Feb 25
FAP MEMBERS ENJOINED TO REGISTER WITH PAG-IBIG FUND by fapweb  |  Posted in Articles  |  on Fri, Feb 25, 2011

Members of the Film Academy of the Philippines and the local film industry are enjoined to register with the Pag-IBIG Fund in view of the passage of Republic Act 9679 or the Home Development Mutual Fund Law of 2009.

Under the new law’s implementing rules and regulations, Pag-IBIG Fund membership is now mandatory for self-employed person(s), regardless of trade, business or occupation, with an income of at least P1,000 a month and not over 60 years old. This sector includes actors, actresses, directors, scriptwriters and news reporters who are not under an employee-employer relationship.

Pag-IBIG Fund personnel Domingo C. Jacinto Jr. and Josephine E. Baysic attended the board of governors meeting of the Academy last Wednesday, February 23, to brief the FAP officers and guild presidents on these matters.

Earlier, Josephine R. Santos, Pag-IBIG Fund department manager, wrote a letter to Director General Leo G. Martinez which paved the way for the special meeting.

In her letter, Ms. Santos emphasized: “…we would like to enjoin your organization and all your members in the movie industry, which include actors, actresses, cinematographers, designers, directors, scriptwriters, etc., to register with the Pag-IBIG Fund to comply with the said Law and, more importantly, to enjoy the many benefits of being Pag-IBIG Fund members.

Some of the Pag-IBIG Fund benefits are as follows:

–Provident Savings Program where all of a member’s contributions will go to his/her savings with annual dividend earnings. All Pag-IBIG contributions are deductible from the gross income of the taxpayer and shall be exempt from income tax.

–Short-Term Loan Program where members can borrow up to as much as 80 percent of their total savings.

–Housing Loan Program where members may borrow up as much as P3 million for their housing needs.

Ms. Santos ended her letter thus: “Further, should you wish us to provide you with a Pag-IBIG Fund Seminar and discuss this matter personally, we would be glad to meet you and your officers at the soonest possible time.

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