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OFWs now covered by Pag-IBIG program

 

FILIPINO workers from formal and informal sectors here and abroad are now considered as members of Home Development Mutual Fund or Pag-IBIG Fund with the passage of R.A. 9679 (Home Development Mutual Fund Law of 2009) which took effect last month.

Jaime A. Fabiaña, HDMF chief executive officer, said the employees include those compulsorily covered by SSS; employees who are subject to mandatory coverage by Government Service Insurance System; uniformed members of the AFP, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the PNP, Overseas Filipino Workers, and Filipinos employed by foreign-based employers, whether deployed here or abroad.

Membership of OFWs used to be voluntary under the old Pag-IBIG Overseas Program, with terms of five, 10, 15 and 20 years.

Fabiana urged Hong Kong-based Filipinos in a meeting Sunday to avail of the membership.

“Be a Pag-IBIG 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.”

Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government.

In 2009, Pag-IBIG declared tax-free dividends amounting to P8.5 billion with a dividend rate of 5 percent.

“At this dividend rate, an OFW member will generate savings amounting to P40,753 if he contributes P100 monthly for 20 years; P81,507 if he contributes P200; and P203,768 at P500 a month. The bigger the contribution, the bigger the savings,” Fabiana said.

OFW-members can also avail of short-term loans that will help address immediate financial needs such tuition fees, hospital bills, appliance purchases, minor home repairs, and even for small business capital.

A member of good standing is eligible to avail of a home financing loan that has an interest rate of as low as six percent 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.

courtesy of : http://www.malaya.com.ph/02022010/news10.html

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