A Pag-IBIG Fund homebuyer and TV anchor of  National Broadcasting Network Ethel Constantino welcomes the move of the Fund to partner with SM for payment of housing loans saying this gives the member another facility where to pay their loan amortization.

The partnership just started and not many of the homeborrowers yet knew of new development even as Constantino said aside from shopping at SM, they can also pay their obligation like their housing loan at Pag-IBIG Fund promptly.

She said they do not want to miss payment because they also enjoy the privilege of being a “Good Payor” when they pay on time. Pag-IBIG Fund gives two percent discount when loans are paid before the due date.

The Fund has tapped other sectors and private establishments like SM to provide housing loan borrowers other options of wider coverage of the time and days accessing to bills payment facility. Transactions in all SM malls are at longer time from 9:00 am to 7:00 pm daily and even on holidays.

Pag-IBIG Fund however reminds the borrowers that inorder to avoid penalties, payments should be made on or before the due date that is indicated in the monthly billing statement.

Pay your housing loan bills at any SM business center and bring your billing statement/statement of account upon payment. The scheme is accessible and convenient while doing some shopping at SM.

The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund, launched a scheme that will offer homes to overseas Filipino workers (OFWs) based on their requirements.

Pag-IBIG Fund senior vice president for Provident Fund Operations Ophelia Dela Cerna, during the Southern Mindanao Developers Forum in Davao City, said the program is covered under the Pag-IBIG Home Matching Program (PHMP) for Overseas Filipino Workers.

She said the Fund under its Pag-IBIG Overseas Program (POP) has some 312,000 OFW members spread out in the different parts of the globe even as she admitted that they had difficulty matching the needs of OFWs with existing developers.

“These OFWs do not know the locations of these projects hence the PHMP is a good mechanism to promote housing projects to them,” she said. Dela Cerna said their members are in Europe, Asia Pacific, Rome, London, Netherlands, Middle East. Hong Kong, Singapore and Brunei, just to name a few.

She said with regards to their members in the Middle East comprising 35 percent, these are mostly skilled or construction workers but, in Kuwait, most of them are domestic workers and in other services sector like restaurants and hotels.

In London, she said, are mostly professionals where 65 percent of them are nurses. She said these are big potential market who would invest in housing.

The program is open to both land-based/sea-based OFWs and Filipino immigrants and those naturalized in other countries where Pag-IBIG Fund shall invite developers with exciting Funding Commitment Agreement (FCA) to participate under the PHMP.

The participating developers shall submit basic information of all projects that will be included in the PHMP and both the Fund and the developer shall enter into a Memorandum of Agreement for the implementation of the program.

Among others, the program shall provide OFWs relevant information specific to the projects of the PHMP registered developers, that meet their preferences, based on the following parameters: location, type of unit and affordability level; maintain housing databases and monitor status of accounts/referrals based on reports submitted by the developer; organize housing fairs and participate in activities coordination by Filipino communities abroad; conduct housing loan counseling to prospective member-borrower, etc.

In order for the OFWs to regularly check on housing projects, Dela Cera said a PHMP website has been designed for easy access at www.pagibigfund.gov.ph/hmp. 

I got the chance to interview personalities and top ranking officials in private corporations and government offices, but i will treasure most my recent (ambush) interview of this “reluctant leader, accidental hero” of Pag-IBIG Fund.

Everytime I learned of his coming to Davao, I and my media friends look forward to interviewing him because Atty. Miro Quimbo is one personality that we could build a cabinet of stories and run them for weeks.  He always has new things to say.  We like him because he is intelligent and articulate and media friendly.

Also a lovable person that girls of all ages would want a photo shoot with him. There was one occasion while we were in an interview that some ladies approached him for a photograph and he obliged himself getting our nod that he be excused for a second just for the foto shoot.

He possesses the features of a celebrity and he is one in his own right although he readily said “that’s good only while you are in the position”. Quimbo is chief executive officer of Pag-IBIG Fund but recent development broke out where the inQ7.net carried a story of his quitting the top position of the Fund.

