Top executives of Pag-IBIG Fund urged employers with unremitted contributions for  their employees to avail of the agency’s penalty condonation program and settle their  obligations – both prior and during the pandemic – free from any monthly penalty  charge on delayed remittances. 

“We at Pag-IBIG Fund recognize the significant role that the business community plays  in allowing Filipino workers to gain Pag-IBIG membership, and in helping our nation  continue to recover from the pandemic. That is why we are providing the means for  employers to settle the unremitted Pag-IBIG contributions of their employees free from  penalty charges. With this program, we expect more Filipino workers to enjoy the  benefits of being a Pag-IBIG member in line with the call of President Ferdinand R.  Marcos, Jr. to provide a better life for all Filipinos,” said Secretary Jose Rizalino L.  Acuzar of the Department of Human Settlements and Urban Development and  Chairperson of the 11-member Pag-IBIG Fund Board of Trustees. 

Under the agency’s charter, employers are responsible for the registration and  remittance of its employees’ mandatory monthly Pag-IBIG contributions, which  consist of the employee’s contributions and the employer’s counterpart share. With  its penalty condonation program, eligible employers can now settle their employees’  unremitted Pag-IBIG contributions without penalty charges.  

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, stated that  the program is purposely broad in scope to aid in boosting economic activity. The  program covers not only all unremitted Pag-IBIG contributions by employers during  the pandemic, but also all unremitted contributions even prior to the pandemic. He  further said that aside from having the penalty charges on their delayed remittances  100% condoned, employers who would be unable to settle their obligations in full  may also opt for a payment plan that has a low monthly interest charge of 0.5%.  Moti further emphasized that if the unremitted contributions being settled are those  during the pandemic, or those from March 2020 onwards, the interest charge on  payment plans shall be waived. 

“The Pag-IBIG Penalty Condonation Program we are offering is more extensive in  coverage compared to the previous programs we implemented. As we seek to provide  utmost assistance to the business community, the program covers not only the  unremitted contributions during the Covid-19 pandemic, but also those prior to the  health crisis. With the program’s favorable terms, employers are provided the means to  update the monthly contributions of their employees, while maintaining a healthy cash  flow to sustain their operations. This is our way of helping the business community – whose support has been instrumental in allowing Pag-IBIG Fund to post record-highs  in our membership savings collections over the past many years – continue with their  recovery from the effects of the pandemic,” said Moti. (END)