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In December 17, 1986, under the Executive Order 90 by President Corazon Aquino, this repealed the Section 4 of Presidential Decree no. 1752.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,