MANILA, Philippines - The Home Development Mutual Fund or Pag-IBIG Fund has expanded its membership to informal sectors like public utility drivers and household helpers.
Pag-IBIG Vice-President Robert John Cosico said drivers and helpers can benefit from the program thru the availment of all loan facilties.
For drivers who are under a boundary system, they should set aside P100 as member contribution and P100 employer share or a total of P200 every month.
In exchange, the driver can avail of a salary loan, calamity loan and housing loan. But the driver must first be able to remit at least 24-months contribution before he can be allowed to avail of the salary or calamity loan.
For housing loan, a member must have contributed 24 months also. When the driver reaches retirement age, he can get all his contributions plus dividends.
For household helpers, the employer is obliged to shoulder the counterpart.
For example if the helper gets P3,000 a month, his or her contribution should be 2% of that or P60, which will be matched by the employer or a total of P120 per month remittance to Pag-IBIG.
The fund also reminded employers that under the law, household help includes in-house driver, nanny, gardener, cook and all workers receiving a salary of P1,000 and above.