Latest news with #Pag-IBIG
Filipino Times
3 days ago
- Business
- Filipino Times
Pag-IBIG Fund heeds PBBM's call, mobilizes calamity loan for members affected by Typhoon Crising
Pag-IBIG Fund has mobilized its Calamity Loan Program to assist members affected by Typhoon Crising, in line with the directive of President Ferdinand Marcos, Jr. to deliver immediate support to Filipinos in disaster-hit areas. 'We are ready to assist our members affected by Typhoon Crising through the Pag-IBIG Calamity Loan,' said Secretary Jose Ramon P. Aliling, head of the Department of Human Settlements and Urban Development and chairperson of the 11-member Pag-IBIG Fund Board of Trustees. 'We continue to closely monitor developments and are prepared to provide immediate aid in areas that may be declared under a state of calamity in the coming days. This is part of our continuing effort in heeding the call of President Marcos to deliver timely relief and support to those in need.' Under the Pag-IBIG Calamity Loan Program, qualified members may borrow up to 90% of their total Pag-IBIG Savings, which consist of their monthly savings, employer counterpart contributions, and earned dividends. The loan carries an interest rate of 5.95% per annum, the lowest for cash loans in the market, and is payable over a period of up to three years, with a three-month grace period before the first payment is due. Members may file their loan applications within 90 days from the declaration of a state of calamity in their area. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG branches are now in coordination with local government units in their respective areas for the deployment of the agency's mobile branch, the Lingkod Pag-IBIG On-Wheels, to receive applications for loans from members, as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties have been damaged due to the typhoon. 'When calamities strike, we at Pag-IBIG understand that our members in affected areas need immediate financial assistance. For this reason, we make sure that all our services and benefits remain accessible to our members. Even while our offices and personnel in typhoon-hit areas have also been affected, our branches remain open and are ready to receive loan applications and housing loan insurance claims. We are also set to deploy our Lingkod Pag-IBIG On-Wheels to initially go around these areas once roads are accessible, to further bring our services closer to our members who are most in need. And, for members who have internet access, the Virtual Pag-IBIG is ready to accept their Calamity Loan applications online. During these trying times, our members can continue to count on Lingkod Pag-IBIG,' said Acosta.
GMA Network
16-07-2025
- Business
- GMA Network
DOLE reminds employers: Implement P50 wage hike in NCR
The Department of Labor and Employment (DOLE) on Wednesday reminded employers in the National Capital Region (NCR) of the effectivity of the P50 wage hike in the daily minimum wage. DOLE-NCR Regional Director Sarah Buena Mirasol said the new wage hike will be deemed effective starting Friday, July 18, 2025. 'Effective ang bagong minimum wage sa July 18. Dapat ang ating mga employers ay mag-adjust na at makatanggap na rin by July 18 ang ating minimum wage earners,' Mirasol told Balitanghali. (The new minimum wage will be effective starting July 18. The employers should start adjusting then and provide the new daily minimum wage.) Last month, the NCR Regional Tripartite Wages and Productivity Board granted a P50 wage hike in the region, bringing the daily minimum wage rate from P645 to P695 for the non-agriculture sector, and from P608 to P658 for the agriculture sector, service and retail establishments employing 15 or less workers, and manufacturing establishments regularly employing less than ten workers. Under the new rate, non-agriculture workers will have a monthly take-home pay of about P15,247 to P18,216 for a five-day and six-day workweek, respectively, inclusive of mandatory social welfare benefits such as 13th month pay, service incentive leave, SSS, PhilHealth and Pag-IBIG. Meanwhile, Mirasol said establishments affected by calamities or those involved in retail and services employing ten workers are exempted from the wage hike. 'Kapag hindi nag-comply ang ating employers, puwedeng dumulog sa DOLE-NCR o field offices…Online, puwede rin mag-request for assistance,' she added. (Should employers fail to comply, the employees may seek assistance from the DOLE head office and field offices. They may also request for assistance online.) —KG, GMA Integrated News