I was saddened by the news. I got a text from a Manila friend Thursday morning of RSQ quitting the post. But because I was busy with coverages that day first with a presscon at Pag-IBIG Fund Davao office with VP Jose W Banzon Jr. on the new condonation law and at the Medco Office for another presscon with Presidential Adviser on the Peace Process Avelino I. Razon and Medco Usec Virgilio Leyretana, I forgot about the text. 

Earlier on I had to go back to the house to iron the toga of daughter Kim for the pictorial of Ateneo graduating class of 2009.  What made my day horrible also was the sudden transport strike leaving the streets without public utility jeepneys.  All taxis that ply the Bangkal area yesterday were all occupied.

Good thing my couple friends Cesar (of SM) and wife Karen (on event organizing) saw me and very desperate of getting a ride because I could not huggle for one that time because I was already late for the 10am presscon.  I was still on the road at 10:45 am. 

It pays to have lots of friends, and because of Cesar and Karen I was still able to catch up with the first presscon.

At past 12:00 we then moved to the second presscon from Pag-IBIG Fund with Q, Tony A, Peng, Beth and Henry to Medco.  And after taking our lunch after the presscon there, Peng and company dropped us to Bolton at NetExpress where Joy and I wrote our stories.

Ride home was still difficult at 4:00 pm so I decided to take the taxi (at last walang laman) and dropped Joy at NCCC.

I arrived home at almost 5PM. Watched tv while i thaw the fish and meat that i will cook for our dinner.

My husband arrived home at past 5PM and told me about RSQ and that reminded me of the text i got earlier.  I searched the net and found the inQ7.net story.  Atty. Tonette also texted me about this.

And when i read the story … only then i realized it’s real.

During my March 6 interview with him, although very brief, after some clarification of what he said during the Mindanao Housing Forum,  i asked him about his future plans like seeking political seat. He did not answer me on that but Jokingly he said “i will run in the oval”.   And with the big smile he said thank you for the help.  I know these are the stories we write about his Pag-IBIG Fund.

As i writer and with the many occasions that i interviewed him, i believe in his vision and i know he is sincere in his job.

I still look forward to interviewing him even after Pag-IBIG Fund and his next career could be more exciting and that would make our stories about him exciting as well. 

Thanks to JWB jr too for setting the interviews we had with him. 

“Break a leg Sir” … and we pray for you too.

(you can read the article “reluctant leader, accidental hero” at the CEO’s corner at www.pagibigfund.gov.ph)

The Home Development Mutual Fund or Pag-IBIG Fund is optimistic of attaining improvement in housing accounts with the passage of Republic Act 9507 or An Act To Establish A Socialized Low-Cost Housing Loan Restructuring and Condonation Program.

Pag-IBIG Fund vice president for Southern Mindanao operations Jose W. Banzon, Jr. told Davao reporters that given this new law they see an improvement in their housing loan program even as he said that Southern Mindanao ranked third corporatewide in housing loan performance.

He said of their 12 percent borrowers of the Fund’s 470,000 members in Southern Mindanao, 82 percent are good accounts and only 18 percent in arrears.

 ”We aim to increase our housing borrowers because that is our mandate to provide homes to our members,” he said.

 He said the P400,000 house and lot package has an interest rate of only six percent or a monthly amortization of P2,398.20 while the P700,000 package of seven percent interest rate has a monthly amortization of P3,326.51.

 Meanwhile he said for those with default accounts, the new condonation law could be the last opportunity for them to save their accounts. With the new law, he said there is no processing fee, no downpayment and with full condonation of accumulated penalties/surcharges.

He said there will condonation of portion of accumulated interest. The Pag-IBIG Fund Board still has to meet on March 30 to determine how much rate of interest will be condoned, he said.

 Under the old law or Republic Act 8501 he said there is no condonation of interest rate and it requires processing fee and downpayment. The other features include uncondoned interest is non-interest bearing and shall be paid in equal monthly amortization during the term of the Restructured Loan.

