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What is Pag-IBIG FUND?

What is Pag-IBIG FUND?. Pag – tutulungan sa Kinabukasan. I – Ikaw. B – Bangko. I – Industriya. G – Gobyerno. What is Republic Act 9679?. An Act further strengthening the Home Development Mutual Fund, and for other purposes

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What is Pag-IBIG FUND?

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  1. What is Pag-IBIG FUND? Pag – tutulungan sa Kinabukasan I – Ikaw B – Bangko I – Industriya G – Gobyerno

  2. What is Republic Act 9679? • An Act further strengthening the Home Development Mutual Fund, and for other purposes • Was approved into law by Pres. Gloria Macapagal-Arroyo on 21 July 2009 • Increased the scope of power and function of the Fund through the Board of Trustees who are appointed by the President of the Philippines • Provided for the tax exemption status of the Fund • Increased scope of mandatory membership coverage of the Fund

  3. CORPORATE PROGRAMS 1. Membership Program 2. Provident Savings Program 3. Modified Pag-IBIG II Program 4. Lending Programs 4.1. Multi-Purpose Loan 4.2. Calamity Loan 4.3. Home Lending 4.4.1. Retail 4.4.2. Institutional/Wholesale

  4. MEMBERSHIP PROGRAM Mandatory Coverage and Membership of Employees 1. All employees compulsorily covered by the SSS 2. All employees subject to mandatory coverage by the GSIS 3. Uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police 4. Filipinos employed by foreign-based employers

  5. MEMBERSHIP PROGRAM Mandatory Coverage of Employers 1. Employers of employees compulsorily covered by the SSS 2. Employers of employees subject of mandatory coverage by the GSIS 3. The Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police

  6. MEMBERSHIP PROGRAM • Voluntary Coverage • Spouses who devote full time to managing household and family • affairs; • 2. Filipino employees of foreign government or international • organization, or their wholly-owned instrumentality based in the • Philippines • 3. Employees of an employer who is granted a waiver or suspension • of coverage by the Fund under RA 9679

  7. MEMBERSHIP PROGRAM • Voluntary Coverage • 4. Leaders and members of religious groups • 5. A member separated from employment, local or abroad, or ceased • to be employed, but would like to continue paying Pag-IBIG • contributions • Public officials or employees who are not covered by the GSIS • such as barangay officials • 7. Other earning groups as may be determined by the Board

  8. SALIENT FEATURES OF THE SAVINGS PROGRAM • Doubles/triples your money • Annual dividend earning • Portability of Savings • Return of Contributions • Government-guaranteed contributions • Tax-Free • Availment of loan programs (long and short-term)

  9. EXISTING CONTRIBUTION RATES (since 1986) Monthly Compensation Contribution Rates EE ER P1,500 or less 1% 2% More than 1,500 2% 2% Maximum monthly compensation = P5,000.00 A member may be allowed to contribute more than what is required should he or she desire. The employer, however, shall only be mandated to contribute what is required unless he or she agrees to match the member’s increased contribution.

  10. GROUNDS FOR WITHDRAWAL OF SAVINGS • Upon the occurrence of any of the following contingencies, Pag-IBIG Fund guarantees the refund of a members’ accumulated savings, which consist of the member’s accumulatedcontributions, the employer counterpart contributions (if any) and the dividend earnings credited to the member’s account: • Retirement (ages 45, 60, and 65) • Death • Permanent and total disability or insanity • Permanent departure from the country • Separation from the service due to health reason

  11. GROUNDS FOR WITHDRAWAL OF SAVINGS • Membership Maturity (20 years or 240 months of continuous contribution) • Optional Withdrawal • Other causes as may be approved by the Board

  12. MULTI-PURPOSE LOAN (MPL) PROGRAM • Short-term financial which can be availed by Pag-IBIG • members for any of the following: • a)minor home improvement • b) livelihood • c) medical • d) educational • e) purchase of appliance and furniture • f) other needs

  13. LOAN AMOUNT An eligible borrower's loan entitlement shall depend on the number of contributions made, based on the following schedule:

  14. INTEREST RATE • 10.75% per annum for the duration of the loan. • LOAN TERM • Maximum period of twenty-four (24) months with grace period of 2 months for local accounts and 5 months for centralized accounts. • LOAN RELEASE • Check • LBP Account • LBP Cash Card (in the pipeline) • Citibank Cash Card (in the pipeline)

