Senior Pag-IBIG fund executives have urged employers with non-discounted contributions for their employees to take advantage of the agency’s penalty waiver program and settle their liabilities—before and during the pandemic—without any monthly fees for late transfers.
“We at the Pag-IBIG Trust recognize the important role the business community plays in allowing Filipino workers to obtain Pag-IBIG membership, and in helping our nation continue to recover from the pandemic. This is why we provide the means for employers to settle Pag-IBIG contributions that Not transferred to their employees without penalty. Through this program, we expect more Filipino workers to enjoy the benefits of being a member of Pag-IBIG in line with President Ferdinand R. Marcos Jr.’s call to provide a better life for all Filipinos,” said Secretary Jose Risalino El Acuzar, Chair of the Board of Trustees of the 11-member Pag-IBIG Trust.
Under the agency’s charter, employers are responsible for recording and remitting their employees’ mandatory monthly Pag-IBIG contributions, which consist of employee contributions and the corresponding employer share. Through the Fines Forgiveness Program, eligible employers can now settle unpaid Pag-IBIG contributions to their employees without penalty fees.
Meanwhile, CEO of Pag-IBIG Fund, Akmad Rizaldi B. Muti, that the program is intentionally broad to help boost economic activity. The program covers not only all Pag-IBIG contributions that were not transferred by employers during the pandemic, but also all contributions that were not transferred even before the pandemic. He also said that apart from fines for their 100% late transfers, employers who will not be able to fully settle their obligations may also opt for a payment plan with a lower 0.5% monthly interest. Moti also stressed that if the unpaid contributions are those that were settled during the pandemic or from March 2020 onwards, interest charges on payment plans will be waived.“Our Pag-IBIG Penal Tolerance Program is more comprehensive in terms of coverage than the previous programs we have implemented. While we strive to provide maximum assistance to the business community, the program not only covers contributions that were not converted during the Covid-19 pandemic. It also covers contributions prior to the health crisis.With the favorable terms of the program, employers are provided with the means to update the monthly contributions of their employees, while maintaining a healthy cash flow to maintain their operations.This is our way of helping the business community – whose support has been instrumental in allowing the fund Pag-IBIG has set record levels in our membership savings pools over the past several years—on their continued recovery from the effects of the pandemic,” said Moti.