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Pag-IBIG Fund Cagayan de Oro Branch Pag-IBIG Fund Building JR Borja-Mortola Sts., JR Borja-Mortola Sts., Cagayan de Oro City.

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Presentation on theme: "Pag-IBIG Fund Cagayan de Oro Branch Pag-IBIG Fund Building JR Borja-Mortola Sts., JR Borja-Mortola Sts., Cagayan de Oro City."— Presentation transcript:

1 Pag-IBIG Fund Cagayan de Oro Branch Pag-IBIG Fund Building JR Borja-Mortola Sts., JR Borja-Mortola Sts., Cagayan de Oro City

2 Pag-IBIG Fund Bukidnon Extension Office Tubeo Bldg., Damasco Street Malaybalay City Bukidnon

3 Home Development Mutual Fund (HDMF)

4 Pag tutulungan sa kinabukasan Pag tutulungan sa kinabukasan I kaw I kaw B angko B angko I ndustriya I ndustriya Gobyerno GobyernoACRONYM

5 TWIN MANDATES Savings Shelter / Housing

6 Pag-IBIG Fund HISTORY Republic Act No Republic Act No  Signed by PGMA HDMF Law of 2009 on 21 July 2009  Signed by PGMA HDMF Law of 2009 on 21 July 2009  Published on 12 August 2009  Became effective on 27 August 2009

7 MEMBERSHIP COVERAGE

8 MANDATORY MEMBERSHIP COVERAGE All Private and Government Employees (SSS & GSIS members), as mandated under Republic Act 9679 All Private and Government Employees (SSS & GSIS members), as mandated under Republic Act 9679

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10 MONTHLY CONTRIBUTION RATES Monthly Compensation Personal Share Employer Counterpart P1,500 & Below P1,500 to P5,000 1% 2% 2% + + 5, – maximum compensation for computing monthly contribution

11 I. Monthly Compensation is more than P1, Example: Your income is P 5, Example: Your income is P 5, Personal Share = P (2%) Personal Share = P (2%) Employer Counterpart= P (2%) Employer Counterpart= P (2%) Monthly Savings = P (4%) Monthly Savings = P (4%) PROVIDENT SAVINGS PROGRAM SALIENT FEATURES Double or triple your money benefit

12 PROVIDENT SAVINGS PROGRAM A member may be allowed to contribute more than the required rates should he or she so desires. A member may be allowed to contribute more than the required rates should he or she so desires. The employer, however, shall only be mandated to contribute what is required, unless it agrees to match the member’s increased contribution.The employer, however, shall only be mandated to contribute what is required, unless it agrees to match the member’s increased contribution.

13 MONTHLY REMITTANCE SCHEDULE of Pag-IBIG Fund CONTRIBUTIONS & MPL NAME OF EMPLOYER (Alphabetical Order) DATE OF REMITTANCE Individual Payor Before the 10 th of the month following the period covered A to D 10 th to 14 th of the month following the period covered E to L 15 th to 19 th of the month following the period covered M to Q 20 th to 24 th of the month following the period covered R to Z, Numeral 25 th to end of the month following the period covered

14 SALIENT FEATURES Tax Free Dividend earnings Tax Free Dividend earnings based on the Member’s based on the Member’s Total Accumulated Total Accumulated Value (TAV) Value (TAV) Employees Statement of Accumulated Value (ESAV) Employees Statement of Accumulated Value (ESAV) Portability of Savings Portability of Savings Government Guaranteed Government Guaranteed Withdrawable upon the occurrence of any ground for termination of membership Withdrawable upon the occurrence of any ground for termination of membership PROVIDENT SAVINGS PROGRAM

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16 Savings Based (Total Accumulated Value) 24 monthly contributions (2 years in residency) (2 years in residency) MULTI – PURPOSE LOAN PROGRAM Active Member Member Updated HousingLoan Account

17 MULTI – PURPOSE LOAN PROGRAM Loan Amount REQUIRED NUMBER OF CONTRIBUTIONS LOAN AMOUNT 24 – 59 months Up to 60% of member’s TAV 60 – 119 months Up to 70% of member’s TAV At least 120 months Up to 80% of member’s TAV

18 Interest Rate % per annum Loan Term - 2 years Loan Renewal - 6 months Processing Time - 1 day or 2 days Loan Release - Check or ATM (DBP/LBP) Payment Scheme – Salary deduction/OTC TAV Offset in case of the following: -Unemployment -Total/Partial Disability or -Death of Member’s immediately MULTI – PURPOSE LOAN PROGRAM

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20 Interest Rate % per annum Loan Term - 2 years Loan Release - Check or ATM (DBP/LBP) Payment Scheme – Salary deduction/OTC CALAMITY LOAN PROGRAM

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22 HOUSING LOAN PURPOSES Lot Purchase Lot Purchase House Construction House Construction Lot Purchase & House Construction Lot Purchase & House Construction Purchase of a Residential Unit Purchase of a Residential Unit Major Home Improvement Major Home Improvement Refinancing of an Existing Loan Refinancing of an Existing Loan

