Senator Roxas seeks two-year PAG-IBIG fund moratorium

Tuesday, March 17, 2009 | posted in , , , | 0 comments

To help alleviate the plight of workers during the economic slowdown, Liberal Party President Senator Mar Roxas has sought a two-year moratorium on the mandatory contribution of all workers to the Pag-Ibig fund.
"Sa panahong mahigpit ang bulsa ng mga konsyumer natin, bigyan natin sila ng pagkakataong pumili kung gusto nilang ipagpatuloy ang pagbabayad sa Pag-Ibig o kung gagamitin muna nila ito para punan ang mga pangangailangan nila (At this time that household budgets are constrained, let's give our consumers the choice to continue contributing to Pag-Ibig or to use their contributions to make ends meet)," he stressed.

"Mahalaga ang pabahay. Pero nakikita rin nating mahalagang maitawid ang mga kababayan natin mula sa gutom. Bigyan natin sila ng pagkakataong pumili (Housing is important, but we also see how important it is to help our people cope with hunger. Let's give them the power to choose)," he said.
In filing Senate Bill No. 3127 Roxas said that salaries of workers remain the same or even less, while the global financial meltdown continues its onslaught on the local economy. While the mandatory monthly Pag-Ibig contribution serves the long-term goal of housing for all, "every peso counts when it comes to each family's survival."

SB 3127 proposes a two year freeze in the collection of the monthly Pag-Ibig fund contributions of workers both in the public and private sector, subject to exceptions such as those who would voluntarily want to be covered and those who have outstanding Pag-Ibig loans.

Pag-Ibig fund contributions are mandatory in character. It was established through Presidential Decree No. 1752, or the Home Development Mutual Fund Law of 1980 and intended to motivate employed and other earning groups to better plan and provide for their housing needs. It has a total of 7.27 million members as of September 2008.

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