Home Development Mutual Fund/Pag-IBIG Fund(HDMF)

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Date: Jan. 14, 2020, 4:06 p.m.

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Date: 2020-01-15 08:10:04.000000

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Date: 2020-02-04 17:48:07.000000

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Tax Implications of Pag-IBIG MP2 Contributions

Published by Home Development Mutual Fund/Pag-IBIG Fund(HDMF) on Jan. 14, 2020.
Requested from HDMF by A. Magtoto at 04:06 PM on Jan. 14, 2020.
Purpose: Personal Financial Planning
Date of Coverage: 01/01/2020 - 01/14/2020
Tracking no: #HDMF-964281003908

A.MAGTOTO Jan. 14, 2020, 4:06 p.m.

Hi, I would like to know if the contributions to the MP2 program of Pag-IBIG are deductible from the taxable income of an employee just like the Pag-IBIG 1, SSS, and Philhealth contributions. Thanls

F.OFFICER Jan. 15, 2020, 8:10 a.m.

Jan 14, 2020 Dear Antonio Magtoto, Thank you for your request dated Jan 14, 2020 04:06:07 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Tax Implications of Pag-IBIG MP2 Contributions. We received your request on Jan 14, 2020 04:06:07 PM and will respond on or before Feb 04, 2020 04:06:07 PM, in accordance with the Executive Order's implementing rules and regulations. Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://pcoomaster11222017130000-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtOTY0MjgxMDAzOTA4DA, for request with ticket number #HDMF-964281003908. Thank you. Respectfully, FOI Receiving Officer FOI Officer

A.COSICO Feb. 4, 2020, 5:48 p.m.

04 February 2020 Mr. Antonio Magtoto Lot 12 and 13, Block 4 Manila Harbour Center Vitas, Tondo Manila Dear Mr. Magtoto, Greetings from the Home Development Mutual Fund (Pag-IBIG Fund)! This refers to your eFOI request for information on the Modified Pag-IBIG II (MP2) Membership Program, specifically you want to know if the MP2 savings is deductible from the taxable income of an employee just like the Pag-IBIG 1, Social Security System (SSS), and Philippine Health Insurance Corporation (PhilHealth). The Bureau of Internal Revenue’s (BIR) Revenue Memorandum Circular (RMC) No. 27-2-11 revoked earlier BIR Rulings exempting contributions in excess of the mandatory monthly contributions to Home Development Mutual Fund (Pag-IBIG), Government Service Insurance System (GSIS), SSS, PhilHealth, from income tax. Thus, voluntary contributions to these institutions in excess of the amount considered compulsory are not excludible from the gross income of the taxpayer and hence, not exempt from Income Tax and Withholding Tax. Attached for your reference is a scanned copy of BIR (RMC) No. 27-2-11. Thank you. ATTY. ROBERT JOHN S. COSICO OIC-Deputy Chief Executive Officer, Support Services Cluster And Chief Legal Counsel FOI Decision Maker

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