 The interest rate of the Restructured Loan is the original interest rate or 12 percent whichever is lower. Maximum term is 30 years with discount on interest for prompt payment.

Banzon also said that the applicant’s savings/contributions with Pag-IBIG Fund may be used to update his/her loan obligation. Foreclosed accounts covered by the Program provided oone-year redemption period has not yet lapsed.

The Loan Condonation and Restructuring Program or RA 9507 took effect on March 16, 2009 and will be implemented for 18 months (reckoned from March 16, 2009).

 But the Government Financing Institutions (GFIs) has the option to continue the program beyond 18 months. Legal heirs and successors-in-interest can apply for Loan Condonation and Restructuring in lieu of original borrowers.

He said those who have availed themselves of previous penalty condonation and restructuring program are eligible to apply.

(Photo courtesy of Mr. Edgar Arro of Mindanao Times … thank you)  The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is working on the long-haul program where it seeks to partner with housing developers in providing housing units to prospective homebuyers who are members of the Fund.

Lawyer Romero Federico S. Quimbo, chief executive officer of Pag-IBIG Fund told developers during the recent Mindanao Housing Forum held in Davao City that in support to the long haul program the Fund has earmarked a bigger loan facility this year amounting to P50.50 billion.

Close to 200 participants joined the Mindanao Housing Forum coming from Regions IX, X, XI, XII and XIII.

Quimbo said that Pag-IBIG Fund has enough money for the program and developers can access the fund depending on the kind of program they would avail.

He stressed however that they want to implement lending program that is sustainable yet find ways to make it easier for the developers to access the funds saying that “we want our business sustainable and your (developers) business sustainable too”.

He told the home builders that they need to meet half-way to develop the housing program and the Fund wants to partner with people who are in for the long haul. They invite private sector to come in and invest as they partner with them in delivering homes to the members.

Quimbo said the Fund does not get any subsidy from government and they are the company that must make money because they need to give back to the members in form of dividends out of the money that they use for programs like housing loan.

“If we do not give back in return, the members would think that we are only using their money. We need to give something back to them who are funding the loans to developers,” he said.

He reminded developers that it is the Fund members’ money that they are using through the development loans and Pag-IBIG Fund needs to take care of their fund that is why they see to it that guidelines are followed.

He said out of the 7.5 millon members of the Fund only 10 percent avail of housing loans while the remaining 90 percent has not availed of the program yet contributes to the funds housing loan program.

The housing loan window this year is 53 percent higher than in 2008 of only P34.03 billion. The 2009 will have P43 billion for end-users loan and P7 billion for institutional loan.

He said for a period of ten years the housing loan program allocation in 2001 was only at P3.82 billion followed by P5.40 billion in 2002, P9.32 billion in 2004, P15.30 billion in 2005, P16.10 billion, 2006, and P22.59 billion in 2007.

Quimbo said despite the increased growth they maintain the same budget in 2007 and 2008 of 5 percent as against their revenue of 45 percent.

He said the growth for the past years was at P1.3 billion, but it was only last year they were able to hit P38 billion.

Mindanao Developer’s Forum sponsored by Pag-IBIG Fund this March. Updates will be posted soon … watch  for it.

Vice President Noli “Kabayan” De Castro announced another adjustment in Pag-IBIG Fund housing loan interest rates, making the monthly amortizations for its most popular loan package even more affordable.

The interest rate for loans up to P400,000 has been reduced from 7% to only 6% per annum. Interest rate for loans worth over P400,000 up to P750,000 is 7%, and 10.5% for loans over P750,000 up to P2 million.

As a result of this rate cut, the monthly payment for principal and interest for a P400,000 loan will go down from P2,661.21 to P2,398.20 at the maximum payment period of 30 years.

The Vice President said the bulk of housing loans taken out by Pag-IBIG are those worth P400,000 and under. “The market for Pag-IBIG loans are mostly the low income earners, so this latest interest rate adjustment will benefit them,” he said.

