Pag-IBIG
Fund president and CEO Darlene Marie Berberabe is encouraging Fund members to
voluntarily increase their contributions as a way to build financial freedom.
“But
we are urging our members to voluntarily increase their monthly savings
considering that after 20 years they will be able to triple their money,” she
said. A third of the contribution comes from the members themselves, another
third from the employers and then from the dividends.
Pag-IBIG
has paid a total of P9.3 Billion total dividends to its members last year and
she said, these dividends are tax-free compared to banks which impose a 20%
withholding tax.
Berberabe
said they are constantly looking for innovative ways to be more relevant to
their members without increasing their contributions. Our marching orders from
the vice president were to improve the benefits for members without increasing
the monthly cost, she said.
To
do that, she said, they increased their membership base from 8 million to 12.7
million. Pag-IBIG has doubled the maximum loan amount to P3.6 million while
reducing the calamity interest rates from 10.5% to 5.95% with monthly
contribution still at P100.
The
Home Development Mutual Fund, more popularly known as Pag-IBIG Fund is set to
link up with at least 19 business partners per region every quarter in up to 32
key cities in the country to make the Fund more relevant to the daily lives of
its members.
“How
do we make Pag-IBIG Fund more relevant to those who are saving but are not yet
ready to borrow money for housing” was one of their concerns according to Pag-IBIG
Fund president and CEO Darlene Marie Berberabe Wednesday.
Berberabe,
who was in the city Wednesday for the signing of the memorandum of agreement
with its partners, said the Fund now has 12 million members with up to 60,000
members borrowing every year. But what about the rest, she said.
She
said the Pag-IBIG Privilege Cardholders Program, which will be officially
launched and piloted in the cities of Cebu, Davao and Baguio, was
conceptualized to make the Fund more relevant to members.
Among
the first partners of Pag-IBIG’s new program in Davao are New City Commercial
Corporation, Davao Doctors College and Penong’s Franchise Corporation. These
companies have offered different discounts levels to cardholders every time
they purchase or make payments at the stores.
Pag-IBIG
is still looking for partners and is yet to bid for the services of a company
which will produce the Privilege Cards which will be made available to members
for a minimal fee. Once issued hopefully before the year ends, users of the
Privilege Card in various cities in the country can avail of the discounts
provided by the partner companies.
“We
are focusing on companies relating to health, education, groceries, schools and
restaurants,” she said.
Ms.
Berberabe said the target is to issue around 200,000 Pag-IBIG Privilege Cards
once the program is official launched next year. She said they now have 32
partners in the pilot areas but are still looking for partners nationwide.
“I
am sure we will get more partners because with Pag-IBIG’s 12 million members
and the opportunity to get their stores marketed to these members, it is a good
marketing strategy for these businesses,” she said.
