AN OFFICIAL of the Pagibig Fund yesterday said employers must register their domestic helpers, or kasambahay, with the agency, or they will be penalized under the law.

Rio Teves, Pagibig Fund vice president for members services operations for Visayas and Mindanao, said that helpers who are earning P1,000 and above a month shall be mandatory members of Pagibig.

He said that it is the duty of the employers to register their domestic helpers with Pagibig so that they can also avail themselves of its benefits.

Teves also said that those who are qualified to withdraw their money like the retirees may reinvest it with Pagibig Fund, tax free and at high interest rates.

Pagibig investment is better than banks which have hidden charges, low interest rates and taxes, he said.

He said the interest rate of Pagibig Fund is increasing, with 6.9 percent in 2015, 7.3 percent in 2016, and 8.11 percent in 2017, without tax, unlike other institutions.

“We are giving higher interest rates than market rates. And you can pre-terminate your investments in times of emergency,” Teves said.

He said the Pagibig Fund is divided into two.

The first is the Home Lending Operations Group that has a housing loan program either for individuals or developers. The second is the members’ services operations group, which offers multi-purpose loans, refunds for members who retire, loyalty cards and enforcement of mandatory membership.

“We have 40 branches of Pagibig Fund in the Visayas and Mindanao,” Teves said. (EOB)