Who can be member of Pag-IBIG Fund?
Mandatory
With the signing of Republic Act No. 7742 all SSS and GSIS members earning P4,000 and above monthly are mandatorily covered by Pag-IBIG fund.
Voluntary
Membership to the fund is also open to:
- Private and government workers earning less than P 4,000 a month but who wish to join anyway;
- Self-Employed workers such as professionals and businessmen;
- Overseas contract workers (OCW);
- Residents and immigrants in the United Staes and Canada;
- Informal income group such as cooperative members;
- Non-working spouses.
How much is the monthly contribution?
For employees with monthly compensation (Basic+COLA) of P1,500 and less, an amount equivalent to one percent (1%) of their monthly compensation, and two percent (2%) of the monthly compensation of employees earning over P1,500.
· Over P1,500 , an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.
Employers are mandated to match their employees' monthly contributions with an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.
For self-employed members, monthly contribution is equivalent to two percent(2%) of their monthly gross earnings.
Under the Pag-IBIG Overseas Program (POP) ,OFWs with monthly compensation of:
- US $1,000 or less shall contribute US$20 or its peso equivalent monthly.
- Over US $1,000 , monthly contribution of US $40 or its peso equivalent.
- C$1,500 or less, monthly contribution of US $40 or its peso equivalent.
- Over C$1,500 a month. monthly contribution of C$60 or its peso equivalent.
What are the benefits of Pag-IBIG Membership?
The Fund offers its members the following benefits:
- savings
- short term loan
- Housing loan
What is the Pag-IBIG Provident Savings Program?
The Pag-IBIG provident savings program is a fast, easy and affordable way of saving for a member's future needs.
What are the special features of Pag-IBIG Savings Program?
Pag-IBIG savings enjoy the following features:
- double or triple your money benefit
- tax-free dividend earnings
- portability of savings
- government-guaranteed
When can a member withdraw his savings?
Withdrawal of Pag-IBIG savings is allowed upon occurrence of any of the following :
- Membership maturity after 20 years
- A member who signs up under RA 7742 (Pag-IBIG Universal Coverage Law) shall be allowed partial withdrawal after 10 or 15 years of continuous membership, provided he has no outstanding housing loan with the Fund.
- Retirement
- at age 45 (early retirement plan)
- at age 60 (optional retirement)
- at age 65 (mandatory retirement)
- Permanent departure from the country.
- Permanent total physical disability/insanity.
- Termination from service by reason of health.
- Death of the member
-in case of the member's death, the Fund provides the legal heirs an additional P6,000 death benefit grant (DBG).
What is the Multi Purpose Loan Program?
The Multi Purpose Loan Program provides immediate assistance to Pag-IBIG members who have made at least 24 monthly membership contributions which they can use to finance medical, educational, livelihood, minor home improvement, purchase of appliance and furniture, and other related need.
Under the program, up t to 60 percent of the member's total savings is extended, with interest rate pegged at 10.75 percent per annum. MPLs may be renewed upon payment of at least six(6) amortizations.
What is the Housing Loan Program?
The Housing Loan Program extends assistance to individual borrowers to finance any or a combination of the following:
- Purchase of a fully developed lot not exceeding one thousand (1,000) square meters which should be within a residential area;
- Purchase of a lot and construction of a house thereon.
- Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
-old or brand new;
-a property mortgaged with the Fund; or
-an acquired asset which is disposed of through sealed public bidding, negotiated sale or Rent to Own program
- Construction or completion of a residential unit in a lot owned by the member;
- Home improvement;
- Refinancing of an existing mortgage loan with an institution acceptable to the Fund, provided that:
- the loan to be refinanced is current and updated at the time of loan application;
and
- the account reflects a perfect repayment history for at least two years, as supported by the borrower's official receipts
- Combination of loan purposes shall be limited to the following:
-Purchase of a fully developed lot not exceeding 1,000 sq.m. and construction of a residential unit thereon
-Purchase of a residential unit, whether old or new, with home improvement;
-Refinancing of an existing mortgage with home improvement or
-Refinancing of an existing mortgage, specifically a lot loan with construction of a residential unit thereon.
Who are eligible to borrow?
- Must be a member under the Pag-IBIG I or Pag-IBIG II program for at least 24 months as evidenced by the remittance of at least 24 monthly contributions at the time of loan application:
- Must be a member under the Pag-IBIG Overseas Program (POP) for at least two years
- A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment equivalent to the required number of monthly contributions to satisfy this requirement;
- Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his savings for at least 12 months.
- Must not be more than 65 years old at loan maturity and must be insurable;
- Must have the legal capacity to acquire and encumber real property;
- Must have passed satisfactory background/credit and employment/business checks of the developer and the Fund;
- Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to "dacion en pago"
- Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; and
- Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrears over the counter to update his account.
How does one avail of a Pag-IBG Housing Loan ?
- Attend a Loan Counseling session at the Pag-IBIG Office concerned
Accomplish a Preliminary Loan Counseling Questionnaire, Husing Loan Application (HLA) and Membership Status Verification Slip. If eligible, secure checklist of requirements.
