Pag-Ibig Benefits

Question 1

Home Development Mutual Fund

-Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno (PAG-IBIG), is a GOCC that provides the Filipino workers access to a secured savings and affordable home financing

Answer 1

GOCC is a government-run company that serves the public interest.

Government-Owned and Controlled Corporation.

Question 2

Coverage

membership is mandatory for all employees covered by the SSS and GSIS; uniformed members of AFP, BFP, BJMP, and PNP; and Filipinos employed by foreign-based employers

Answer 2

SSS - Social Security System

GSIS - Government Service Insurance System

Question 3

Programs and Benefits

Provident Savings

•Pag-IBIG Regular Savings
-monthly mandatory membership savings
-gives members high annual dividend earnings
-contribution is minimum P100 from monthly income, while employers match
their contributions with a share of P100
-members can withdraw savings and dividend earnings upon retirement or after
20 years or equivalent to 240 monthly contributions

•Modified Pag-IBIG 2 (MP2) Savings
-voluntary savings facility open to all active Pag-IBIG members who wish to
save more and earn higher dividends in addition to regular savings
-5-year maturity period
-members can contribute as low as P500 per remittance
-divideds earned are tax-free and can be withdrawn annually or after the 5-year
maturity period

Question 4

Short-Term Loans

•Pag-IBIG Multi-Purpose Loan
-qualified members can borrow up to 80% of their total Pag-IBIG Regular
Savings (includes monthly contributions, employer contributions, and accumulated dividends earned)

-loan is payable in 24 or 36 monthly installments at a low interest rate of 10.5%
per year

•Pag-IBIG Calamity Loan
-provide immediate financial assistance to members affected by calamities and
are residing in areas declared under State of Calamity
-members may borrow up to 80% of total Pag-IBIG Savings
-it is offered at a rate of 5.95% per annum and is payable over a period of up to
3 years, with a grace period of 3 months

Question 5

Home Financing

Retail
•Pag-IBIG Housing Loan
-allows members to borrow up to P6 Million at low interest rates with borrower-friendly terms, and a max repayment period of up to 30 years

•Pag-IBIG Affordable Housing Loan for Mimum-Wage Earners
-designed for members who earn up to P15,000 a month within the NCR and earn up to P12,000 per month outside the NCR
-offers a subsidized rate of 3% per annum for home loans up to P580,000 in socialized subdivision projects and special low rates for home loans of up to P750,000 for socialized condominium projects

•Pag-IBIG Home Equity Appreciation Loan (HEAL)
-low-interest loan for members with updated payments for Pag-IBIG
Housing Loan
-eligible members can borrow an amount based on the net value of their
mortgaged property with Pag-IBIG Fund to help fund life goals

•Pag-IBIG Home Saver Programs
-provides options to Pag-IBIG Housing Loan borrowers who have missed payments to update their accounts and save their homes from foreclosure

Question 6

Institutional

•Direct Developmental Loan
-provides loan financing for property/real-estate developers/proponents to
develop residential subdivisions or medium-rise residential buildings, and
housing units eligible for mortgage financing under Pag-Ibig Housing
Loan

•Direct Developmental Loan Program for the Pambansang Pabahay Para sa
Pilipino Housing (4PH) Program
-provides access to affordable financing mechanism for property developers, LGUs, contractors, and joint venture entities for the development of residential subdivision/condominium housing projects, and construction of housing units

-aims to help reduce the 6 million housing backlog of the country

•Rental Housing Construction Loan

-financing facility which may be used to fund the site development and construction of residential units meant for rental housing
-may include staff houses, dormitories, and other similar dwellings
-open to employers, whether private or from government

Question 7

Other Programs and Benefits

•Pag-IBIG Loyalty Card Plus
•Virtual Pag-IBIG for Members
•Virtual Pag-IBIG for Developers
•Virtual Pag-IBIG for Employers
•Virtual Pag-IBIG Mobile App

Question 8

Membership Contribution

•Monthly Compensation
-refers to the basic salary and other allowances, where basic salary means wages received in a month

•Maximum monthly compensation to be used in computing employee and employer
contributions shall not be more than P5,000

•Employers shall remit 2% of the monthly compensation of the contributing member as counterpart contribution. They are not entitled to deduct from wages of the employee

•Full-time spouses who volunteer to be covered by Pag-IBIG membership shall
contribute 1/2 of the monthly compensation income of the employed spouse. Full-time spouse shall not be required to pay the employer’s contribution

•In the case of two or more employers, member shall contribute monthly to the Fund a percentage of their monthly compensation per employer, which shall be matched by respective employers

Answer 8

Last bullet

If a member has two or more employers, they must contribute to the Pag-IBIG Fund separately for each job.

Here’s how it works:

1. The member will pay a percentage of their monthly salary from each employer.
2. Each employer will match the member’s contribution by paying the same amount.

In short, for every employer the member works for, both the member and the employer are required to contribute to the Pag-IBIG Fund based on the salary from that specific job.