Learning from Ojt

Topics: Corazon Aquino, Mutual fund, Philippines Pages: 8 (2433 words) Published: March 20, 2013

In Partial fulfillment
of the Requirements for
Bachelor of Science in Information Technology

Submitted by:
Arce P. Baldonado

Submitted to
Ms. Ruth Bongales

March 2013
Table Of Contents
II. Background of the Company
III. Summary of the OJT Experience
IV. Assessment of the OJT/Practicum Program
A. New knowledge, attitudes and skills acquired
B. Theories actually seen in practice
C. Feedback that can be given to the company or institution D. Benefits gained
E. Problems Encountered
V. Appendices
A. Company brochure
B. Copy of the Endorsement Letter
C. Copy of the Training Plan
D. Copy of the Signed Waiver form
E. Daily Time Record
F. Quarterly Performance Appraisal Forms
G. Certificate of Completion

II. Background of the Company
The birth of the Home Development Mutual Fund (HDMF) The birth of the Home Development Mutual Fund (HDMF), more popularly known as the Pag- IBIG Fund, was an answer to the need for a national savings program and an affordable shelter financing for the Filipino worker. The Fund was established on 11 June 1978 by virtue of Presidential Decree No. 1530 primarily to address these two basic yet equally important needs. Under the said law, there were two agencies that administered the Fund. The Social Security System handled the funds of private employees, while the Government Service Insurance System handled the savings of government workers. Less than a year after on 1 March 1979, Executive Order No. 527 was signed. The order directed transferring the administration of the Fund to the National Home Mortgage Finance Corporation, which was one of the operating agencies of the then Ministry of Human Settlements. Seeing the need to further strengthen the stability and viability of the two funds, Executive Order No. 538 was issued on 4 June 1979, merging the funds for private and government personnel into what is now known as the Pag-IBIG Fund. However, It was only on 14 December 1980 when Pag-IBIG was made independent from the NHMFC with the signing of PD 1752, which amended PD 1530. With the improved law in effect, the Fund's rule-making power was vested in its own Board of Trustees. Likewise, PD 1752 made Pag-IBIG membership mandatory for all SSS and GSIS member-employees

A new Administration, some changes in Pag-IBIG Months after former President Corazon C. Aquino assumed leadership of the country, Pag-IBIG contributions were suspended from May to July 1986. This gave way to the Presidential Task Force on Shelter to conduct a thorough review of the Fund and its operations. The task force later affirmed that Pag-IBIG Fund was run professionally and that there were no anomalies in the Fund. On 1 August 1986, former President Aquino directed the resumption of Pag-IBIG membership under Executive Order No. 35. Membership was still on a mandatory basis but under more liberal terms. For one, contribution rate was reduced from three percent to one percent for employees earning over P1,500. Employer share was likewise cut from three percent to a fixed rate of two percent. The Maximum Fund Salary was raised from P3,000 to P5,000. 1 January 1987 marked the return of the Pag-IBIG Fund to a voluntary program under Executive Order No. 90. While many companies chose to discontinue their Pag-IBIG membership, quite a number, including big companies like PLDT and Dole Philippines, nevertheless opted to retain their membership to the Fund despite the voluntary nature of registration.

Facing challenges head on Confronted with the sudden reduction in its membership base, Pag-IBIG stood unfazed and took the challenges head on. As a first step, the Fund implemented an intensified marketing campaign that focused on membership retention and generation. It was during the years as a voluntary fund that Pag-IBIG evolved from an institution primarily for savings and housing into an agency...
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