The management of Pag-IBIG has approved to waive the penalties on businesses that failed to remit their employees’ savings in the last two years, according to the Employers Confederation of the Philippines (ECOP).
In a statement, ECOP said Pag-IBIG management found the employers’ proposal as timely, since it is considering a new penalty condonation program to help employers experiencing financial hardships.
The decision will be endorsed by the Pag-IBIG management to its Board which will meet this month, the group said.
ECOP quoted Pag-IBIG CEO Acmad Rizaldy Moti who said in a television interview that management has likewise considered a longer remittance plan in case certain businesses cannot pay within the next six months.
In the interview, ECOP said Moti explained the penalties waived has reached around P868 million on membership savings that amounted to P4 billion from March 2020 to May 2021.
ECOP, Philippine Chamber of Commerce and Industry and the Philippine Exporters Confederation Inc. made the request to Pag-IBIG last September 9 to help struggling struggling employers and stakeholders recover from the effects of the pandemic.