23 The property must be : Titled Property (OCT,TCT,CCT) issued by Registry of Deeds Titled Property (OCT,TCT,CCT) issued by Registry of Deeds Having a Road Right of Way Having a Road Right of Way Within the residential Zone Within the residential Zone Free from Liens/Encumbrances Free from Liens/Encumbrances

24 ELIGIBILITY REQUIREMENTS 24 Months Contributions 24 Months Contributions Not more than 65 years old & insurable; not more than70 years old at loan maturity Not more than 65 years old & insurable; not more than70 years old at loan maturity Has legal capacity to acquire and encumber real property Has legal capacity to acquire and encumber real property

25 ELIGIBILITY REQUIREMENTS Has passed satisfactory background / credit & employment / business checks of the developer & Pag-IBIG Fund Has passed satisfactory background / credit & employment / business checks of the developer & Pag-IBIG Fund Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;

26 MAXIMUM LOAN AMOUNT OF P 6 MILLION Based on the lowest of the following: ¶ Borrower’s Actual Need ¶ Loan-to-Collateral Ratio ¶ Loan Entitlement · Contributions · Net Disposable Income

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31 The housing loan shall be repaid at a maximum term of thirty (30) years and shall in no case exceed the difference between the present age and age 70 of the principal borrower.

32 GROUNDS FOR THE WITHDRAWAL OF YOUR Pag-IBIG Fund SAVINGS Membership Maturity (10,15 or 20 years) Retirement (Ages 60 & 65; Early Retirement: Age 45) Permanent Departure from the Philippines Permanent Total Disability/Insanity Termination from Service by reason of health Death of Member Other causes as may be provided by the Board of Trustees

33 WITHDRAWAL OF SAVINGS The Member or his/her beneficiaries will receive the following: Total Accumulated Value (TAV) Personal Share + EmployerCounterpart + Dividend Earnings (Lump sum) Death Aid Benefit (DAB) P 6,000 Full Payment of the Housing Loan Account (In case of death of the Principal Borrower) (In case of death of the Principal Borrower)

34 COMPARISON MATURITY CLAIM

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38 5. Termination from service due to health - Employer Certificate that said employee was separated for health reasons duly notarized. -Physicians Certification - SSS Disability Voucher

39 6. Death With additional Death Aid Benefit (DAB) of P6,000 DAB entitlement in full if member is active (w/ contributions within 6 months) based on date of death If inactive, up to the Total Savings accumulated, but not more than P6,000

40 Death Aid Benefit Documentary Requirements 1. NSO Death Certificate of Member 2. NSO copy of Birth, Death & Marriage Certificates of claimants/beneficiaries 3. Proof of Surviving Legal Heirs (PSLH) 4. Affidavit of Guardianship (for minors) 5. Discrepancies are supported by Affidavit from two disinterested persons 6. Latest Service Record(Authenticated) 7. Latest Payslip (Authenticatedby Office)

41 Additional Requirements Married MemberMarried Member 1.Marriage Advisory of Deceased Member (NSO) 2.2 valid ID’s SSS ID, Voter’s ID,Company ID SSS ID, Voter’s ID,Company ID SingleSingle 1.CENOMAR (NSO) 2.Funeral Receipt 3.2 valid ID’s – SSS, Voter’s ID, Company 4.Birth Certificate of Member (NSO) 5.Joint Affidavit (2 witnesses) that the member died without children

42 Requirements for Retirement(Government Employees) Application for Provident Benefits (3 copies ) GSIS Retirement Voucher (2 copies) Retirement Order (PNP, PA, BFP, BJMP) (2 copies)

43 2 Different Unexpired Valid ID’s with clear signature (photocopy back to back) 2 copies a.Primary ID : Employers ID b.Secondary ID: Pag-IBIG ID Card, GSIS ID or E-Card ID, Voters Affidavit, PRC ID, Driver’s License, Passport, Senior Citizen ID, SSS ID, BIR ID, Postal ID c.PNP/AFP/PA/ BJMP/ BFP for all military members (AFPSLAI not valid ID)

44 Updated Service Record stating specific date of retirement (gov’t employees ) 2 copies Statement or Certification of last payment (2 copies)

45 REMINDER: Please bring all original documents for comparison and authentication. In all instances wherein photocopies are submitted, photocopied documents must be duly authenticated by the claimants Administrative Officer Filing/Submission must be on or after retirement date.

46 (08822) /722800/ CDO (088) to 62 local 209 or 211 CDO (088) or (088) Mlybly Visit us Pag-IBIG Fund Bldg., JR. Borja Mortola Sts., Cagayan de Oro City Pag-IBIG Fund Bukidnon Ext Office Tubeo Bldg., Damasco St., Malaybalay City

47 Daghang Salamat!


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