We are always delighted to receive letters from OFW Pag-IBIG Members.
A couple of days ago, we received a letter from a Pag-IBIG Member who is an Overseas Filipino Worker based in Indonesia. The subject line of the email says, “OFW Loaning.” As you can see, he was planning to apply for a Housing Loan with Pag-IBIG Fund. Why not? That’s one of the benefits afforded to every Pag-IBIG Member and you should avail that one too.
If you are an OFW, please read carefully the entire content of this article as you may gather some bits of important information that is particularly applicable to your situation.
Here’s what the letter says in part:
“I am working here in Jakarta for 3 years now making my contribution for Pag-ibig stagnant for 3 years as well. I have three questions: Is it still okay to continue Pag-ibig rather than opt for POP which is specialized for OFWs? If yes, can I pay every 6 or 12 months since I go home once to twice a year to the Philippines anyway? Apart from not giving my contributions for 3 years, can I still presently use my existing contributions which I had with my former employer to loan for housing to date?”
In the succeeding paragraphs, we try to dissect some parts of the letter to address the questions that he raised. We present here our original reply, which was really just a very short and quick. In addition, we also elaborated more on the issue for the benefit of the other website visitors, most especially the Overseas Filipinos.
Question #1 : Is it still okay to continue Pag-ibig rather than opt for POP which is specialized for OFWs?
Answer to Q#1: The Pag-IBIG Overseas Program (POP) has already been stalled and replaced with the regular Pag-IBIG Membership which is sometimes referred to as Pag-IBIG I. So, if you have not been a member of POP, that’s okay. You can simply continue with your former Pag-IBIG I Membership.
More Detailed Answer: Yes it’s true that since the Pag-IBIG Law of 2009 took effect, all OFWs are already required to become members of the Pag-IBIG Fund. For those who have returned to the country and have visited the office of the POEA before going back to work again abroad experienced this already. Just to make it clear, this is Pag-IBIG I, or the regular Pag-IBIG membership.
The Pag-IBIG Overseas Program was not at all abandoned. It’s just that, Pag-IBIG is not accepting new enrolees to the program anymore. But for those who are already contributors, you can do so until that reaches its maturity period and then be ready to cash out all your contributions.
(See also: The Home Development Mutual Fund Law of 2009 )
Question #2: If yes, can I pay every 6 or 12 months since I go home once to twice a year to the Philippines anyway?
Answer to Q#2: Yes you can do that — meaning make advanced payments.
A Better Way To Do It: Have someone whom you can trust with your money pay for your contribution over the counter at the Pag-IBIG Branch of your choice on a monthly basis. Or, you may also issue a set of post dated checks.
(See also: 5 Ways To Pay The Pag-IBIG Fund.)
Question #3: Apart from not giving my contributions for 3 years, can I still presently use my existing contributions which I had with my former employer to loan for housing to date?
Answer to Q#3: Please be aware that you need to be an actively contributing member to qualify for a housing loan.
Related Answer: Your past contributions will certainly count in terms of establishing your track record with the Pag-IBIG Fund. But remember, it’s not just the contributions that will ensure your loan approval. The most important factor really is your capacity to pay.
( See also: Your Income and Your Loan Entitlement)
“Subject: OFW Loaning” is written and by Carlos Velasco as an elaborated answer to a letter sent by an OFW Member.