Filipino Times
15-07-2025
- Business
- Filipino Times
How to buy a Pag-IBIG foreclosed property: A step-by-step guide
For many overseas Filipino workers (OFWs), owning a home is more than just a dream—it's a symbol of security, success, and a reward for years of sacrifice abroad. But with rising property prices in the Philippines, this dream can feel out of reach. Fortunately, there are alternative ways to acquire a home at a more affordable price. One such opportunity is through the Home Development Mutual Fund (Pag-IBIG Fund), which offers foreclosed properties at significantly lower prices. These properties, which were repossessed due to loan defaults, are made available to buyers looking for budget-friendly housing options. But before making a decision, it's essential to understand the process to ensure a smooth transaction. Here's a guide on how to purchase these properties and make the most of the opportunity: Step 1: Browse the List of Available Properties Pag-IBIG Fund regularly publishes a list of foreclosed properties available through its Online Public Auction (OPA)—a secure, fast, and convenient way to purchase properties wherever you are in the world. These listings can be accessed through the official Pag-IBIG website, organized by location and auction stage. Discounts of up to 45% are offered, making these properties more affordable than most in the market. Each listing includes details such as the property's location, lot/floor area, and minimum bid price. Property types vary—from residential lots and single-detached homes to townhouses and condominiums. Use Pag-IBIG's Property Finder tool for a more convenient search experience. Tip: If possible, inspect the property or have someone do it for you before placing a bid. Since these are sold as-is, where-is, checking the condition helps you make an informed investment. Step 2: Register for the Bidding Process To participate in the auction, you need to be a registered bidder first. Registration is free, and you can do it online. Just prepare all the required documents, including one valid ID with signature, a selfie photo showing your valid ID card, and an active mobile number, and fill out the needed information for verification. Once verified, Pag-IBIG will assign you a Buyer ID Number, which will serve as your unique identifier for all future bidding activities. Step 3: Join the Auction Auctions are now conducted online on scheduled dates, making it convenient for OFWs to participate from anywhere in the world. The highest bidder wins the property. Bid only within your financial capacity and factor in potential renovation costs. Review the bid terms and deadlines carefully to avoid disqualification. Step 4: Post-Auction Requirements If you win the bid, congratulations! You'll need to complete the following next steps: Submit the required documents for the sale to proceed. Choose your preferred payment option: Cash – full payment within one month Short-term installment – payable within 12 months Pag-IBIG housing loan – payable for up to 30 years, subject to approval Once payment is completed, Pag-IBIG will assist in processing the transfer of ownership, including the issuance of a new land title in your name. Be prepared to pay for transfer taxes, registration fees, and documentary stamp tax, which are standard in real estate transactions. Should you invest in Pag-IBIG foreclosed properties? For OFWs and anyone seeking affordable real estate, Pag-IBIG foreclosed properties present a smart investment and a cost-effective way to own property. Aside from the lower-than-market prices, Pag-IBIG offers various financing options, making it easier for Filipinos to achieve their dream of owning a home. With a bit of research and preparation, this can be your ticket to finally owning the home you've worked so hard for. Visit the official website of Pag-IBIG to learn more.
