The Pag-IBIG Fund has been a great help to many Filipino workers in providing them with decent shelters. Whether they work here in the Philippines or they are Overseas Filipino Workers, they can avail of the short-term loans and house financing program of Pag-IBIG. Purchasing or constructing a house can be quite expensive, but with the assistance of Pag-IBIG Fund, ordinary Filipinos can now afford decent housing.
Employees are required to make their Pag-IBIG Fund contributions each time they receive their salaries. Generally, they don't need to worry about the processing of their monthly Pag-IBIG Fund contributions as it is taken care of by the employer as part of the payroll process. The Pag-IBIG Fund offers a variety of short-term loans, such as the Calamity Loan and the Multi-Purpose Loan, that can be used for a variety of purposes, including minor home repairs, capital for small business ventures, educational expenses, payments of utility bills, and other personal needs.
Table of Contents
Pag-IBIG Contribution Table for 2023
How to Compute Pag-IBIG Contributions?
Pagibig Contributions Land-based OFW
What if you’re a self-employed or voluntary member?
How Pagibig Fund earns money?
Conclusion
If you are a member of Pag-IBIG, you are eligible to receive housing loans and other forms of assistance that can help make your dream of owning a house come true. However, to make sure that you are properly qualified for the benefits of Pag-IBIG, you need to pay at least 24 monthly contributions. This article will provide you with information on the amount of monthly contribution you need to pay, as well as other important details regarding your Pag-IBIG contributions. Additionally, you can verify that your employer is properly paying your monthly contributions by referring to the Pag-IBIG contribution table available below.
Pag-IBIG Contribution Table for 2023
OFWs, employee, employer and self-employed or voluntary members must take note the latest Pag-IBIG Contribution Table in order to be aware how much you are paying to Pag-IBIG Fund every month. This updated table will be the reference how much will be the monthly contribution. The usual payment is P100 following the maximum compensation set to 5,000.
| Monthly Compensation | Employee Share | Employer Share |
|---|---|---|
| ₱1,500 and below | 1% | 2% |
| Over ₱1,500 | 2% | 2% |
How to Compute Pag-IBIG Contributions?
The maximum Pag-IBIG Contribution monthly compensation allowed to compute each employee’s Pag-IBIG contribution is currently set at P5,000. This means that the employee and employer will both share P100.
P5,000 * 0.02 = P100
If you are earning more than 5,000 pesos every month, you are automatically deducted P100 + 100 from your employer. The combined amount serves as a monthly contribution to Pag-IBIG.
Pag-IBIG Contributions Land-based OFW
An Overseas Filipino workers (OFWs) whose employers are not subject to mandatory coverage should contribute an amount equivalent to 2% of their monthly income, in accordance with HDMF Circular No. 391. The OFW may opt to pay the employer counterpart of 2%. The maximum monthly compensation used to compute the membership savings is also ₱5,000.
What if you’re a Self-employed or Voluntary member?
If you’re a self-employed, freelancer, or unemployed but willing to become a Pag-IBIG member, you can apply as voluntary contributor. The important thing you need to keep in mind here is you need to shoulder both employee and employer’s contributions. Since you don’t have an employer in that case, you will have to shoulder both the employee share and the employer share. So your maximum monthly contribution as a self-employed or voluntary member is ₱200.
How Pag-IBIG Fund earns money?
PAG-IBIG (HDMF) is a mutual fund developed to provide affordable housing for the Filipinos and at the same time to generate savings for the future. All the money you will contribute to the HDMF will be pooled and invested to different financial instruments usually government funds or money markets. These Mutual Fund then will earn income from those investments. As a member of the Home Development Mutual Fund, you are entitled to that income.
Conclusion
That's it everyone! We hope that the Pag-IBIG contribution table was very useful and helpful to you. If you have any further questions or queries about your Pagibig membership, don't hesitate to get in touch with them. They have a 24/7 hotline number (02) 724-4244 or you can fill out their contact form on their official website. So don't hesitate to reach out, they're always here to help!
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