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GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

  
Economy, Money and Investment Thread, GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM in News, Politics, Business and Investment; GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM The Pag-IBIG Overseas Program (POP) is a voluntary savings program which aims to provide ...
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  #1  
Old 07-20-2009, 05:33 AM
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Default GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM The Pag-IBIG Overseas Program (POP) is a voluntary savings program which aims to provide Filipino overseas contract workers ,immigrants and naturalized citizens the opportunity to save for their future and the chance to avail of a housing loan of as much as P 2,000,000.00
MEMBERSHIP

Coverage:

Membership under the Pag-IBIG Overseas Program (POP) shall be open to all Overseas Filipino Workers (OFWs) with valid visas or employment contracts. Likewise, it shall be open to Filipino immigrants and to Filipinos naturalized in other countries.

Contribution Rate:
The POP member shall contribute monthly an amount equivalent to US $5. Should a POP member decide to apply for a housing loan and which to avail of a higher loanable amount, he would be required to upgrade his membership contribution as follows:

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GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM 


The upgraded membership contribution shall be incorporated as part of the housing loan monthly amortization
Dividend Rate:
Variable dividends from surplus earnings of the Fund shall be distributed annually to all POP members, to be credited to their Total Accumulated Values (TAV).
Membership Term/Maturity:
The accumulated savings under the program may only be withdrawn at the end of five (5), ten (10), fifteen (15), or twenty (20) years at the option of the member upon membership registration. Withdrawal of contributions shall be in Philippine peso. Contributions in foreign denomination shall be converted to Philippine peso based on the prevailing US dollar exchange rate as of payment date.
LOAN AVAILMENT
POP members may avail themselves of the housing loan benefit, subject to the provisions of the existing Consolidated Guidelines of the Pag-IBIG Housing Loan Program, through their immediate family members with the execution of a Special Power of Attorney (SPA), duly certified by the Philippine embassy or consulate in the country of their workplace. They can also avail of the Multi-Purpose Loan (MPL), subject to the existing guidelines of the MPL Program
WHERE CAN MEMBERS FILE THEIR APPLICATION FOR MEMBERSHIP, WITHDRAWAL OF SAVINGS, REMIT OR PAY THEIR MONTHLY SAVINGS?
Pag-IBIG Overseas Program Office
POP Overseas Offices
Accredited Overseas Marketing Representatives
Metro Manila and Provincial Offices
Accredited Collecting Banks/Remittance Companies
WHAT DOCUMENTS TO SUBMIT TO APPLY FOR REFUND OF SAVINGS?
-Original copy of POP Passbook
-Application for Provident Benefit
-Special Power of Attorney ( if applicable)
HOW LONG IS THE PROCESSING PERIOD?
Three (3) working days
WHERE CAN I PAY?
Remittance of Contributions may be made through our accredited collecting banks:
Europe
PNB London (Savings Acct. No. 0725-219601-401)
ABC UK (UKD 2000097)
Asia Pacific
PNB HK (Savings Acct. No. 0730-475270-501)
United States of America
Oceanic Bank (Savings Acct. No. 3700143)
PNB New York (Savings Acct. No 1713)
ABC Guam (Savings Acct. No. 5000-00355-4)
Middle East
BPI - Atrium (Savings Acct. No. 3124-0221-09) Speed cash
ABC Head Office (Savings Acct. No. 1002-071759)
Canada
Bank of Nova Scotia (Savings Acct. No. 2164-10)
Remittance may also be made to any of the following banks:

RCBC (Savings Acct. No. 8000-08787-5)
PNB Makati Ave. (Savings Acct. No. 265706641-1)
LBP (Savings Acct. No. 2204-008496)
PCIB (Savings Acct. 5463-00176-8)
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  #2  
Old 06-26-2010, 11:09 AM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

Pag-Ibig program for overseas Filipinos


The Pag-IBIG Overseas Program (POP) is a voluntary savings plan that aims to give overseas Filipino workers, immigrants and naturalized citizens the chance to avail of a housing loan of as much as P 2,000,000.00 and save for the future.

Any Filipino or former Filipino citizen who works overseas can apply for the POP. Those who want to apply must accomplish the Members Data Form and pay the required monthly membership contributions.

Required Monthly Savings for OFW POP

For gross monthly income of US$ 1000 and below, the required monthly savings is US$ 20; for over US$ 1000 to US$ 2000, US$ 40; and for over US$ 2000, US$ 50.00


Prominent features of OFW POP:

The Philippine government guarantees the POP. It is tax-free interest earnings with fixed interest rate of 7.5 percent annually for peso savings and 3 percent for US dollar savings. It is portable, which means it applies even if a member changes employer and/or country of work.

Members can withdraw their savings upon maturity, separation from work due to health reasons, total disability or insanity and death.