“In these difficult times, we want more Pag-IBIG members to have home ownership as an affordable option to renting,” he added.

De Castro added that the rate reduction dovetails with the Fund’s commitment to allocate P82 billion for housing and multi-purpose loans this year as its contribution to the government’s economic stimulus package. “With this, we hope to attract more borrowers.

This will help keep the housing market vibrant, generate business activity in related industries, and create much-needed jobs for our workers,” he said.

In support of the Fund’s higher allocation for shelter financing, De Castro has directed the Pag-IBIG Fund to review its housing loan application process and find ways to further streamline it.

De Castro also assured members that Pag-IBIG will continue to invest at least 70% of its investible funds in housing even with the Fund’s charter change.

This is in reference to the recently approved Senate Bill that aims to strengthen the Pag-IBIG Fund by amending its charter to restore its exemption from income taxes and to empower its Board of Trustees to adjust contribution rates, among other things. “Housing will continue to be Pag-IBIG’s core service to its members, and its main contribution to our country’s economic growth,” he said.

Source : www.pag-ibigfund.gov.ph

Vice President and concurrent Housing and Urban Development Coordinating Council (HUDCC) chairman Noli ‘Kabayan’ de Castro thanked the two Houses of Congress for pushing the amendments in the Charter of the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund.

The Charter amendments seek to strengthen not only the Pag-IBIG Fund but the entire housing sector as well. He noted that the draft bills approved by the two Houses of Congress would restore the tax-exempt privilege of the Fund and authorize the board to set the contribution rates of members resulting in additional funds for the benefit of Pag-IBIG members.

However, De Castro objected to the deletion of the provision in the Pag-IBIG Fund’s existing Charter stating it should “invest not less than 70% of its investible fund to housing.” “Housing is one sector with a big multiplier effect on the economy.

Every P1 million invested in housing translates to P16.6 million of economic activity in the country. At this time of the global financial crisis, we need to put our funds on industries that would stimulate the economy and create more jobs for our people,” De Castro said.

He urged Congress to restore the said provision to realize the prospective law’s objectives of providing the Filipino citizens with sufficient shelter through the mobilization of funds for shelter finance.

De Castro’s call for the restoration of the above provision is consistent with his recent announcement that the Pag-IBIG Fund is putting in at least P82 billion as part of the stimulus package being worked out by the Arroyo Administration. Of this amount, 70% or about P57.4 billion would be invested in housing. (from the newsroom of Pag-IBIG Fund website)

I. FOR WORKERS WITH REGULAR EMPLOYMENT

Persuant to Republic Act 7742 which was fully implemented on January 1, 1995, membership to the Pag-IBIG Fund shall be mandatory for all employees covered by the Social Security System (SSS) and/or the Government Service Insurance System (GSIS) and who are earning at least P4,000.00 a month. This mandatory coverage is also extended to expatriates whose age is up to 60 years old and who are compulsorily covered by the SSS. In the absence of an explicit exemption from SSS coverage the said expatriate, upon assumption of office, shall be compulsorily covered by the Fund.

Membership for employees who are earning less than P4,000 a month, including those who belong to other working groups shall be on a voluntary basis.

Procedures on the Registration of Employers and it’s employees

1. Proceed to the Marketing and Enforcement Division of the concerned branch and request for a copy of the Membership Registration/Remittance Form (MRRF) [FPF060].

1. Accomplish and submit two (2) copies of the MRRF together with the following supporting documents to the Marketing and Enforcement Division:

1. Proceed to the Cash and Administrative Services Division and pay the 1st monthly membership contributions (MC).
2. Upon payment, present the Pag-IBIG Fund Receipt (PFR) to the Marketing and Enforcement Division.

