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PIA Press Release
2010/02/11

Pag-IBIG Davao conducts saturation drive for RA 9679

By Prix D. Banzon

Davao City (11 February) -- The Home Development Mutual Fund more known as the Pag-IBIG Fund is conducting a massive saturation drive in order to reach out to all sectors that will be covered by Republic Act 9679 or the Home Development Mutual Fund (HDMF) Law of 2009.

Pag-IBIG Fund vice president for Southern Mindanao operations Jose W. Banzon, Jr. told Davao business writers that they are expecting an additional 85,000 new members with the passage of the new law under their area of responsibility.

These areas include Davao City and Davao del Sur, Tagum branch including Tagum City, Island Garden City of Samal, Compostela Valley Province, Davao del Norte and Davao Oriental, General Santos branch comprising the cities of General Santos and Koronadal, South Cotabato Province and Sarangani and the Cotabato branch covering the cities of Cotabato, Tacurong and Kidapawan and the provinces of Maguindanao, North Cotabato and Sultan Kudarat.

He said with their ongoing drive, many have showed interest as their offices are receiving several queries daily from those sector formerly not covered and are now included in the coverage.

"We do door to door visits to establishments, offices and companies and send letters to homeowners associations and those self-employed entrepreneurs and other sectors if only to reach out to these people for them to be covered by the new law so they could avail of the services and benefits due them once they are covered by the HDMF law," he said.

Meanwhile Banzon said total membership for the Fund corporate wide in 2009 accounted to 7.5 million and target for 2010 is pegged at 9.5 million. The Southern Mindanao Group membership in 2009 totalled 484,302 or an increase of 3.2 percent in 2008 or 469,020 active members.

He said with their target of 85,000 for new members this year their total Pag-IBIG members by end of 2010 would be about 569,302.

He said the new law has a universal or expanded members coverage where it becomes mandatory for all employees covered by the Social Security System provided that actual membership in the SSS shall not be a condition precedent to the mandatory coverage in the Fund and shall include but are not limited to private employees regardless of income, whether permanent, temporary or provisional and is not over 60 years old.

A household-helper earning at least P1,000 a month, a Filipino seafarer upon signing of the standard contract of employment between the seafarer and the manning agency. Self-employed person regardless of trade, business or occupation, with an income of at least P1,000 a month or not over 60 years old.

Also covered are self-employed professionals such as doctors, lawyers, dentists, CPAs, Architects, Engineers, and others, business partners and single proprietors, actors, actress, directors, scriptwriters, news reporters, professional athletes, coaches, trainers, jockeys, individual farmers and fishermen.

He said all employees compulsory by the Government Service Insurance System (GSIS) regardless of their status of appointment and income received including members of the judiciary and constitutional commissions. Also covered are uniformed members of the Armed Forces of the Philippines, Philippine National Police, Bureau of Fire Protection and Bureau of Jail Management and Penology.

He said coverage for those Filipinos employed by foreign-based employers or the Overseas Filipino Workers (OFWs) is now mandatory.

Voluntary coverage he said will only apply to barangay officials, non-working spouses of Pag-IBIG member, leaders and members of religious groups, Filipino government or international organization and self-paying individuals.

The contribution rate with monthly compensation of P1,500 and below for the employee is 1.0 percent and the employer at 2.0 percent. Those over P1,500 would have equal contribution of 2 percent for both the employee and the employer.

He said the maximum monthly compensation to be used in computing the employee and employer contributions shall not be more than P5,000.

Banzon said the employees Pag-IBIG contribution will earn dividends even as he said that in 2009 they paid 5 percent dividends to the Fund members that goes to their accumulated savings which they can withdraw among others upon maturity of 20 years, retirement from the service. The savings thru the Fund is tax-free which means the members will get a 100 percent equivalent amount from their savings. (PIA) [top]

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