MANILA, 3 January 2005 — Pag-IBIG has begun reaching out abroad by extending its housing program to cover even those under their Pag-IBIG Overseas Program (POP).
Vice President Noli de Castro, presidential adviser for Overseas Filipino Workers, opened the Pag-IBIG satellite office at the Philippine Overseas Employment Administration (POEA) building in Mandaluyong City to help carry out the initiative. This office will service OFWs needs under the program.
The extension office will conduct a membership generation campaign through information dissemination and by giving updates on the Pag-IBIG Fund.
It will likewise conduct regular marketing briefings and other similar activities.
The Pag-IBIG Fund is considered one of the strongest financial institutions and the top home financing agency in the country. It marked its 24th year of serving Filipino workers through its housing and savings programs.
De Castro, who is also chairman of the Housing and Urban Development Coordinating Council (HUDCC) lauded Pag-IBIG for being the one government financial institution and corporation not mired in controversy.
“Pag-IBIG remains one of the models of a well-run government agency devoted to proper service for the Filipino,” de Castro said during Pag-IBIG’s anniversary celebration last Dec. 14, 2004.
Pag-IBIG has overseas desks in several countries in the Middle East, the Asia-Pacific region, Europe, North America and Africa in addition to its nationwide network of 12 regional offices, 9 Metro Manila branches, 10 sub-regional offices and 16 extension offices.
It continues to initiate a nationwide savings system anchored on the pooling of small savings to generate long-term funds, which can efficiently address the financing requirements of its members for housing.
Pag-IBIG, literally meaning love in Filipino, stands for Pag-Ikaw, Bangko, Industriya at Gobyerno (You the member, Banks, the Industry and the Government).
In the Philippines, employees of public or private entities automatically become Pag-IBIG members, with half of their premiums borne by their employer.
Under the program for overseas Filipinos, membership is voluntary, with members having the option to take the 10-year or 5-year plans. A member can also opt to pay $20 or $40 a month.
After paying premiums for at least one year, a member can qualify for a housing loan with interest lower than what the banks charge under regular programs.
Pag-IBIG records show that the most availed of are its short-term loan programs consisting of the Multi-Purpose Loan (MPL) Program and the Calamity Loan (CL) Program. These are open to all active members who have made at least 24 monthly contributions to Pag-IBIG.
The maximum loanable amount for the MPL is 60 percent of the member’s total savings with Pag-IBIG while member-borrowers living under a state of calamity may borrow up to 80 percent of the total savings under the CL Program.
