PAG-IBIG Fund Manila Branch
In Partial Fulfillment of
the Requirements for
Warren Carlo O. Manalang
II. Brief History/Background of the Company/Company Profile
PAG-IBIG started in 1978. But it was only in 1981 when many employees came to know about Pag-ibig Fund or Home Development Mutual Fund (HDMF). It was the year employers started implementing Presidential Decree 1530, which was issued on December 14, 1980. This decreed Pag-ibig as mandatory for all employees and their employers. PAG-IBIG stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno. Here are the Presidential Decrees (PD), Executive Orders (EO) and Republic Acts (RA) covering Pag-ibig Fund:
June 11, 1978 - Presidential Decree 1530 - President Ferdinand Marcos
Two Home Development Mutual Funds were established by the administration of then President Ferdinand Marcos -- one administered by SSS and another administered by GSIS -- to provide a program for employees to apply for housing loans. However, participation was voluntary.
June 4, 1979 - Executive Order No. 538 - President Ferdinand Marcos
The two Home Development Mutual Funds were merged into one Fund managed by the National Home Mortgage Finance Corp.
December 14, 1980 - Presidential Decree 1752 - President Ferdinand Marcos
This PD 1752 amended PD 1530.
The Home Development Mutual Fund was made one corporate body with a corporate office. Coverage was made mandatory for all government and private employees and their employers. It also extended the fund to other working groups, such as the self-employed, with or withour employer contributions.
Executive Order No. 35 - August 1, 1986 - President Corazon Aquino
- This amended 5 sections of PD 1752.
- The percentage of employee contributions was reduced from 3 percent to 2 percent.
Executive Order 90 - December 17, 1986 - President Corazon Aquino
- This repealed Section 4 of Presidential...