.
“It is the obligation of the employers to deduction their employees’ contributions to PAG-IBG with a due on every 10th day or before of every month”, she said.
Marketing Specialist Ernesto Amante pointed out that the advantage of being PAG-IBIG members is that their savings are tax-free and government-guaranteed, transferable to other office or offices where members have another jobs and housing loans.
However, he stressed that only those who were able to have contributions for at least 20 years are entitled to housing loans, multi-purpose loans and burial benefits of P6, 000. He also advised inactive members to reactivate their membership.
Amante further said that in places where there are housing loans from members, housing loans counseling will be conducted on schedule by the PAG-BIG personnel.
Open Forum
Some cases of foreclosure were brought up during an open forum by a print media practitioner.Engr. Palermo Talacay,Assistant Dept.Manager informed that their office will not just implement foreclosures to members who were unable to pay their loans, but series of notices and letters were sent to them before making final foreclosure s of their properties.
He said that there were those who responded to their letters/ notices and have made restructurings of their loan payments to give them time to save their properties.
Another official who conducted the forum underscored that job orders and contractual workers are also mandated to register themselves to PAG-IBG and make monthly contributions without the obligatory counterparts from their employers.
A broadcast media practitioner also strongly urged to PAG-IBG officials that RA 9679 must be strictly implemented now since some employers would not tell the exact numbers of their workers, thus reducing their counterpart obligations to his/her employees.
As to PAG-IBIG asset, Talacay divulged that it already reaches an estimated amount of almost P300B with membership of 7.39M.
Of the current asset, 30% were released for housing loans. One hundred six million (P106M) were released daily with a total of P49.2B for 300 families.
For her part, Barreta emphasized that PAG-IBG contributions are not insurance premiums but savings with 30% distributed to its members as tax-free dividend.
She further reminded those employers who feel some humps on their backs that, “the law is not a choice of the employees, but it’s a necessary mandatory by law, and a necessary obligation of the employers”.
Earlier, the PAG-0IBG Officials visited the City Hall to pay a courtesy call to Mayor Maloney Samaco.They expressed their intention to open a Services Desk in the City. Mayor Samaco positively responded to their plan and he offered a space at City Hall as their services Desk.
The PAG-IBIG FUND will be holding office on every third week of each month from Wednesday, Thursday and Friday.(Quirico M. Gorpido,Jr.)