THE HOME DEVELOPMENT MUTUAL FUND (Pag-IBIG) LAW of 2009

After several Presidential Decrees, Executive Orders, and Republic Acts that came to pass, counting 29 years back, finally, Pag-IBIG Fund re-engineers its mandate. With the signing of RA 9679, Pag-IBIG is now wider and better. Features are:

1.  UNIVERSAL COVERAGE:


Extension of mandatory coverage to:

Employed individuals formerly considered voluntary:
• Those earning less than PhP 4,000.00 per month;
• Employed under an employer with a Waiver/Suspension of coverage;
• Household Helpers;

Self-employed groups:
• Practicing Professionals;
• Engaged in business (sole proprietors/ partners/ incorporators/ cooperators);
• Other earning groups;

Seafarers and Overseas Workers:
• Filipinos employed by foreign based (private) employers

Acceptance of voluntary membership of:
• Full-time housewives;
• Filipino employees of foreign government/international organization;
• Employees of an employer granted of Waiver/Suspension of coverage
• Leaders and members of religious groups;
• Public officials under the Barangays (under EO 308)
• Separated employees from their employment

2.  TAX EXEMPT

3.  EMPOWERMENT of the BOARD of TRUSTEES to:
• Upgrade the members’ contribution and employers’ counterpart contribution;
• Formulate a Condonation program for the borrowers’ and erring employers;
• Grant Waiver/Suspension of coverage when deemed reasonable;
• Deputize Legal Officers as Special Sheriff in foreclosure cases

4. BENEFITS:

• Mandatory contributory support of the employer
• Tax-free contributions
• Tax-free annual dividend earnings
• Return of all contributions
• Housing loan availment even to lower-income members
• Short-term loans
• 15 years optional withdrawal
• Membership portability
• Additional death aid assistance

For details on membership, visit our Pag-IBIG Davao Branch Office or call (082) 2228055 or 2275827.
 

ON LOW COST HOUSING

It has been months since the last release of the acquired assets list. Sorry to disappoint you by not providing an updated one- there’s nothing yet.

Our program has not ceased, it is continuous. The updated list is available at the Acquired Assets Unit at the second floor of Pag-IBIG Fund Davao office in Pryce Tower Condominium at JPLaurel Ave., Bajada, Davao City.