“Radiating positivity, creating connectivity” CEBU BUSINESS Room 310-A, 3rd floor WDC Bldg. Osmeña Blvd., Cebu City You may visit Cebu Business Week WEEK Facebook page. December 28, 2020 - January 3, 2021 Volume 2, Series 67 www.cebubusinessweek.com 12 PAGES P15.00 INVEST SAVINGS IN PAGIBIG FUND P500 minimum investment, without limit THE Home Mutual De- come will be rounded off at By: ELIAS O. BAQUERO P150 will be for 2022 and the sure that a land being used velopment Fund (HMDF), P400,000, divided by 60 P200 will be for 2023. as collateral of a loan must popularly known as PagIBIG months (five years), a deposi- of PagIBIG members was He said that if a PagIBIG be titled, because if a mem- Fund, has urged the public tor/member will earn P6,666 supposed to be increased member will voluntary pay ber cannot pay back, the to invest their idle money a month which is substantial from P100 a month to P150 P50 increase starting next last recourse is to foreclose under its Modified PagIBIG for household needs. a month beginning January year, he can, but PagIBIG the property to recover the 2 (MP 2) savings program. He said that upon ap- 2021, plus the mandatory cannot force the employer amount borrowed. Rio Teves, PagIBIG plication for MP 2, they will counterpart of their employ- to pay the counterpart If the land is only Fund vice president for give the depositor/member ers in the same amount. amount. But it will covered by tax membership in the Visayas an option whether he wants However, because of also depend declaration, and Mindanao, said that an annual dividend payout Covid-19 pandemic, leading it employers PagIBIG one can invest a minimum to be credited in his bank to the closure of some busi- will also vol- Fund will of P500 a month or more, account, which he can with- nesses and loss of jobs of untarily pay find it without limit. draw every year, or put it in some workers, the PagIBIG the counter- hard to Three years ago, Teves a cumulative way where he Fund management headed part as a form foreclose said PagIBIG Fund gave 8.11 can only withdraw the cap- by Secretary Eduardo del of thanks to because percent dividend to all MP 2 ital and the earnings after Rosario, and President/CEO their good em- it is not investing members, tax free. five years. Rizaldy P. Mute, the suppos- ployees. a proof As of 2019, the dividend was “He will earn a com- edly increase starting next On the oth- of owner- 7.23 percent, tax free. pounded interest. The inter- year shall be deferred. er hand, Teves ship. In the simple illustra- est for the first year will earn “We will implement the said that PagIBIG tion to all DYRC listeners interest for the second year, contribution increase in Fund will make and Cebu Business Week and so forth until it will ma- 2022. The P50 increase is readers, Teves said that if a ture in five years,” Teves said. not burdensome, I request person has an idle P1 mil- He said that if that the PagIBIG members to lion and has no idea where amount will be deposited in personally and voluntarily to deposit to earn, PagIBIG the bank, only a little income start the increase in contri- would welcome it. will be earned in five years. bution. All the increases will Teves said that if the P1 In PagIBIG Fund, the av- go back to them once it will million with be placed in erage annual dividend is 6.96 mature,” Teves said. time deposit with PagIBIG percent. But in other years, it Under the old decision, Fund for five years, there will was 8.11 percent and in 2019, the increase of contribution be an average of 6.96 per- it was 7.23 percent. from P100 to P150 will be cent annual dividend. If the “You will be living like in 2021, and by 2022, it will dividend will not be with- a pensioner and your mon- increase to P200 a month. drawn and will form part of ey is safe being deposited In the same manner, the RIO TEVES, PAGIBIG FUND the P1 million, there will be a in a government institution employers will pay the coun- VICE PRESIDENT total earning of P399,000 in which is tax free. terpart of P150 in 2021 and FOR MEMBERSHIP five years, tax free. On the other hand, Teves P200 in 2022. Because of the IN THE VISAYAS If the amount of in- said that the contribution suspension of increase, the AND MINDANAO 2 December 28, 2020 - January 3, 2021 Cebu Business Week LOCAL 3 floors of CCMC open THE Cebu City Govern- may just be one department Labella said that while ment has conducted the soft for now, but