The Home Development Mutual Fund or Pag-IBIG Fund has announced that its members who are currently unemployed due to termination of employment contract, closure of company, lay-off, and retrenchment, will be able to avail loans from the agency under its new program.
According to Vice President Noli “Kabayan” De Castro, Housing and Urban Development Coordinating Council Chairman and Pag-IBIG Fund Board of Trustee, the Special Short Term Loan (STL) Program for Displaced Workers was created to aid workers who were affected by the global financial downturn.
According to the program, Pag-IBIG members who must have made at least 24 monthly contributions can borrow an amount equivalent to fifty percent of their total savings. The loan is payable in three years, including a one-year grace period.
Unemployed members with existing Multi Purpose Loan (MPL) can borrow up to 50 percent (50%) of their remaining savings as Pag-IBIG has already deducted or offset the balance of their earlier loan from their outstanding contributions. Pag-IBIG Fund has also cancelled any incurred penalties.
Pag-IBIG Fund Deputy Chief Executive Officer Jaime Fabiana said, in a news release, that members need to submit an accomplished MPL Application Form and a notice of separation from employment/termination of services or a certification of retrenchment or lay-off. Mr. Fabian added that the Fund shall coordinate with the Department of Labor and Employment to secure a list of companies that closed and a list of repatriated overseas Filipino workers.
For the members’ convenience, their loan will either be credited to the borrower’s bank account through the Land Bank’s Payroll Credit Systems Validation (PACSVAL) or the Philippine Domestic Dollar Transfer System (PDDTS) facilities, and other similar modes of payment. Proceeds may also be released through a check, payable to the borrower.
Members can pay their loan to any Pag-IBIG Fund office or to any of its authorized collecting agents or banks. Should they find employment at any time during the loan term, they may continue paying through their new employers.
For questions or inquiries on the new program, visit any Pag-IBIG Branch or call the Pag-IBIG hotline at (632) 724-4244 or visit their website at http://www.pagibigfund.gov.ph/
Trabaho.com. thanks its following sources:
Pag-IBIG Fund Newsroom. Pag-IBIG ok’s new loan program for the out-of-work. (Posted April 29, 2009) Retrieved April 29, 2009 from
Re-posted by Philippine News Agency at
Balana, Cynthia, Philippine Daily Inquirer. New PAG-IBIG loans out for retrenched workers. (Posted April 28, 2009) Retrieved April 29, 2009 from