Pag-IBIG: No contribution hike in 2023, increase deferred to 2024

The Home Development Mutual Fund or Pag-IBIG Fund on Tuesday said it would not implement an increase in members’ contribution this year, deferring the scheduled monthly premium hike for the third time.

“We affirm that Pag-IBIG Fund has no proposed contribution hike this 2023,” Pag-IBIG said in a statement sent to GMA News Online.

The agency said that, in 2019, it obtained the concurrence of our stakeholders to implement a planned contribution increase in 2021 —from P100 to P150 for members.

“This was continually deferred in recognition of the continuing effects of the pandemic to both the business community and our members,” Pag-IBIG said.

“Currently, our rates remain unchanged since 1986,” it said.

The current minimum monthly contribution of Pag-IBIG members is at P200, which is equally shared by employers and employees.

“As part of our efforts to improve the benefits of our members and with our country’s continued economic recovery, we shall be conducting consultations with employer and labor groups regarding plans to increase our contribution rates to take effect no earlier than 2024,” Pag-IBIG said.

The agency’s announcement came on the heels of President Ferdinand Marcos Jr.’s order to suspend the premium rate hike for PhilHealth members from 4% to 4.5% this year, “in light of prevailing socioeconomic challenges” due to the COVID-19 pandemic.

Meanwhile, the Social Security System is (SSS) moving on with the scheduled contribution rate hike to 14% from 13% this year.

The SSS said the hike would result in a 22-year extension of the fund’s life. —NB, GMA Integrated News