Pag-IBIG declares over P8.4B dividends for 2011members earn 4.13%, higher than what any bank would give
CEBU CITY, March 18 (PIA) -- The Pag-IBIG Fund Board of Trustees approved 8.491 billion-worth of dividends for 2011. This was announced by Vice President Jejomar C. Binay, who is concurrently chairman of the Pag-IBIG Board.
Binay said the amount of dividends is equivalent to 71 percent of the Pag-IBIG’s net income for 2011. This shall be divided among the Fund’s 10.2 million members.
“In effect, individual members’ savings have earned around 4.13 percent for the year. This is definitely higher than what any bank grants to their clients,” Binay added.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie Berberabe explained that based on the Implementing Rules and Regulations of RA 9679 or the HDMF Law of 2009, the Board of Trustees is required to set aside an amount not less than 70 percent of Pag-IBIG’s annual net income to be paid to members in the form of dividends.
“The dividend earnings are proportionately credited to the member’s total savings. We wish to clarify, however, that unlike dividends provided by other financing institution, Pag-IBIG dividends may be withdrawn only at time of membership maturity, together with the member’s personal contributions and the employer share,” Berberabe said.
The dividend earnings are tax-free, she added.
Pag-IBIG members may withdraw their total savings which include all annual dividend earnings under any of the following reasons: membership maturity after 20 years and after giving 240 monthly contributions; retirement; separation from service due to health reasons; permanent departure from the country; total disability or insanity; or upon the death of the member where his legal heirs shall receive his total savings plus an additional death benefit of P6,000 or an amount equivalent to his total savings, whichever is lower.
“We take pride in the fact that the Pag-IBIG Fund has continued to sustain its financial growth through the years, making it one of the strongest and most stable financial institutions in the country today,” Berberabe continued.
“With the efforts of the management and staff of Pag-IBIG, we were able to register a gross income of P24.8 billion in 2011, 11 percent higher than our gross income level in 2010 and the biggest in 31 years. Our net income is at P11.959 billion, while our total asset level is now over P302 billion,” she said.
“But the Pag-IBIG Fund’s growth is not restricted to its finances. The past year was a year of changes, growth, and action. Our efforts to provide quality service to our members have been recognized when Pag-IBIG became ISO 9001-2008 Certified in 2011, the first among key shelter agencies,” she concluded.
Pag-IBIG Fund reassures their members that they will continue to safeguard and ensure the growth of the savings that they have entrusted to the institution.
The members—the Filipino workers – are the direct beneficiaries of all the efforts of the Fund. Every increase in its income means higher dividend rates and bigger savings for the members. (rmn/PIA-7/HFG/Pag-IBIG)
===========
RAFI to award winners of Triennial Awards
By Hazel F. Gloria
CEBU CITY, March 18 (PIA) -- After three years of nominations, extensive screenings, and validations, two winners out of ten finalists will be honored during the 5th Ramon Aboitiz Foundation Inc. (RAFI) Triennial Awards on Mar. 22 at Marco Polo Plaza, Cebu.
The winners will receive a trophy, cash prize of not less than P400,000, and the opportunity to travel in the Visayas and Mindanao to share their expertise with various groups.
The RAFI Triennial Awards is the premier service and humanitarian award in the Visayas and Mindanao, which recognize the philanthropic, humanitarian, and holistic efforts of individuals and institutions in enhancing the quality of life of various groups and communities.
Five finalists vied for each of the awards category of the Ramon Aboitiz Award for Exemplary Individual and Eduardo Aboitiz Award for Outstanding Institution.
They are Fr. Angelo Buenavides, Prof. Estrella Cantallopez, Apolinario Leyson Sr., Fr. Dennis Tamayo, and Rene Vendiola for the individual cateogory, and Agri-Aqua Development Coalition Mindanao Inc., Alternative Indigenous Development Foundation Inc., Negros Women for Tomorrow Foundation Inc., SOS Children’s Villages Philippines, and The Great Physician Rehabilitation Foundation for the institution category.
These finalists were selected by an independent search committee composed of distinguished representatives from the academe, private sector, and civil society. They are Island Souvenirs President Jonathan Jay Aldeguer, The Freeman and The Philippine Star Columnist and “Straight from the Sky” Host Valeriano “Bobit” Avila, Marcellin Foundation Inc. Founder Brother Crispin P. Betita, University of the Philippines-Tacloban College Dean and Guiuan Development Foundation Inc. Founder and Executive Director Margarita dela Cruz, and Mag-uugmad Foundation Inc. Executive Director Leonardo Moneva.
The Search Committee is chaired by dela Cruz who was an individual category finalist for the 3rd RAFI Triennial Awards and a member of the 4th RAFI Triennial Awards Search Committee.
The selection process starts when individuals and institutions are nominated for the RAFI Triennial Awards. The search committee validates each nominee in the Visayas and Mindanao before the short-listed nominees are screened by the RAFI Board of Trustees to determine the final awardees.
The RAFI Triennial Awards was launched on Dec. 6, 1996 during the 39th anniversary of the foundation to commemorate the philanthropic, humanitarian, and holistic ideals of RAFI founders Don Ramon Aboitiz and his son Don Eduardo Aboitiz.
It is now on its 15th year this year, which is also the 45th year of RAFI. (rmn/PIA-7/HFG/RAFI)