Connect with us

Hi, what are you looking for?

News

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.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

News

1 of 3 By Sam L. Marcelo, Multimedia Editor BalletPulso Pilipinas II: Alay nina Alice at AgnesSept. 30, 8 p.m.Oct. 1, 3 p.m. and...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.