To ensure effective home-building and savings program
ANGARA SPEARHEADS RATIFICATION OF THE PAG-IBIG FUND BILL

Senator Edgardo J. Angara today led the Senate in the ratification of the Home Development Mutual Fund Law of 2009, otherwise known as the PAG-IBIG (Pagtutulungan sa kinabukasan: Ikaw, Bangko, Industriya at Gobyerno) Fund intended to establish, develop, promote and integrate a nationwide sound and viable tax-exempt mutual provident savings system suitable to the needs of the employed and other earning groups.

It also directs its efforts in motivating the workforce to better plan and provide for their housing needs, by membership in the Home Development Mutual Fund, together with compulsory support from their employers.

"In the current financial and economic condition, it is imperative that we give our workforce a quality life by helping them acquire adequate housing facilities through an efficient provident savings system through proper mobilization of shelter funds," said Angara who chairs the Senate Committee on Finance.

The fund covers (a) all employees covered by the SSS and the GSIS, and their respective employers, notwithstanding any waiver of coverage previously issued, including uniformed members of the AFP, Bureau of Fire Protection, Bureau of Jail Management and Penology and the PNP; (b) OFWs and (c) spouses who devote full time to managing the household and family affairs, unless they are also engaged in other employment, in that it is a choice to contribute one-half (1/2) of their monthly compensation.

He added, "This home development fund will not only assist our people on their housing aspirations, it will also ensure that government funds are being mobilized to sustain the needs of the Filipino people."

Angara, former Banks, Financial Institutions and Currencies chair, told that the bill creates the Home Development Mutual Fund of 2009, a mutual provident savings system for private and government employees and other earning groups, supported by matching mandatory contributions of their respective employers with housing as the primary investment.

The Home Development Mutual Fund of 2009 replaces the Home Development Mutual Fund Law of 1980 established under Presidential Decree No. 1752 which sought to "promote public welfare through ample social services, as well as its humanist commitment to the interests of the working groups, in relation particularly in their need for decent shelter".

"This is an effective home-building program and savings production that will surely benefit our entire government and non-government personnel," said Angara.