Pagibig 1529o

PAG- IBIG BY: JESSA ANNE R. BORRE BSN-III

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 • Was approved into law by Pres. Gloria MacapagalArroyo 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 hip coverage of the Fund

CORPORATE 1. hip Program PROGRAMS 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

HIP Mandatory Coverage and hip of PROGRAM Employees

1. All employees compulsorily covered by the SSS 2. All employees subject to mandatory coverage by the GSIS 3. Uniformed 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

HIP Mandatory Coverage of Employers PROGRAM 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

HIP VoluntaryPROGRAM Coverage 1. 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

HIP VoluntaryPROGRAM Coverage 4. Leaders and 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 6. 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

SALIENT FEATURES OF THE SAVINGS PROGRA  Doubles/triples your money  Annual dividend earning  Portability of Savings  Return of Contributions  Government-guaranteed contributions Tax-Free  Availment

term)

of loan programs (long and short-

EXISTING CONTRIBUTION RATES (since 1986) Monthly Compensation P1,500 or less More than 1,500

Contribution Rates EE ER 1% 2% 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.

GROUNDS FOR WITHDRAWAL OF SAVINGS Upon the occurrence of any of the following contingencies, Pag-IBIG Fund guarantees the refund of a ’ accumulated savings, which consist of the member’s accumulated contributions, the employer counterpart contributions (if any) and the dividend earnings credited to the member’s :  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

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

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

by

LOAN AMOUNT An eligible borrower's loan entitlement shall depend on the number of contributions made, based on the following schedule: No. of Contributions

Loan Amount

24-59 months

Up to 60% of TAV

60-119 months

Up to 70% of TAV

At Least 120 months

Up to 80% of TAV

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 s and 5 months for centralized s.

LOAN RELEASE Check  LBP  LBP Cash Card (in the pipeline)  Citibank Cash Card (in the pipeline) 

LOAN PAYMENT 1. Salary deduction for employed 2. Over-the-counter at Pag-IBIG Branches, for voluntary 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)

PIOG SATELLITE OFFICE Asia-Pacific East

Europe

Middle

1. Singapore Dhabi 2. Hongkong 3. Brunei 4. Taiwan 5. Korea

6. Rome

11. Abu

7. Milan 8. Athens 9. Madrid 10. London

13. 14. 16. 17. 18.

12. Dubai Kuwait Qatar 15. Riyadh Jeddah Alkhobar Bahrain

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

Borrower’s Eligibility  Member must have made at least 24 monthly contributions  With active Fund hip 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.

CALAMITY LOAN PROGRAM  80% of member’s total contributions  Resident of a declared calamitystricken area  10.75% interest rate  payable in 2 years

WHAT IS THE MODIFIED PAG-IBIG II PROGRAM?  A voluntary savings program for Pag-IBIG  Open to all Pag-IBIG I 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.

* Dividend Rate is 6%

HOME LENDING PROGRAMS

Lowest Interest Rate

Highest Loan to Collateral Ratio Longest Loan Term

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

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 ed 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 coborrower  Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to Dacion En Pago

3M

LOAN AMOUNT

Maximum of P3M, which shall be based on the lowest of the following: 1. capacity to pay (40% of NDI*) 2. Actual need

1M

2M

3. Loan-to-collateral Ratio

* Net Disposable Income

4. Contribution

LOAN ENTITLEMENT BASED ON CONTRIBUTION MONTHLY CONTRIBUTION

LOAN ENTITLEMENT (Effective April, 2009)

MONTHLY CONTRIBUTION

LOAN ENTITLEMENT (Effective April, 2009)

200

500T

850

1.7M - 1.8M

250

500T - 600T

900

1.8M - 1.9M

300

600T - 700T

950

1.9M - 2.0M

350

700T - 800T

1,000

2.0M - 2.1M

400

800T - 900T

1,050

2.1M - 2.2M

450

900T - 1.0M

1,100

2.2M - 2.3M

500

1.0M - 1.1M

1,150

2.3M - 2.4M

550

1.1M - 1.2M

1,200

2.4M - 2.5M

600

1.2M - 1.3M

1,250

2.5M - 2.6M

650

1.3M - 1.4M

1,300

2.6M - 2.7M

700

1.4M - 1.5M

1,350

2.7M - 2.8M

750

1.5M - 1.6M

1,400

2.8M - 2.9M

800

1.6M - 1.7M

1,450

2.9M - 3.0M

SAMPLE COMPUTATION LOAN

INTERES T

MONTHLY

REQUIRED NDI

PACKAGE

RATE

AMORTIZATIO N

(Amort / 40%)

P400K

6%

P2,398.20

P5,995.51

P750K

7%

P4,989.77

P12,474.42

P1.0M

8.5%

P7,689.13

P19,222.84

P1.5M

10.5%

P13,721.09

P34,302.72

P2.0M

10.5%

P18,294.79

P45,736.96

P2.5M

11.5%

P24,757.29

P61,893.21

P3.0M

11.5%

P29,708.74

P74,271.86

LOAN TERM  

Loan Amount Up to P3M

Term Up to 30 yrs

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

Our 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

THANK YOU!