It has been weeks since my last post. I know most of you who visited this blogsite were anxious to know of the latest in the foreclosed properties/ acquired assets of the Fund.
I've been trying to secure the latest Acquired Assets list within Davao City, and Digos City, Matanao and Padada of Davao del Sur but somehow since the discounted promo will end by June 30, 2008, the Acquired Assets Unit of Pag-IBIG ceased to provide said list for the meantime pending the memo that would either extend the said promo for the 3rd or 4th time OR resume the old procedure of disposal which is the sealed public bidding/ negotiated sale.
In the meantime, allow me to focus my exposition on Pag-IBIG Fund's "Pag-IBIG II" or "P2" program.
This savings program's objective is to give the employees (self-employed, and other income groups) whose monthly income is more than PhP5000.00 another savings option with the Fund whose original intention was for a higher loan amount for housing- that was way back October 1989. Due to the modifications of the housing loan guidelines, Pag-IBIG II or "P2" may be considered as the better savings program compared to the common Pag-IBIG 1 membership.
It is voluntary upon all private or government employees whether, as well as self-employed and other working groups.
The contribution rate is PhP500.00 per month.
The dividend rate is fixed at seven and a half (7.5%) percent per annum.
The accumulated savings under this program may only be withdrawn at the end of five (5), ten (10), fifteen (15), or twenty (20) years, at the member's option upon membership registration.
In the event that the member still has an outstanding loan with Pag-IBIG as of the savings' maturity date, the said member shall be given the following options:
(1) pay off the housing's outstanding loan balance and withdraw his accumulated savings;
(2) continue amortizing the loan until it is fully paid at which time the member can withdraw his savings;
(3) apply the accumulated savings to the outstanding loan balance an pay off (or amortize) the remaining loan amount, should there be any.
Withdrawal of contributions prior to maturity shall only be allowed in any of the following:
(1) death;
(2) total disability/ insanity;
(3) separation from service by reason of health.
A member who opts for Pag-IBIG 2 membership may choose to maintain his membership under Pag-IBIG 1 and remit the required contributions under each program.
His Pag-IBIG 1 membership shall be subject to the provisions of Pag-IBIG's Implementing Rules and Regulations for Pag-IBIG 1, while his Pag-IBIG II membership shall be guided by the provisions of HDMF Circular No. 72.
As such, he shall be entitled to all benefits under Pag-IBIG I and Pag-IBIG II.
As to the loan availment, the said particular HDMF Circular (for P2) covers only up to a maximum of PhP500,000.00. Whereas, under Pag-IBIG I's latest guidelines, the maximum loan availment is PhP2,000,000.00.
So, now, why discuss Pag-IBIG II? It is because of its higher yield in earnings over Pag-IBIG I- 7.5% p.a. tax free. Your next question is, I guess, how do i register as P2 member?
Simple. Approach us at our Membership counter at the Marketing & Enforcement Division, G/F Pryce Tower Condo, Bajada, Davao City, ask for the P2 membership form, attach a valid ID card (xerox copy) plus any proof of employment (company ID, payroll, recent SSS report [R3], or certification) or proof of being self-employed .
Going back, if at present your registration is under P1, register under P2 separately. See me or visit us at Pag-IBIG, we'll be happy to serve you.
That's all.
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