To get savings refund, a member needs to present the original copy of POP passbook, application for provident benefit and special power of attorney (if applicable)

Members can apply for membership, or withdraw of membership, or pay monthly savings at the following places:

• Pag-IBIG Overseas Program Office
• POP Overseas Offices
• Accredited Overseas Marketing Representatives
• Metro Manila and Provincial Offices
• Accredited Collecting Banks/Remittance Companies

Members can pay at the following places:

Europe

• PNB London (Savings Acct. No. 0725-219601-401)
• ABC UK (UKD 2000097)


Asia Pacific

• PNB HK (Savings Acct. No. 0730-475270-501)

United States of America

• Oceanic Bank (Savings Acct. No. 3700143)
• PNB New York (Savings Acct. No 1713)
• ABC Guam (Savings Acct. No. 5000-00355-4)

Middle East

• BPI – Atrium (Savings Acct. No. 3124-0221-09) Speed cash
• ABC Head Office (Savings Acct. No. 1002-071759)

Canada

Bank of Nova Scotia (Savings Acct. No. 2164-10)

Remittance may also be made to any of the following banks:

• RCBC (Savings Acct. No. 8000-08787-5)
• PNB Makati Ave. (Savings Acct. No. 265706641-1)
• LBP (Savings Acct. No. 2204-008496)
• PCIB (Savings Acct. 5463-00176-8)


Source: gmanews
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Old 06-30-2010, 05:02 AM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

This sounds good, but still the rates needs to be more competitive. Sna meron din ibang programa na di lamang sa pabahay mapupunta ang funding kundi into a special project like an eco-processing zones to create more export and ultimately jobs for the returning OFW's. In this case, we can encourage our OFW's to be entrepreneurs and untimately come back and start developing our own nation.
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Old 08-11-2010, 11:13 PM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

PAG-IBIG Fund contribution will be mandatory for all OFW leaving the Philippines starting on 01 August 2010. Before the issue of this memorandum, all documented OFWs only pay OWWA fee and Philhealth. Below is a copy of Memorandum from POEA. See below:

Department of Labor and Employment
BFO Building, Ortigas Avenue cor. EDSA, Mandaluyong City 1501
Website: Philippine Overseas Employment Administration (POEA) E-mail: info@poea.gov.ph
Hotlines: 722-1144, 722-1155
Memorandum Circular No. 06
Series of 2010


To: ALL CONCERNED
Subject: Mandatory Coverage and Membership of Overseas Filipino Workers under the Home Development Mutual Fund otherwise known as Pag-IBIG (Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno)
Date: 7 July 2010
Pursuant to Republic Act No. 9679, or the Home Development Mutual Fund Law of 2009, otherwise known as Pag-IBIG Fund, whick took effect on 27 August 2009, the following guidelines are hereby issued.
  1. Coverage. All Overseas Filipino Workers are covered by the Pag-IBIG Fund whether landbased or seabased.
  2. Implementation. POEA implementation of the mandatory coverage shall start on 01 August 2010.
  3. Contribution. Upon registration and deployment of an OFW, an initial membership contribution of six hundred pesos (P600.00) representing six (6) months contribution shall be paid by the worker. The OFW may however, opt to contribute a higher amount as provided under Rule VI of the same law.
  4. Procedure for Membership Registration of OFWs at the POEA and Issuance of POEA exit clearance/Overseas Employment Certificate (OEC). The following procedures for the membership registration and issuance of the POEA exit clearance/OEC shall be observed.
a.) OFWs processed through the POEA Name Hire Facility, the Government Placement Branch and the Balik-Manggagawa Center shall register with the Fund by submitting to POEA a Member Data Form (MDF) in addition to the existing documentary requirements, as a requirement for the processing of their documents and issuance of the POEA exit clearance/OEC.


b.) For OFWs hired through POEA-licensed recruitment agencies, the recruitment agency shall submit to POEA the individual MDF of their hired OFWs in addition to the existing documentary requirements as a requirement for the processing of the workers’ documents and issuance of the POEA exit clearance/OEC.


For compliance effective immediately.


Jennifer Jardin-Manalili
Administrator
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Old 08-11-2010, 11:14 PM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

OFWs slam 6-month advance payment to Pag-IBIG

By Jerome Aning
Philippine Daily Inquirer
08/10/2010

Overseas Filipino workers and their recruiters alike are up in arms over the compulsory six-month contribution OFWs are now forced to make to the Home Development Mutual (Pag-IBIG) Fund even before they could leave to start work abroad.

The OFW group Migrante International described the mandatory contribution as another form of “legalized kotong (unjust exaction) as well as “bawal na pag-ibig (forbidden love),” puns on the original, and still popular, name of the fund, which was “Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno.”

“This added burden is unfair, unreasonable and we question its real intent,” said Migrante chair Garry Martinez in a statement.

Martinez called on the government to stop the implementation of Republic Act No. 9679, saying that “if the President has the interest and welfare of OFWs at heart, he should first conduct consultations with OFWs before imposing more questionable and onerous fees.”

Martinez said they also plan to bring the OFWs’ opposition to the attention of Vice President Jejomar Binay, chair of the Housing and Urban Development Coordinating Council.

