Created in the 1980s, the Home Development Mutual Fund (HDMF) is a government-owned corporation under the Department of Human Settlements and Urban Development (DHSUD). It is more commonly known as the Pag-IBIG Fund, an acronym that stands for “Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya, at Gobyerno.”
The Overseas Workers Welfare Administration (OWWA) works closely with the Pag-IBIG Fund, which is mandated to provide affordable shelter financing and a national membership savings program for Filipinos.
Vision, Mission, and Values
The agency’s vision is “for every Filipino worker to save with Pag-IBIG Fund and to have decent shelter,” according to its official website.
Correspondingly, the mission of Pag-IBIG is:
- “To generate more savings form more Filipino workers;
- To administer a sustainable Fund with integrity, sound principles, and with social responsibility; and
- To provide accessible funds for housing of every member.”
Moreover, in the pursuit of its vision, the agency is governed by the following values: Professionalism, Integrity, Excellence, and Service.
Key Programs
Qualified members of the Pag-IBIG Fund can apply for the following programs, depending on their needs and preferences:
Pag-IBIG Regular Savings
This is where the monthly contributions of Pag-IBIG members go. Upon maturity of 20 years or retirement, members can withdraw their savings with earned dividends. They can also avail of cash loans and home loans.
Modified Pag-IBIG (MP2) Savings
MP2 is a voluntary savings program for members who wish to grow their savings, starting with just PHP 500 per month. Compared to Pag-IBIG Regular Savings, it offers higher annual returns. Member can withdraw their savings yearly, or after its five-year maturity.
Regular Housing Loan
Pag-IBIG members can apply for a Housing Loan that fits their budget, at affordable rates. They can borrow up to PHP 6 million to buy a house and lot, a condominium, or a lot. To make monthly payments more affordable, they can arrange for a longer payment period of up to 30 years.
Home Improvement Loan
As the name implies, the Pag-IBIG Fund Home Improvement Loan may be used for home renovations, repairs, or minor constructions, particularly those that do not require a building permit. They can borrow up to PHP 300,000 at low interest and flexible payment terms of up to five years. Documentary requirements are minimal and hassle-free.
Multi-Purpose Loan
The Multi-Purpose Loan allows members to borrow up to 90% of their Pag-IBIG Regular Savings. In just three days, their loan may be approved; they can pay it back in 12, 24, or 36 monthly installments. After four monthly payments, they can also opt to renew their loan.
Calamity Loan
Pag-IBIG members who are affected by natural calamities such as floods and earthquakes can apply for the Calamity Loan. Just like the Multi-Purpose Loan, it enables them to borrow up to 90% of their Regular Savings. They can pay it back in 12, 24, or 36 monthly installments. If money is tight, they can avail of a three-month grace period on payments.
Acquired Assets
Members can choose from a wide range of Pag-IBIG Acquired Assets (i.e. house and lot, lot, etc.) that they can buy at affordable prices. The payment terms are flexible, with discounts of up to 45%, depending on the mode of sale.
Expanded 4PH Program
The Expanded Pambansang Pabahay Para sa Pilipino Housing (4PH) Program caters to low income households. Qualified members can buy a house and lot or condo unit from select 4PH locations within the country, and look forward to lower interest rates and monthly payments.
Contact Information: Pag-IBIG Fund Head Office
For questions and concerns, you can get in touch with the Pag-IBIG Fund Head Office through these contact details:
Address: JELP Business Solutions, 409 Shaw Blvd, Mandaluyong City, Metro Manila
Telephone: 02 8724 4244
Email: contactus@pagibigfund.gov.ph
Website: https://www.pagibigfund.gov.ph/
Facebook: https://www.facebook.com/PagIBIGFundOfficialPage/
Google Map:
Thanks to the Pag-IBIG Fund, members are able to buy, build, or renovate their homes without breaking the bank. Together with OWWA and other agencies, it greatly benefits many Filipino workers and their families.