Feature: RA 9679 mandates universal Pag-ibig membership coverage
Pagadian City (10 February) -- Republic Act 9679 or the Home Development Mutual Fund Law of 2009 which was signed into law in July 2009 to further strengthen the fund to perform its housing and provident mandates has become effective in January, 2010.
Mr. Benjamin N. Lajarato, Department Manager III of Pag-IBIG Fund, Pagadian Branch said the new law mandates universal Pag-IBIG membership coverage providing members with a fast, easy and affordable way of saving for their future needs.
Under the law, all employees, whether private and government, uniformed personnel of the AFP/PNP, BFP, BJMP, OFWs and all workers earning at least P1,000, including household helpers, drivers and self-employed individuals are now mandated to be covered by the Fund.
The employers are also mandated to provide the compulsory counterpart contributions and to remit the same together with the employees? contributions.
Another salient feature of the new law is the restoration of the Pag-IBIG Fund?s exemption from any tax, assessment fee, charges. The amount of tax exemption which is about P3 billion in annual savings can now be invested in the Fund?s housing loan program. This will help in funding housing backlog and providing shelter to homeless members. The exemption will also translate into higher dividends that can be credited to members? savings.
Pag-IBIG Fund, Pagadian Branch is now issuing Transaction Cards which will facilitate any transaction with the Fund, such as, among others, posting of monthly contributions and loan payments, verification of membership contribution payments, updating of members? records, online filing of Short-Term Loan Applications and online filing of Provident Benefit Claims. (Pag-IBIG/rtl/PIA9) [top]