Pag-IBIG Fund makes cash loans more affordable with longer payment period

Aileen Cerrudo   •   September 9, 2021   •   385

MANILA, Philippines — Pag-IBIG on Thursday (September 9) announced that it will lengthen its payment term to three years from the previous 24 months or two-year period.

Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario said they provided a longer payment period to give borrowers more time to pay off their loans, and more importantly, to make monthly payments lower.

This is amid the difficulties faced by members during the coronavirus disease (COVID-19) pandemic.

“During these difficult times, we continue to improve our programs to respond to the needs of our members,” he said.

Pag-IBIG Fund’s cash loans come in the form of a Multi-Purpose Loan (MPL) and a Calamity Loan (CL) for areas under a state of calamity.

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, with the extended payment period, members who will take a P20,000.00 loan amount can reduce their monthly payment to P734.57 a month for MPL, and P615.72 a month for a CL.

Previously, the payment for the said MPL and CL amount were P1,016.52 and P897.23 per month, respectively.

With payments spread out over a longer period, monthly payments were brought down by 28% for the MPL and 31% for the Calamity Loan.

“We recognize that these are challenging times, and we are doing all we can to help our members as the health emergency continues,” he said.

“We are poised to help more members in the coming months, now that the extended payment term has made our cash loans even more affordable,” Moti added.

From January to July alone, Moti reported that Pag-IBIG has released P25.42 billion in cash loans to aid more than 1.1 million members.

“We also made the process of applying for loans safer and more convenient by accepting loan applications online via the Virtual Pag-IBIG. This is Lingkod Pag-IBIG at work, especially when members need us most,” Moti further said. AAC

PAG-IBIG branches in NCR remain open under ECQ

Marje Pelayo   •   August 9, 2021

MANILA, Philippines – Offices of the PAG-IBIG Home Development Mutual Fund in the National Capital Region (NCR) will remain open but on a limited capacity even during the implementation of the enhanced community quarantine (ECQ) from August 6 to 20.

Also open is the agency’s NCR Housing Hub in Mandaluyong City.

“In compliance with Memorandum Circular 87 issued by Executive Secretary Medialdea, we shall continue providing service to our members in the safest way possible,” the agency said in its post.

PAG-IBIG branches in NCR will be open from 9:00 AM to 3:00 PM on weekdays to serve members with the following transactions:
Scheduled Releasing of Checks;
Acceptance of Payments; and
Issuance of Pag-IBIG Loyalty Card Plus (for MPL and Calamity Loan applicants only)

For Pag-IBIG Savings claims which include retirement claim for ages 60 to 64; early retirement claim; by beneficiaries due to member’s death; and MP2 Savings pre-termination, applicants may place their applications in drop boxes outside the PAG-IBIG branch premises.

Virtual Pag-IBIG service will always be open for membership registration; business registration; and claim of Pag-IBIG Savings.

To apply for Multi-Purpose Loans or Calamity Loans, applicants may use drop boxes or visit the Virtual Pag-IBIG.

Meanwhile, the NCR Housing Hub in Mandaluyong City is open from 9:00 AM to 3:00 PM on weekdays until August 20.

Payments may be done online via Virtual Pag-IBIG, or through the agency’s accredited collecting partners’ outlets and online payment channels.

For submission of documents, drop boxes are provided for:
Submission of Bid for Acquired Asset
Submission of Housing Loan Application and Notice of Approval or Notice of Disapproval compliance
Submission of Requirements of Winning Buyer of Acquired Asset

Transactions about release of checks, acceptance of post-dated checks, and reservation of acquired assets, the agency will call members concerned for appointments.

Public auctions, property appraisals, and borrower validation will all be done online.

For your safety and convenience, the public may transact with the agency via online through its 24/7 Contact Channels:
Dial 8PagIBIG or (02)87244244
Chat via www.pagibigfund.gov.ph
Email contactus@pagibigfund.gov.ph

For more information, visit the Virtual Pag-IBIG at www.pagibigfundservices.com/virtualpagibig.

