Wednesday, May 25, 2011

Pag-IBIG Fund to give out P7.88B in dividends to members

Pag-IBIG Fund to give out P7.88B in dividends to members This is really good news for Pag-IBIG Fund members.  I wonder now what percentage is the dividends for Pag-IBIG regular members and at the same time, I wonder too what is the percentage for modified Pag-IBIG II members? Last year, the dividends for the regular membership was pegged at 5% and 5.5% for Modified Pag-IBIG II members. I'm hoping it will increase this year.

Pag-IBIG contributions are exempted from tax which is such a big help for its members.

Thursday, May 19, 2011

Pag-IBIG Fund files charges against 23 companies

Twenty-three (23) companies in Cebu City are facing complaints for failure to remit the monthly contributions of their employees to Pag-IBIG Fund.

These companies have violated the provisions of Presidential Decree (PD) 1752 as amended by Republic Act (RA) 7742 and RA 9679 which mandates employers to register all Social Security System (SSS) or Government Service Insurance System (GSIS)-covered employees with Pag-IBIG, set aside employer counterpart contributions and remit these to the Fund.

Pag-IBIG Fund Cebu has repeatedly sent demand letters to these erring companies but the proprietors continue to disregard the notices.  This prompted Pag-IBIG Fund Cebu City Branch to take legal action. Most of the complaints are now pending with the city prosecutors’ office while some have been elevated to the court.

There are cases that were already settled as the owners agreed to pay their dues even before the prosecutor recommends the filing of the case. There were also complaints dismissed due to lack of evidence but Pag-IBIG Fund Cebu filed a motion for reconsideration and is gathering more documentary evidence to tighten the case.

Portia V. Bacalso, Chief of Marketing and Enforcement Division, said that Pag-IBIG Fund Cebu will continue its intensified monitoring and will not hesitate to file complaints against other companies violating the law.