- Submit HLA with complete requirements. Pay a processing fee of P1,000.00 (non-refundable)
- Receive Notice of Approval/Letter of Guaranty and sign loan documents.
- Proceed to BIR and present Deed of Absolute Sale (DOAS) between owner of the property and applicant for payment of documentary stamps and capital gains tax.
- Proceed to Registry of Deeds (RD) for payment of transfer of tax and registration fees for the transfer of title.
- Proceed to Notary Public for notarization of LMA and annotation of mortgage with the Registry of Deeds (RD) and to Assessor's Office to secure new tax declaration in the name of the applicant.
- Secure Occupancy Permit from the Local Government Unit's (LGU) Engineering Office for Purchase of new Residential Unit (PRU), Purchase of Lot and Construction of a New Residential Unit (PLCH) and Construction of House (CH) loan purposes.
- Submit the following documents to Pag-IBIG office concerned:
- Original Transfer Certificate of Title in the name of the applicant with annotated mortgage
- DOAS with original RD stamp
- New Tax Declaration in the name of the applicant
- Updated Real Estate Tax Receipt (house and lot, if applicable)
- Occupancy Permit
- Assignment of Loan Proceeds
- Release of loan proceeds
- Start monthly amortization on the month immediately following loan take-out/final loan release.
Q. WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?
A. It is a special non-immigrant visa issued by the Bureau of Immigration of the Republic of the Philippines through the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and former Filipino citizens. It entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines.
Q: WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?
A: The areas of investment are the following:
- Purchase of a condominium unit;
- Lease of a parcel of land or house and lot;
- Construction of a residential unit on a leased parcel of land;
- Propriety shares in golf clubs;
- For former Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares rural areas to be used for business or other purposes.
Q. WHO MAY APPLY?
A. All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old.
Q: WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
A: A one-time payment of US$1,400.00 for the principal and US$300.00 for each dependent (spouse/children).
Note: These fees are inclusive of the Bureau of Immigration fees and the fee for the issuance of the initial PRA I.D. Card.
Q: HOW LONG IS THE VISA VALID?
A: The SRRV is valid for so long as one remains a member of good standing of the Program and provided his time deposit and/or investment exists in the Philippines.
Q: CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?
A: Yes. A resident retiree can bring with him/her, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The deposit is subject to the same terms and conditions with that of the principal deposit. This does not apply to former Filipinos citizens.
Q: WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?
A: Yes. For so long as the principal retiree remains a member of the Program, his dependents retain their SRRV even if they reach 21 years of age and above.
Q: WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
A: The surviving spouse, provided he/she is a SRRV holder, has the option to assume the status of a principal retiree using the original account as his/her qualifying deposit. Should he/she not choose to become the principal retiree, then the law on Succession prevails.
As far as the beneficiary is concerned, the withdrawal of the time deposit should be made in accordance with the Philippine banking rules and regulations. The beneficiary will have to pay estate tax as the retiree is treated as a resident alien and therefore covered by the National internal Revenue Code.
Q: WHAT IS THE AGE/DEPOSIT REQUIREMENT OF AN APPLICANT?
A: Retirement Option and their Required Time Deposit
1. With Pension – 50 years. Old and above – the required time deposit is US$10, 000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couple
2. Without Pension
- 35 to 49 years old – US$50, 000.00 time deposit
- 50 years old and above – US$20, 000.00 time deposit
- Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00
- Ambassadors of foreign countries who served and retired in the Philippines, current and former staff members of international organizations including ADB -US$1,500.00
Note: The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent
Q. WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
A: A prospective retiree-participant shall submit to PRA the following:
- PRA application form;
- Original passport with valid entry status;
- Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop
- Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
- Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above;
- Photographs, 6 pieces 1”x1” and 6 pieces 2”x2”;
- If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
- If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.
Note: If you prefer to enroll under the With Pension Scheme, below are the following additional requirements.
a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
b. Proof of your monthly pension remitted to the Philippines.
Q: WHAT ARE THE BENEFITS UNDER THE PROGRAM?
- Multiple/Indefinite entry privileges with the option to reside permanently in the Philippines.
- Exemption from exit Clearance & Re-Entry Permits.
- Exemption from Customs Duties and Taxes for the Importation of Personal Effects up to US$7,000.00.
- Exemption from Travel Tax, if stay in the Philippines is less than a year from the last entry date.
- Exemption from the Bureau of Immigration’s Annual registration requirement.
- Assistance in Obtaining an Alien Employment Permit.
- Tax-free remittance of Annuities and Pensions.
- Guaranteed repatriation of the deposit/investment.
