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PIA Press Release

Pag-IBIG among countryís biggest taxpayers

by Prix D Banzon

Davao City (12 April) -- Pag-IBIG Fund was cited for its major contribution to the outstanding tax collection performance of the Bureau of Internal Revenue (BIR) under District Office 50-South Makati.

The Fund ranked first among the biggest taxpayers of RDO 50.

Such contribution earned Pag-IBIG Fund a Certificate of Recognition received by president and CEO Atty Romero FS Quimbo during the 2007 Tax Campaign kick-off held at the Hotel Intercontinental in Makati City.

Unlike other government financial institutions, Pag-IBIG Fund is not tax-exempt.

For the past six years, Pag-IBIG Fund paid a total of P10.99 billion in tax payments. Last year, taxes paid totaled P1.96 billion, of which P1.3 billion is in the form of income taxes.

Meanwhile, the Fund declared P6.18 billion as dividends for the year 2006. The amount comprises 80 percent of the Fundís P7.7 billion net income last year.

The 2006 dividend comprises the largest ever percentage cut from the Fundís net income distributed to its members, leading to a dividend rate of 4.81 percent. The amount will be credited proportionately to the membersí total accumulated savings.

Dividend levels have been increasing for the last seven years, posting P1.81 billion in 2000, P3.44 billion in 2001, P3.74 billion in 2002, P4.21 billion in 2003, and P4.85 billion in 2004. In 2005, the Fund gave out 75 percent of its income as dividends amounting to P5.54 billion.

Quimbo attributed the steady increase in annual dividends to the Fundís continuous growth and stable financial standing that can be traced to more effective collection procedures and more efficient fund management that resulted to Pag-IBIG Fundís profitability.

ďMore income would eventually lead to higher dividends and better services to our 6.48 million members worldwide,Ē Quimbo said. (PIA XI) [top]

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