Filipino Times
15-07-2025
- Business
- Filipino Times
Why Pag-IBIG MP2 is a smart savings option for overseas Filipinos
For many overseas Filipinos, building a secure and comfortable future is a top priority. Among the many savings and investment options available, one stands out for its high returns, flexibility, and peace of mind: the Pag-IBIG Modified Pag-IBIG 2 (MP2) Savings Program. Specifically designed for voluntary savings, MP2 offers competitive, tax-free dividends, government-guaranteed security, and flexible contribution options, making it an ideal choice for Filipinos working abroad. What is Pag-IBIG MP2? The MP2 Savings Program is a voluntary savings scheme offered by the Pag-IBIG Fund. It provides higher earnings compared to the mandatory Pag-IBIG Regular Savings that members contribute to monthly. MP2 is open to all active Pag-IBIG members—including Overseas Filipino Workers (OFWs)—and even to former members, such as pensioners or retirees, who still have a source of monthly income and at least 24 months of contributions prior to retirement. With a minimum contribution of just PHP 500 per remittance, members can grow their savings over a 5-year maturity period, with the option to receive dividends annually or as a lump sum at the end of the term. Why OFWs should consider MP2? MP2 has consistently outperformed regular savings accounts. In fact, it has delivered annual dividend rates of 6% or more in past years, reaching 7.10% in 2024—far higher than what other financial institutions offer. Unlike other investments that carry risk or may lose value over time, MP2 is backed by the Philippine government, making it a safe and secure option. This level of stability is especially important for OFWs who want to ensure their hard-earned money is protected. Even better, MP2 earnings are 100% tax-free. That means you receive your dividends in full—no withholding taxes, no deductions, and no surprises. It's one of the few savings options that lets your money grow without losing a single centavo to taxes. The program is also completely voluntary, giving you full control. Whether you want to save monthly or make lump-sum contributions, MP2 lets you decide what works best for your income and goals. No fixed amounts required—save as much or as often as you want. How to join MP2 Enrolling in the MP2 Savings Program is simple. You can register online through the Pag-IBIG Fund website or visit any Pag-IBIG branch in the Philippines. Pag-IBIG has facilitated various payment channels, including online banking, accredited remittance centers, and partner banks worldwide, making it easier to contribute from abroad. For OFWs looking for a safe and high-earning way to save, the Pag-IBIG MP2 program is an excellent choice to grow your hard-earned money. It provides better returns than most savings accounts, offers flexible payment options, and is fully backed by the government—helping overseas Filipinos secure a stronger financial future. For more information about the MP2 Savings program and other services, visit Pag-IBIG's official website
GMA Network
01-07-2025
- Business
- GMA Network
Marcos to study if legislated wage hike will result in layoffs — Palace
President Ferdinand ''Bongbong'' Marcos Jr. will study if a legislated wage hike would result in layoffs, Palace Press Officer Undersecretary Atty. Claire Castro said Tuesday. ''Muli, pag-aaralan ito kung kakayanin ba talaga, kasi kung magdudulot naman ito ng lay-off dahil hindi kakayanin nung karamihan maliliit na mga negosyante, mas marami pong mahihirapang mga manggagawa dahil baka mawalan sila ng trabaho,'' Castro said at a briefing. (Again, he will study if this will result in layoffs if this can't be enforced by small businessmen, many workers might suffer as they may lose their jobs.) ''Kaya po itong lahat ng ito ay pag-aaralan, para sa ikabubuti po ng lahat,'' she added. (All of these will be studied for the benefit of all.) The proposed legislated minimum wage hike in the 19th Congress, which was pegged at P200 at the House and P100 in the Senate, did not pass into law because the two chambers of Congress failed to reconcile them on time. The bill then needs to be refiled in the 20th Congress. At least 1.2 million minimum wage earners in the National Capital Region (NCR) are set to receive higher salaries next month after the regional wage board approved a P50 increase in the daily minimum wage. The Department of Labor and Employment (DOLE) has announced that the NCR Regional Tripartite Wages and Productivity Board (RTWPB) issued Wage Order No. 26, which grants a P50 wage hike. The National Wages and Productivity Commission said the wage hike is equivalent to an increase of P1,100 per month for a five-day workweek, and P1,300 for a six-day workweek. Under the new rate, non-agriculture workers will have a monthly take-home pay of about P15,247 to P18,216 for a five-day and six-day workweek, respectively, inclusive of mandatory social welfare benefits such as 13th month pay, service incentive leave, SSS, PhilHealth and Pag-IBIG. — RSJ, GMA Integrated News
