THE Home Development Mutual Fund, or more commonly known as Pag-Ibig, announced it will increase its rates for 2021 and 2023.

Rio Teves, Vice President for Member Services Operations for Visayas and Mindanao of Pag-Ibig fund, said the increase is meant to address the growing demand of their housing program.

Presently, members contribute P100 per month, which is matched by another P100 contribution from their employers.

Teves said the Pag-Ibig board members agreed to increase the monthly contribution to P150 in 2021 and P200 in 2023. Teves said the increase in contribution will also lead to an increase in benefits for the members since their savings will increase once they retire. At present, Pag-Ibig Visayas has P36.95 billion in savings from January to September. (HBL)