he believes they the soft opening involved the opening of new Cebu City need start somewhere be- first, second and third floors, Medical Center (CCMC) and cause this project has long there will be one floor to be the ceremonial lighting of its been overdue. finished in each succeeding logo in the evening of De- “We will work doubly month. This is 4th floor by cember 28, 2020. hard to ensure the comple- the end of January 2021, 5th Labella told Cebu Busi- tion of the new CCMC. Our floor by the end of February, ness Week that he is hap- people in the City of Cebu 6th floor by March, 7th floor py that all are united in the deserve no less than afford- by April, 8th floor by May, construction and opening able and good medical ser- 9th floor by June and 10th of the new CCMC aimed at vices,” Labella said. floor by July. maximizing the delivery of Those who attended If the entire building health services to the peo- the soft opening were Cebu construction will be finished ple, especially the poor. The City Vice Mayor Michael and CCMC will be in full op- CCMC’s out-patient depart- “Mike” Rama who started eration, it will be in the same ment will be opened starting the project, City Councilors category with Vicente Sotto December 29, 2020. Raymond Garcia, Eduardo Memorial Medical Center Labella said they will Rama Jr., James Anthony (VSMMC) and any govern- slowly install the other parts Cuenco, and Dondon Hon- ment medical center in the of the hospital until all med- tiveros, all city department country. ical equipment will be in heads, Regional Peace and Labella said the early place like the MRI, CT scan, Order Council Advisor for partial opening of the new X-Ray, Ultrasound, dialysis, Region 7 Police Major Chuck CCMC is timely as they fo- and negative pressure area Barandog and CCMC Ad- cus on health services amid MAYOR EDGAR LABELLA DURING THE INAUGURATION OF THE for any Covid-19 patient. OUT-PATIENT DEPARTMENT AND LIGHTING OF THE LOGO OF THE ministrator Dr. Yvonne Ca- Covid-19 pandemic. ELIAS Labella added that it NEW CCMC LAST DECEMBER 28, 2020. nia. O. BAQUERO Cebu City Council passes 2 budgets CEBU City Vice Mayor “We are fiscalizers here and wages of regular and ca- of the foreign loans in cre- ment with Mayor Edgardo C. Michael “Mike” Rama said and I hope that the Cebu sual officials and employees ating South Road Properties Labella to pass an ordinance the City Council has passed City executive department and job order,” Rama said. (SRP). to earmark the money. Supplemental Budget No. is receptive to our concern,” The City Council tack- “As I told you, the vice The Cebu City Govern- 4 for the year 2020 last De- Rama said. led the 2021 annual budget mayor and the City Council ment has received a total of cember 21 so the funds can be Rama said they need to through an ad hoc committee can never be an obstruction- P18 billion as proceeds of the obligated for the urgent proj- pass Supplemental Budget they’ve created. The annu- ist but rather a reformist. We sale of some portions of SRP. ects. NO. 4 so the funds will not al budget is geared towards have rationalized the pro- But at present, only more Supplemental Budget No. be reverted. The supplemen- “made-basis” budget and posed 2021 annual budget than P5 billion left. 4 was passed, two days before tal budget is important to be guidelines in budgeting for and focused on the made-ba- Rama said that a city or- the City Council also passed passed so urgent projects can pandemic response, public sis budget,” Rama said. dinance will make sure that the P10.8 billion 2021 annu- be immediately processed for health system, flooding-di- He said that although the the unspent balance of the al budget last December 23, this year. rected solution, peace and payment for the P2.8 billion SRP sale can be earmarked 2020 by the Committee of a “The annual budget is order and safety, social ser- foreign loan balance was not for payment of the balance Whole, so the legislative has prospective. The bulk of the vices, food security, paying included in the 2021 annual of the foreign loan. ELIAS O. no minority and no majority. 2021 budget is for salaries off the P2.8 billion balance budget, they have a full agree- BAQUERO Pag-IBIG hits 1.6 million members in VisMin THE National Home and Cebu Business Week cal) composed of about 70 and employers to be mem- Mortgage Fund which is pop- that all employers, whether percent of Pag-IBIG mem- bers in the agency.