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    Customary Law Rules

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    Jeremeil Menciano
    The Pag-IBIG Fund is a mandatory savings program for Filipino workers that provides housing benefits. It requires mandatory contributions from private and government employees as well as their employers. Members can access savings, short-term loans, and housing loans. Housing loans have requirements like being a member for at least 24 months and passing credit checks. The fund aims to help members invest in housing through affordable loan programs.

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    Customary Law Rules

    Uploaded by

    Jeremeil Menciano
    29 views16 pages
    The Pag-IBIG Fund is a mandatory savings program for Filipino workers that provides housing benefits. It requires mandatory contributions from private and government employees as well as their employers. Members can access savings, short-term loans, and housing loans. Housing loans have requirements like being a member for at least 24 months and passing credit checks. The fund aims to help members invest in housing through affordable loan programs.

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    The Pag-IBIG Fund is a mandatory savings program for Filipino workers that provides housing benefits. It requires mandatory contributions from private and government employees as well as their employers. Members can access savings, short-term loans, and housing loans. Housing loans have requirements like being a member for at least 24 months and passing credit checks. The fund aims to help members invest in housing through affordable loan programs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    29 views16 pages

    Customary Law Rules

    Uploaded by

    Jeremeil Menciano
    The Pag-IBIG Fund is a mandatory savings program for Filipino workers that provides housing benefits. It requires mandatory contributions from private and government employees as well as their employers. Members can access savings, short-term loans, and housing loans. Housing loans have requirements like being a member for at least 24 months and passing credit checks. The fund aims to help members invest in housing through affordable loan programs.

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    © All Rights Reserved
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    Download as pdf or txt
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    PAG-IBIG Benefits
    Home Development Mutual Fund

    www.jdpconsulting.ph
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    Concept
    “The Home Development Mutual Fund, otherwise known as Pag-IBIG
    (Pagtutulungan sa kinabukasan: Ikaw, Bangko, Industriya at Gobyer-
    no) Fund is a mutual provident savings system for private and govern-
    ment employees and other earning groups, supported by matching
    mandatory contributions of their respective employers with housing as
    the primary investment.”

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Coverage
    Mandatory Membership
    “All employees who are or ought to be covered by the Social Security System
    (SSS), provided that actual membership in the SSS shall not be a condition
    precedent to the mandatory coverage in the Fund. It shall include, but are not
    limited to:
    - A private employee, whether permanent, temporary, or provisional who
    is not over sixty (60) years old;
    - A household helper earning at least P1,000.00 a month. A household
    helper is any person who renders domestic services exclusively to a
    household such as a driver, gardener, cook, governess, and other simi-
    lar occupations;

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Coverage
    - All employees who are subject to mandatory coverage by the Government
    Service Insurance System (GSIS), regardless of their status of appointment,
    including members of the judiciary and constitutional commissions;
    - Uniformed members of the Armed Forces of the Philippines, the Bureau of
    Fire Protection, the Bureau of Jail Management and Penology, and the
    Philippine National Police;
    - Filipinos employed by foreign-based employers, whether they are de-
    ployed here or abroad or a combination thereof.

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Coverage
    Voluntary Membership

    “An individual at least 18 years old but not more than 65 years old may register
    with the Fund under voluntary membership. However, said individual shall be
    required to comply with the set of rules and regulations for Pag-IBIG members
    including the amount of contribution and schedule of payment. In addition, they
    shall be subject to the eligibility requirements in the event of availment of loans
    and other programs/benefits offered by the Fund.”

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Coverage
    The following shall be allowed to apply for voluntary membership:

    - Non-working spouses who devote full time to managing the household and
    family affairs, unless they also engage in another vocation or employment which
    is subject to mandatory coverage, provided the employed spouse is a registered
    Pag-IBIG member and consents to the Fund membership of the non-working
    spouse;
    - Filipino employees of foreign government or international organization, or their
    wholly-owned instrumentality based in the Philippines, in the absence of an ad-
    ministrative agreement with the Fund;
    - Employees of an employer who is granted a waiver or suspension of coverage
    by the Fund under RA 9679;

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Coverage
    - Leaders and members of religious groups;
    - A member separated from employment, local or abroad, or ceased to be
    self-employed but would like to continue paying his/her personal contribution.
    Such member may be a pensioner, investor, or any other individual with pas-
    sive income or allowances;
    - Public officials or employees who are not covered by the GSIS such as Baran-
    gay Officials, including Barangay Chairmen, Barangay Council Members,
    Chairmen of the Barangay Sangguniang Kabataan, and Barangay Secretar-
    ies and Treasurers;
    - Such other earning individuals/groups as may be determined by the Board
    by rules and regulations.

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Benefits
    Savings or Provident Savings Program is “a fast, easy and affordable way for a
    member to save for his future needs. The contributions that a member makes to-
    gether with the employer counterpart are credited to his Total Accumulated Value
    (TAV). A member contributing two percent of his monthly compensation doubles
    his savings immediately with the addition of the employer counterpart contribu-
    tion. Meanwhile, a member contributing one percent of his monthly compensation
    triples his savings as the employer counterpart remains at two percent. Aside from
    being fully guaranteed by the national government, members’ contributions are
    deducted from the gross income prior to computation of the income tax. Mem-
    bers’ savings earn annual dividends that are also tax-free. The dividend rate
    varies depending on the net income of the Fund at yearend.”

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Benefits
    Short-Term Loan Programs are meant “to provide assistance to its members, pro-
    vided they are active and have made at least 24 monthly contributions. There are
    two short-term loan programs that a member may avail of when the need arises.
    The Multi-Purpose Loan Program was designed to help finance members’ immedi-
    ate medical, educational or livelihood needs; minor home improvement, purchase
    of appliance and furniture, and other related needs. Meanwhile, the Calamity
    Loan Program is extended to members who have been affected by a recent ca-
    lamity, as proven by a declaration of calamity in their area of residence.”

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Benefits
    Housing Programs that “an eligible member may avail of in the form of housing
    loans are either the End-User Financing Program or the Magaang Pabahay, Dis-
    enteng Buhay Program.”

    “Under the Magaang Pabahay, Disenteng Buhay Program, a qualified member


    may purchase an acquired asset of the Fund either in cash or through a housing
    loan at very reasonable prices. A buyer who purchases an acquired asset in cash
    is entitled to a 20% discount on the property’s sales price, while a buyer who pur-
    chases through a housing loan is entitled to a 15% discount on the property’s
    sales price.”

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Housing Loan
    Requirements:
    1. Must be a member under the Pag-IBIG I for at least 24 months, as evidenced
    by the remittance of at least 24 monthly contributions at the time of loan applica-
    tion.
    2. Not more than 65 years old at the date of loan application and must be insur-
    able; provided further that he is not more than 70 years old at loan maturity;
    3. Has the legal capacity to acquire and encumber real property;
    4. Has passed satisfactory background/credit and employment/business checks
    conducted by the developer and the Pag-IBIG Fund;

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Housing Loan
    5. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or
    co- borrower;
    6. Has not availed of a Pag-IBIG housing loan that was foreclosed, cancelled,
    bought back due to default, or subjected to dacion en pago, which shall include
    cases where the borrower is no longer interested to pursue the loan and surren-
    ders the property;
    7. May have an outstanding Pag-IBIG multi-purpose loan but which is updated in
    payments at the time of loan application. A member whose multi-purpose loan is
    in arrears shall be required to pay his arrears over the counter to update his ac-
    count.

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    Monthly Contribution

    Citation: 2016 Handbook on Statutory Monetary Benefits by DOLE-BWC


    For more information, please visit

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