THE Home Development Mutual Fund or Pag-IBIG is making it easier for government employees to avail of housing loans and participate in higher-yielding savings instruments.
This developed after Pag-IBIG signed separate agreements with the National Bureau of Investigation (NBI) and the Department of Education Regional Office V (Bicol Region).
Pag-IBIG said that its MOU with the NBI seeks to assist NBI employees with their housing needs. Under this MOU, NBI employees may avail themselves of housing units offered by the bureau.
Pag-IBIG president and CEO Darlene Marie Berberabe said there are currently two housing projects in Cavite for NBI employees. One is located in Bacoor City while the other is in Tanza, Cavite.
She added the agreement is part of the Fund’s direction toward partnering with national government agencies (NGAs).
“Since we launched our Institutional Housing Program in 2013, Pag-IBIG has touched base with various NGAs to offer our housing programs and services,” Berberabe said.
To date, Pag-IBIG said IT has forged partnerships with 11 NGAs nationwide.
Berberabe said the agreement assures NBI employees that they will also be assisted in acquiring their preferred housing unit outside the proposed housing projects, or be home-matched if they wish to avail of a house from the inventories of accredited developers.
Meanwhile, Pag-IBIG also signed a Memorandum of Agreement with the DepEd’s Region V office which offers teaching and non-teaching staff under this office to voluntarily increase their monthly contributions to the fund.
This will be done through Pag-IBIG’s Upgraded Savings Program, which allows members to save over and above the mandatory monthly savings of P100, or through savings in the Modified Pag-IBIG II (MP2) Program of the Fund – an additional savings facility which yields higher annual dividends than Pag-IBIG 1 savings and has a fixed maturity period of five years.
Under the agreement, DepEd Region V employees will be given the option to increase their monthly savings through salary deduction.
“The savings program of the Fund is designed to help Pag-IBIG members prepare for their future,” Berberabe said “Pag-IBIG savings are government guaranteed, have higher yield than other savings instruments, and the yield is tax free.”
DepEd Regional Director Ramon Fiel Abcede welcomed the partnership with Pag-IBIG, noting that the program would “re-awaken and re-integrate the culture of savings amongst its personnel.”
DepEd Bicol Region currently employs more than 50,000 personnel, including teachers.
Pag-IBIG noted that from 2013 to 2015, 457 DepEd personnel in the Bicol Region availed of Pag-IBIG housing loans worth P253 million. Over the same period, 11,449 DepEd personnel nationwide availed of housing loans with a loan value of P7.58 billion.