Government Development Agency:
Henna Mae Faeldo
Jeanne Marie Danielle Gosgolan
- The Pag-IBIG Fund maintaining to bind these four divisions of the society to work together towards giving fund members with sufficient housing through an efficient savings system.
I. History of Pag- ibig fund
When did Pag-ibig Fund Philippines start?
Pag-ibig Fund 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. In June, 11, 1978, two Home Development Mutual Funds were established by the administration of then President Ferdinand Marcos (Presidential Decree 1530 ) -- one administered by SSS and another administered by GSIS -- to provide a program for employees to apply for housing loans. However, participation was voluntary. In June 4, 1979, Executive Order No. 538, the two Home Development Mutual Funds were merged into one Fund managed by the National Home Mortgage Finance Corp. In December 14, 1980, the PD 1752 was 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 without employer contributions. In August 1, 1988, under the Executive Order 35 by President Corazon Aquino, this amended 5 sections of PD 1752 and the percentage of employee contributions was reduced from 3 percent to 2 percent. In December 17, 1986, under the Executive Order 90 by President Corazon Aquino, this repealed the Section 4 of Presidential Decree no. 1752. And then, Pag-ibig Fund was made voluntary. In June 1994, under the Republic Act 7742 by President Fidel Ramos, this amended PD 1752 and repealed Executive order no. 90.And then Pag-ibig Fund was made mandatory again. In July 21, 2009, under the Republic Act 9679 by President Gloria Macapagal Arroyo; * Addition of death benefit
* Mandatory membership for Filipinos employed by foreign-based employers, including Overseas Filipino Workers (OFWs) * Mandatory membership for employees whether permanent, provisional or temporary * Voluntary coverage for persons who are at least 18 years old and are not subject to mandatory coverage * Paved the way for the launching of Modified Pag-ibig II, a five-year renewable savings program with a higher interest rate.
II. Mission and Vision of Pag-ibig Fund
Mission: To uplift the quality of life of members through savings. Vision: The premier and globally competitive provident financial institution.
How to be a Member?
If you're already a Pag-ibig member...
1. Get Employees Statement of Accumulated Value(ESAV) to the nearest PAG-IBIG Branch where your employer pay. 2. Document Requirements (Link to Pag-IBIG Membership Procedure)
If not yet a Pag-ibig member...
1. Go to the nearest Pag-Ibig Branch and bring a Company ID or any Valid ID (SSS, PRC, Drivers License or Passport). 2. Pay P200 pesos monthly contribution for 24 months or P4,800 pesos Membership fee. 3. Document Requirements (Link to Pag-IBIG Membership Procedure)
IV. Benefits and Programs
* MEMBERSHIP PROGRAMS
* PROVIDENT (Savings) PROGRAMS
* HOUSING LOAN PROGRAMS
All employees who are or ought to be covered by the Social Security System (SSS), provided that actual membership in the SSS shall not be a condition precedent to the mandatory coverage in the Fund. It shall include, but are not limited to:
- A private employee, whether permanent, temporary, or provisional who is not over sixty (60) years old;
- A household helper earning at least P1,000.00 a...
Please join StudyMode to read the full document