MANILA — Pag-IBIG Fund has announced a 100-percent increase in member contributions starting in February 2024.

Pag-IBIG CEO Marilene Acosta said the new contribution will be P200, up from P100. Employers are mandated to match contributions, which means members will be saving P400 a month.

Acosta said the increase in contribution would eventually bring benefits to member workers since it would also increase the loanable amount for short-term loans, increase savings for when they retire and continue to lower interest for housing loans.

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According to Acosta, Pag-IBIG Fund would raise around P38 billion per year in additional revenue with the increased contributions, which will let it keep interest for housing loans at 6 percent a year.

• PhilHealth to push through with contribution hike this year

PHILHEALTH DEFENDS HIKE

Meanwhile, state insurer Philippine Health Insurance Corp. (PhilHealth) spokesman Rey Balena said the increased contributions from its members would translate to better benefits.

He said benefits have already been increased for those suffering from colorectal cancer as well as ischemic and hemorrhagic strokes and high-risk pneumonia.

Soon, there will also be enhanced benefits for those suffering from dengue hemorrhagic fever, chemotheraphy, bronchial asthma and bacterial sepsis of newborns.

• PhilHealth can sustain benefit payouts despite hike deferment: official

But the Federation of Free Workers added its voice of dissent on the increase in Philhealth contribution.

The group appealed to President Ferdinand Marcos Jr to suspend the implementation of the higher Philhealth contribution.