  15. LOAN PAYMENT 1. Salary deduction for employed members 2. Over-the-counter at Pag-IBIG Branches, for voluntary members 3. Auto-debit arrangements with banks 4. Collecting Agents (IRemit, Ventaja, Philippine National Bank, Asian United Bank, and Metro Bank) 5. Pag-IBIG Posts (in selected Middle East countries)

  16. PIOG SATELLITE OFFICE • Asia-Pacific Europe Middle East • Singapore 6. Rome 11. Abu Dhabi • Hongkong 7. Milan 12. Dubai • Brunei 8. Athens 13. Kuwait • Taiwan 9. Madrid 14. Qatar • Korea 10. London 15. Riyadh • 16. Jeddah • 17. Alkhobar • 18. Bahrain

  17. PENALTY RATE ½% of any unpaid amount for every month of delay. For borrowers paying their loans through automatic salary deduction, penalties shall be cancelled/reversed only upon presentation of proof that non-payment was due to the fault of the employer. The said penalties shall then be charged against the employer. LOAN RENEWAL Payment of at least six (6) amortizations

  18. Borrower’s Eligibility • Member must have made at least 24 monthly contributions • With active Fund membership at the time of application with the commitment from both the employee and employer to continuously remit contributions at least for the term of the loan.

  19. CALAMITY LOAN PROGRAM • 80% of member’s total contributions • Resident of a declared calamity-stricken area • 10.75% interest rate • payable in 2 years

  20. WHAT IS THE MODIFIED PAG-IBIG II PROGRAM? • A voluntary savings program for Pag-IBIG members • Open to all Pag-IBIG I members and OFWs with a • Monthly gross income exceeding Php5,000.00 • Rate of contribution : Php500.00 • Term : five (5) years • Savings are entitled to a preferential dividend rate • Higher than that of Pag-IBIG I.

  21. * Dividend Rate is 6%

  22. HOME LENDING PROGRAMS Lowest Interest Rate Highest Loan to Collateral Ratio Longest Loan Term

  23. LOAN PURPOSE • The Pag-IBIG housing loan may be used to finance any of the following: • Purchase of a fully developed lot • Purchase of a residential house and lot, townhouse or • condominium unit; • Construction or completion of a residential unit on a lot owned by the member; • Home improvement; • Refinancing of an existing loan; and • Combination of loan purposes

  24. BORROWER’S ELIGIBILITY • Must be a Pag-IBIG member for at least 24 months • Not more than 70 years old at loan maturity and must be insurable • Has the legal capacity to acquire and encumber real property • Has passed satisfactory background/credit and employment business • checks of the developer and Pag-IBIG Fund • Has no outstanding Pag-IBIG loan, either as principal borrower or co- • borrower • Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought • back or subjected to Dacion En Pago • Has no outstanding Pag-IBIG Multi - Purpose Loan in arrears at the time of • loan application.

  25. LOAN AMOUNT 3M Maximum of P3M, which shall be based on the lowest of the following: • 1. capacity to pay (40% of NDI*) 2. Actual need 2M 3. Loan-to-collateral Ratio 1M 4. Contribution * Net Disposable Income

  26. LOAN ENTITLEMENT BASED ON CONTRIBUTION

  27. SAMPLE COMPUTATION

  28. LOAN TERM Loan AmountTerm Up to P3M Up to 30 yrs

  29. HOUSING LOAN APPLICATION PROCESS 1. SUBMIT COMPLETE APPLICATION DOCUMENTS 2. CLAIM NOA/LOG (Notice of Approval/Letter of Guaranty) 3. SUBMIT DOCUMENTS FOR CHECK PROCESSING 5. PAY THE MONTHLY AMORTIZATION 4. LOAN RELEASE/TAKE-OUT

  30. THANK YOU! Our Contact Details: Servicing Department JELP Business Solutions Center 409 Shaw Boulevard Mandaluyong City Tel Nos. 724-4244 (PAGIBIG) 654-7230/654-9179 * * * * * * * * * * * * * * * * * * * * * * * * 6th Floor Justine Bldg. No 317 Sen. Gil Puyat Avenue Makati City Tel Nos. 812-4731 loc. 110 892-4382 / 894-2195 Fax No: 893-8874 Website: www.pagibigfund.gov.ph

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