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Accomplishment
Pag-IBIG Expands Mandatory Coverage To Include OFWs
Tony Alabastro
Tony Alabastro
Accomplishment : Pag-IBIG Expands Mandatory Coverage To Include OFWs
Bandar Seri Begawan - Philippine Ambassador to Brunei, His Excellency Alexander B. Yano is encouraging members of the Filipino Community to join the Pag-IBIG Fund, now that all Overseas Filipino Workers (OFWs) have become eligible for Pag-IBIG membership.
This is in support of Pag-IBIG’s campaign to enable OFWs to enjoy the Fund’s bigger and better benefits. Pag-IBIG Representative Arlina D. Feliciano also urged, “Be a member and secure a bright future for yourself. Your savings with the Fund earn double and even triple.
These savings are guaranteed by the government and earn tax-free dividends. More importantly, as a member you have access to benefits no banks can give such as the lowest interest housing loans, fast salary loans and reliable calamity loans.
This is in support of Pag-IBIG’s campaign to enable OFWs to enjoy the Fund’s bigger and better benefits. Pag-IBIG Representative Arlina D. Feliciano also urged, “Be a member and secure a bright future for yourself. Your savings with the Fund earn double and even triple.
These savings are guaranteed by the government and earn tax-free dividends. More importantly, as a member you have access to benefits no banks can give such as the lowest interest housing loans, fast salary loans and reliable calamity loans.
Ambassador Yano with Pag-ibig Representative Arlina Feliciano
Mandatory Membership for Overseas Filipino Workers (OFW’s)
With the passage of Republic Act No. 9679 (also known as the Home Development Mutual Fund Law of 2009), signed by President Gloria Macapagal Arroyo on 21 July 2009, Pag-IBIG is now opening its doors to all types of Filipino workers, both from the formal and informal sectors, in the country or overseas.
Under the universal membership coverage which takes effect beginning 01 January 2010, the following are mandatorily covered by the Fund:
1. all employees who are compulsorily covered by the SSS;
2. all employees who are subject to mandatory coverage by the GSIS;
3. all 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;
3. Overseas Filipino Workers and Filipinos employed by foreign-based employers, whether deployed in the country or abroad.
Minimum Contribution
Membership of OFWs used to be voluntary under the old Pag-IBIG Overseas Program, with terms of five, 10, 15, and 20 years. For the mandatory membership, you can withdraw your total accumulated savings (contributions and dividends) after 20 years on 240 months contributions. An OFW who was employed in the Philippines and contributed under the local program prior to overseas deployment can have the said contributions merged with the contributions made under the mandatory coverage to complete the required membership term. The contribution rate for all mandatory members for OFWs shall be at least Php 200.00 equivalent of BND 6.25 and additional of BND 4.00 service charge for Remittance fees.
Bigger and Better Benefits
With the mandatory coverage, OFWs can enjoy tax-free and government -guaranteed savings, short term loans, and affordable housing loans from Pag-IBIG.
. Savings. Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government.
Pag-IBIG savings are portable, “meaning, these remain in the name of a member even if he transfers employers, works abroad or becomes self-employed or even unemployed”.
.Short Term Loans. OFW-members can also avail themselves of short-term loans that will help address their immediate financial needs such as payment for tuition fees, hospital bills, appliance purchases, minor home repairs, and even for small business capital.
.Housing Loans. A member of good standing is eligible to avail of a home financing loan that has an interest rate of as low as 6% to 11.5% payable in 30 years. The maximum loan amount is P3 million. The loan can be used for the purchase of a fully developed lot within a residential area not exceeding 1,000 sq.m., 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 and refinancing of an existing loan.
Contact Persons. To register for membership and for other inquiries, OFWs can visit the Pag-IBIG Overseas Desk at the Philippine Embassy Brunei Darussalam or call Tel. Nos. 673 222 2916/ Telefax +673 222 2917 and look for Arlina D. Feliciano.
In Manila, they can call +632 724.4244 or visit the Pag-IBIG office located at the 6F, Justine Building, Gil Puyat Avenue, Makati City (beside Land Bank). They can also register through the Pag-IBIG satellite offices at the Philippine Overseas Employment Agency (POEA) and the Ninoy Aquino International Airport (NAIA) or coordinate with the Pag-IBIG information officers who conduct the Pre-Departure Orientation Seminar for OFWs. --- Source: Philippine Embassy
With the passage of Republic Act No. 9679 (also known as the Home Development Mutual Fund Law of 2009), signed by President Gloria Macapagal Arroyo on 21 July 2009, Pag-IBIG is now opening its doors to all types of Filipino workers, both from the formal and informal sectors, in the country or overseas.
Under the universal membership coverage which takes effect beginning 01 January 2010, the following are mandatorily covered by the Fund:
1. all employees who are compulsorily covered by the SSS;
2. all employees who are subject to mandatory coverage by the GSIS;
3. all 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;
3. Overseas Filipino Workers and Filipinos employed by foreign-based employers, whether deployed in the country or abroad.
Minimum Contribution
Membership of OFWs used to be voluntary under the old Pag-IBIG Overseas Program, with terms of five, 10, 15, and 20 years. For the mandatory membership, you can withdraw your total accumulated savings (contributions and dividends) after 20 years on 240 months contributions. An OFW who was employed in the Philippines and contributed under the local program prior to overseas deployment can have the said contributions merged with the contributions made under the mandatory coverage to complete the required membership term. The contribution rate for all mandatory members for OFWs shall be at least Php 200.00 equivalent of BND 6.25 and additional of BND 4.00 service charge for Remittance fees.
Bigger and Better Benefits
With the mandatory coverage, OFWs can enjoy tax-free and government -guaranteed savings, short term loans, and affordable housing loans from Pag-IBIG.
. Savings. Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government.
Pag-IBIG savings are portable, “meaning, these remain in the name of a member even if he transfers employers, works abroad or becomes self-employed or even unemployed”.
.Short Term Loans. OFW-members can also avail themselves of short-term loans that will help address their immediate financial needs such as payment for tuition fees, hospital bills, appliance purchases, minor home repairs, and even for small business capital.
.Housing Loans. A member of good standing is eligible to avail of a home financing loan that has an interest rate of as low as 6% to 11.5% payable in 30 years. The maximum loan amount is P3 million. The loan can be used for the purchase of a fully developed lot within a residential area not exceeding 1,000 sq.m., 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 and refinancing of an existing loan.
Contact Persons. To register for membership and for other inquiries, OFWs can visit the Pag-IBIG Overseas Desk at the Philippine Embassy Brunei Darussalam or call Tel. Nos. 673 222 2916/ Telefax +673 222 2917 and look for Arlina D. Feliciano.
In Manila, they can call +632 724.4244 or visit the Pag-IBIG office located at the 6F, Justine Building, Gil Puyat Avenue, Makati City (beside Land Bank). They can also register through the Pag-IBIG satellite offices at the Philippine Overseas Employment Agency (POEA) and the Ninoy Aquino International Airport (NAIA) or coordinate with the Pag-IBIG information officers who conduct the Pre-Departure Orientation Seminar for OFWs. --- Source: Philippine Embassy