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HomeBusinessCorporatePag-IBIG urges employers with unremittedcontributions to avail of penalty condonation

Pag-IBIG urges employers with unremitted
contributions to avail of penalty condonation

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.

Joel Escolhttps://www.youtube.com/channel/UCK_sKdGFs0ewIh9R-iAskDg
Joel Calamba Escol is a journalist in the Philippines for more than 20 years. Currently, he is the Managing Editor of Mindanao Daily News, the biggest and most-widely read newspaper in Southern Philippines. He is also known as Noypi Vlogger in Youtube. You can follow him on the following social networking sites below.
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