The Philippine Overseas Employment Administration recently issued a memorandum compelling OFWs to pay, upon registration and deployment, an initial membership contribution of P600 for six months as a prerequisite to the issuance of their Overseas Employment Certificate.

The circular became effective on Aug. 1 as a result of RA 9679, or the Home Development Mutual Fund Law of 2009, which places informal sectors under mandatory Pag-IBIG coverage.

Martinez said RA 9679 states the fund should come from the “mandatory contribution support of the employers.”

It also states that “failure or refusal of the employer to pay or remit … shall not prejudice the right of the covered employee to the benefits.”

He said the law became “muddled and misleading” in its implementing rules and regulations.

“These irregularities once again entail the virtual passing on of fees meant for the employers to the OFWs. Despite what is clearly stated in the law, the government unfortunately has no soundproof mechanism to ensure that the employers would pay their share. Moreover, can we really count on the employer to pay the contribution of the OFW since, sometimes, the employer would not even pay wages?” he said.

For its part, the Philippine Association of Service Exporters Inc. said it had no objection to the mandatory Pag-IBIG membership for OFWs but to the implementing rules.

Pasei president Victor Fernandez Jr. said Pag-IBIG was a way for OFWs to save for the future, build assets and provide a tangible “sense” or reason for working overseas and making worthwhile their sacrifice of being away from their loved ones.

What Pasei objects to is why overseas employers are being used as membership implementors and why the compulsory contribution is tied to the processing and documentation
of OFWs' travel papers, he said.

"Why will the OFWs be deprived of their right to employment if they do not pay before their departure? Why can’t they just be made a member before departure and be made to pay when they are onsite?" he said.

Fernandez also wondered how the six-months advance payment figure was arrived at. "Why not three months? Why not one year in advance? Why not payment depending on the duration of the contract? Why not monthly paid by beneficiaries instead?" he said.

He said the law did not specifically provide for the advance compulsory contribution "because it was not intended" to be that way.

"There is a cosmetic agenda here," he said.

Furthermore, Martinez said, the OFWs were being forced to make contributions when they were not even assured of receiving housing benefits. He cited a section of the law that states that only members with the “ability to pay” would be granted housing loans.

“How will the fund’s board of trustees determine if OFWs have the ability to pay? It now appears that not all who pay can avail of a housing loan
. What if you’re just an OFW with small earnings or a contractual employee and cannot afford the monthly amortization
? You’re paying for nothing. This is really an illegal exaction,” Martinez said.
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Old 08-13-2010, 06:45 AM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

Further development of mandatory OFW contribution to Pag-IBig:

Vice President Binay stops required advance PAG-IBIG payment of OFWs

8/12/2010

Vice President Jejomar Binay on Thursday ordered a freeze on the implementation of the 6-month advanced contribution to the housing fund required of overseas Filipino workers (OFWs).

"What is important is that government should assist our OFWs and should not be seen as further imposing burdens on them," Binay said.

On Thursday, Binay directed the Home Development Mutual Fund (PAG-IBIG) and the Philippine Overseas Employment Administration (POEA) to suspend the implementation of the order requiring OFWs to advance their contribution to the housing fund before they can leave the country.

POEA Memorandum Circular No. 06, Series of 2010 issued last July 7, mandates all out-bound OFWs to pay 6 months worth of PAG-IBIG membership contribution. They will not be able to get their Overseas Employment Certificate (OEC) and leave the country unless they have paid the said amount.

"Aside from reviewing the legal basis for the order, the concerned government agencies should hold more consultations with the affected sectors. There should be transparency in the process," said Binay.

Binay, as chair of the Housing and Urban Development Coordinating Council (HUDCC), chairs the Board of Trustees of PAG-IBIG Fund.

"There are benefits to be derived from PAG-IBIG membership and this should be explained fully to our OFWs," he added.

As head of PAG-IBIG’s Board of Trustees, Binay assured the OFWs that the matter will be given priority by his office. He also said the government will continue providing assistance to the OFWs instead of being a burden to them.

Concerned migrant workers groups, among them Migrante and the Blas F. Ople Policy Center, as well as associations of labor exporters, have questioned the directive.

Meanwhile, Migrante welcomed Binay’s move and reiterated their position that membership to the housing fund must not be compulsory but only optional.

“We urge VP Binay and PAG-IBIG to invite us for a dialog and consultation so that they could hear direct from the OFWs and their families our strong opposition against making it compulsory,” John Leonard Monterona, regional coordinator of Migrante Middle East Chapter said.
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Old 06-17-2011, 01:00 AM
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Pag-Ibig Guidelines Implementing The Special Assistance Program to OFW members repatriated due to conflicts in Middle East and North Africa.

Approved on March 9 2011.

See detail here:

Pag-Ibig Guidelines for special assistance to OFWs members repatriated
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Old 06-26-2012, 03:13 PM
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Default Re: GUIDELINES ON THE Pag-IBIG OVERSEAS PROGRAM

If you wish to apply for a PAGIBIG Housing Loan, the requirements are on this thread: feedback on condos available thru pag-ibig housing loan
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