Notes:

1. The succeeding remittances shall depend on the following schedule:

1. For the succeeding remittances, the MRRF may be submitted in diskette.

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Procedure of registration for first-time member-companies:

1. Accomplish two copies of the Membership Registration/Remittance Form (M1-1).
2. Prepare the following documents (2 photocopies):
   • SEC registration or the company’s DTI and SSS registration
   • R3 and R1A forms (SSS registration and remittance forms)
3. Present all documents (M1-1, registration and SSS forms) to the Marketing Division of the concerned Pag-IBIG branch office for verification (bring all originals for authentication). Secure referral slip from Marketing staff.
4. Proceed to the office’s Cash Division for payment of first monthly remittance.
5. Submit the “referral slip” prepared by the Marketing staff and all verified documents to the cashier.
6. Succeeding remittance date shall depend on the schedule of payment of the office (see below). Accomplished M1-1 shall serve as the remittance form for succeeding payments.
7. Submit to the Marketing office 2 copies of the accomplished Member’s Data Forms (MDF) of all qualified employees to the Marketing Division on the second month after the first payment of contributions.
8. The names of newly-hired employees that are covered by RA 7742 should be included in the accomplished M1-1 form and their corresponding contributions duly remitted to the Fund. The accomplished MDF of the new employees shall be submitted on the following month.

Schedule of Payments for Company-Members

–>II. INDIVIDUAL-PAYORS/VOLUNTARY MEMBERS

Employees who are not regularly employed and who belong to other working groups can join the Pag-IBIG Fund on a voluntary basis.

How to join Pag-IBIG:

1. Accomplished and submit two (2) copies of the MDF and all required supporting documents to the Marketing and Enforcement Division of the concerned Pag-IBIG branch office (bring all originals for authentication)
2. Secure Payment Order Form (POF) from Marketing and Enforcement Division and proceed to the Cash Division for payment of initial membership contributions (MC)
3. Present all verified/stamped documents to the Marketing and Enforcement Division.
4. Secure Payment Order Form before proceeding to Cash Division for payment of contribution

REQUIREMENTS FOR INDIVIDUAL PAYORS (IP)

SELF-PAYING (WAIVED COMPANY)

• Certificate of Employment & Compensation
• Latest Payslip
• Company ID

SELF-EMPLOYED

• Latest ITR

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• Latest Income Tax Return (ITR) with Financial Statement of the previous year certified by a CPA
• Certificate of Remittance/ESAV (for old members)
• Two 1×1 ID pictures
• SEC or DTI Registration (should be under the member’s name)
• Business Permit or Mayor’s Permit

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<!–OPERATORS OR FRANCHISE HOLDERS

• Franchise Permit (under the member’s name)
• Official Receipt or Car Registration (under member’s name)
• Latest ITR (previous year)
• Two 1×1 ID pictures

–> <!–

• Certificate of Remittance or ESAV
• Two ID pictures

–>OVERSEAS FILIPINO WORKER (OFW) (For Reactivating Members only)

• Latest Contract of Employment
• Passport or any valid ID<!–
• Latest and valid Contract of Employment (with POEA original stamp)
• Certificate of Remittance or ESAV
• Passport or any Valid ID/POEA license
• Two 1×1 ID pictures
• Special Power of Attorney (SPA), in case a representative shall submit the documents and pay the member’s contributions

–>

<!–SELF-EMPLOYED PROFESSIONALS

• PRC/BAR License
• Latest ITR (previous year)
• Certificate of Remittance or ESAV (for old members)
• Two 1×1 ID pictures

–>UNEMPLOYED SPOUSE (For Non-Working Spouse)

• Written consent from member-working spouse
• Certificate of Employment and Compensation of member-working spouse
• Affidavit of Unemployment

For member-spouse with business:

• Latest ITR <!–
• Written consent from member-employed/working spouse
• Certificate of Employment and Compensation of member-working spouse (notarized)
• Affidavit of Unemployment
• Two 1×1 ID pictures
• If member-spouse has own business

• Latest ITR (previous year)
• Business Permit or Mayor’s Permit
• SEC or DTI Registration

–>

UNEMPLOYED (For Reactivating Members only)

• Affidavit of Unemployment