DOLE reiterates rights, protection of delivery riders under Labor law

Marje Pelayo   •   July 27, 2021

MANILA, Philippines — The Department of Labor and Employment (DOLE) reiterates the rights of riders in food delivery and courier activities under the Labor Code of the Philippines or their contract with the digital platform company, depending on the existence of an employer-employee relationship.

In an advisory, Labor Secretary Silvestre Bello III said all delivery riders who are considered employees of a digital platform company are entitled to the minimum benefits under the Labor Code.

Meanwhile, those who work as independent contractors or freelancers shall be governed by their respective contracts or agreements with the digital platform company.

DOLE issued the advisory in order to set the standards in determining work relationships between food delivery companies and their respective riders.

This employer-employee relationship between the delivery rider and the digital platform company, Bello said, may be determined in consideration of the flexibility of work which includes working time, control through technology, and use of the equipment and other inputs.

The advisory stated that all delivery riders who are deemed employees of the digital platform company shall enjoy the minimum standards and benefits which include: minimum wage, holiday pay, premium pay, overtime pay, night shift differential, service incentive leave, thirteenth-month pay, separation pay, and retirement pay.

They are also entitled to get occupational safety and health (OSH) standards, including SSS, PhilHealth, and Pag-IBIG, and other benefits under existing laws.

Riders shall also enjoy the right to security of tenure, self-organization, and collective bargaining.

Meanwhile, riders who are considered independent contractors or freelancers shall be governed by their respective contracts or agreements with the digital platform company.

The contract or agreement shall stipulate the following provisions, including but not limited to:

  • the payment of fair and equitable compensation, which shall not be lower than the prevailing minimum wage rates and facilitation of registration;
  • coverage under SSS, PhilHealth, and Pag-IBIG;
  • compliance with applicable OSH standards;
  • attendance to regular training and seminars on road and traffic rules and road safety. This shall be arranged by the digital platform company in coordination with relevant government agencies;
  • arrangement with concerned local government units and/or merchants in setting up designated waiting areas for delivery riders

The Labor Advisory further states that any complaint or grievance of delivery riders or digital platform company shall be settled and resolved through conciliation, mediation, inspection, or arbitration, whichever is applicable, under existing rules and regulations.

Pag-IBIG Fund releases record-high P44B home loans in H1 2021, up 113%

UNTV News   •   July 9, 2021

Despite the pandemic, Pag-IBIG Fund achieved another record by releasing over P44 billion in home loans in the first half of 2021, top officials announced on Friday (July 9).

From January to June, the agency released home loans worth P44.34 billion – the highest amount ever released during the first half of the year – and more than double the P20.80 billion it released during the same period in 2020.

Compared with the P37.07 billion released during the pre-pandemic period of January to June 2019, when strict community quarantines in Metro Manila and parts of Luzon had yet to be implemented, disbursement in the first half of 2021 is higher by nearly 20%.

“This is an indication that the number of Filipino workers who are able to become homeowners via the Pag-IBIG home loan programs continues to grow. In these tough times, we remain steadfast in our commitment to answer President Rodrigo Duterte’s call for government agencies to provide social benefits to more Filipinos,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the P44.34 billion released in the first half of 2021 enabled 43,573 members to acquire their own homes. Out of the total amount, P4.66 billion was released to finance the acquisition of socialized housing. Of the total number of members who benefited from the agency’s home loan programs in the first half of the year, 10,640 or 24% belong to the minimum-wage and low-income sectors.

He added that with its home loan disbursement reaching a record high over the past six months, he expects to exceed by yearend the P86.74 billion home loans released in 2019, which is the highest amount ever released by the agency in a single year.

“With the way things are going, I’m very optimistic that by the end of 2021, we will surpass the total home loan releases of 2019, which is our best year yet. The P44.34 billion disbursed is especially important because we achieved higher figures this year compared to the same period before the pandemic happened.

“On average, we released over P7 billion in home loans every month in the first half of the year. If this trend holds and succeeding monthly releases remain higher than usual, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion.

“This translates to another ‘best year ever’ for us and, more importantly, even more members having a home of their own where they can be safe as the health emergency continues,” Moti said. (PR)

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