To help alleviate the plight of workers during the economic slowdown, Senator Mar Roxas has sought a two-year morato-rium on the mandatory contribution of alls workers to the Pag-Ibig fund.
"At this time that household budgets are constrained, let’s give our consumers the choice to continue contributing to Pag-Ibig or to use their contributions to make ends meet," Roxas stressed. "Housing is important, but we also see how important it is to help our people cope with hunger. Let’s give them the power to choose," he added.
In filing Senate Bill (SB) No. 3127 Roxas said that salaries of workers remain the same or even less, while the global financial meltdown continues its onslaught on the local economy. While the mandatory monthly Pag-Ibig contribution serves the long-term goal of housing for all, "every peso counts when it comes to each family’s survival."
SB 3127 proposes a two year freeze in the collection of the monthly Pag-Ibig fund contributions of workers both in the public and private sector, subject to exceptions such as those who would voluntarily want to be covered and those who have outstanding Pag-Ibig loans.
Pag-Ibig fund contri-butions are mandatory in character. It was established through Presidential Decree No. 1752, or the Home Development Mutual Fund Law of 1980. It is intended to motivate employed and other earning groups to better plan and provide for their housing needs. It has a total of 7.27 million members as of September 2008. /MP
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