Q: WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
- To yearly renew the PRA I.D. Card;
- To pay the Annual Management Visitorial fee and to submit necessary documents/reportorial requirements if the requisite deposit has been converted into active investments. In case the investment made is depleted or its value reduced lower than the required deposit/investment, the retiree shall be obliged to redeposit the required amount or to submit proof or evidence of another investment to make up the loss or reduction in value;
- To notify PRA of changes in contact details and other personal information;
- To have their SRRVisa transferred to their new Passports if in case a new one has been issued to them;
- To give the PRA a written notice within thirty (30) days prior to his/her intended date of cancellation of his/her SRRV. When the Principal retiree intends to have his SRRV cancelled, it follows that the SRRV of his dependent spouse and child/children must also be cancelled. Passports must be submitted to PRA for the processing of the cancellation. Withdrawal Clearance for the requisite deposit, if not yet converted into active investment will only be issued and released after the cancellation of the SRRV. Cancellation of SRRV entails PRA service fee and Bureau of Immigration cancellation and downgrading expenses;
- To agree to the immediate cancellation of his/her SRRV (including that of his/her family) and the inclusion of his/her name in the Bureau of Immigration’s blacklist upon discovery of fraud or misrepresentation committed in obtaining the SRRV or upon commission by any one of the holders of the SRRV of any other act punishable by existing laws;
- To secure an Alien Employment Permit (AEP) from the Department of Labor & Employment for purpose of employment within the Philippines; and
- To comply with the rules & regulations of PRA including the existing laws in the Philippines.
Q: WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
- To yearly renew the PRA I.D. Card;
- To pay the Annual Management Visitorial fee and to submit necessary documents/reportorial requirements if the requisite deposit has been converted into active investments. In case the investment made is depleted or its value reduced lower than the required deposit/investment, the retiree shall be obliged to redeposit the required amount or to submit proof or evidence of another investment to make up the loss or reduction in value;
- To notify PRA of changes in contact details and other personal information;
- To have their SRRVisa transferred to their new Passports if in case a new one has been issued to them;
- To give the PRA a written notice within thirty (30) days prior to his/her intended date of cancellation of his/her SRRV. When the Principal retiree intends to have his SRRV cancelled, it follows that the SRRV of his dependent spouse and child/children must also be cancelled. Passports must be submitted to PRA for the processing of the cancellation. Withdrawal Clearance for the requisite deposit, if not yet converted into active investment will only be issued and released after the cancellation of the SRRV. Cancellation of SRRV entails PRA service fee and Bureau of Immigration cancellation and downgrading expenses;
- To agree to the immediate cancellation of his/her SRRV (including that of his/her family) and the inclusion of his/her name in the Bureau of Immigration’s blacklist upon discovery of fraud or misrepresentation committed in obtaining the SRRV or upon commission by any one of the holders of the SRRV of any other act punishable by existing laws;
- To secure an Alien Employment Permit (AEP) from the Department of Labor & Employment for purpose of employment within the Philippines; and
- To comply with the rules & regulations of PRA including the existing laws in the Philippines.
Q. DOES PRA ALLOW CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?
A. For purpose of applying for SRRV, the PRA allows currencies other than US Dollars as required foreign currency deposit. This is explicitly provided for under Section 2(b), subsection 1.7 of the Memorandum of Agreement between PRA and accredited banks, which read:
Section 2. Duties of the Bank
b.1. Opening of Account
1.7. A retiree may elect to remit or deposit funds in any of the Following foreign currencies:
a. British Pound
b. Australian Dollar
c. Canadian Dollar
d. Hong Kong Dollar
e. Japanese Yen
f. Singapore Dollar
g. Swiss Franc
h. US Dollar
i. Euro Dollar
j. Korean Won
k. Chinese Yuan
Provided there is proof of foreign currency remittance by the retiree, a copy of which shall be furnished PRA, the retiree shall have the option to open the account in US Dollar or its equivalent in Peso. Furthermore, the bank and the retiree maybe allowed to convert the retiree’s remitted or deposited funds into US Dollar, if allowable, or into Philippine Peso, for purpose of opening the deposit account and maintaining the same. The remitted currency, maybe maintained, provided that it maintains the value of the minimum required deposit.
Q: CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?
A. Yes, for a minimum deposit of US$10,000.00 per PRA Accredited Banks.
Q: CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?
A: Yes, in accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any of the following qualifications:
- Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities, or political subdivision thereof;
- Has established a new industry or introduced a useful invention in the Philippines;
- Being married to a Filipino citizen;
- Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
- Has been born in the Philippines.
Note: For former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 applies.
http://www.pra.gov.ph/main/faq?page=1#gen1
Cebu is one of the provinces of the Philippines. It lies to the east of Negros Island; to the west is Leyte and to the southeast is Bohol province. It is flanked on both sides by the straits of Bohol (between Cebu and Bohol) and Tañon (between Cebu and Negros). Cebu is located between 9°25'N and 11°15'N latitude and between 123°13'E and 124°5'E longitude in the center of the archipelago.
Cebu Island is a long narrow island stretching 225 km (140 mi) from north to south, surrounded by 167 neighboring smaller islands, that includes Mactan Island, Bantayan, Malapascua, Olango and the Camotes Islands. Of the hundreds of small islands some are uninhabited which make them the targets of adventure-seeking tourists.
Cebu is known for its narrow coastlines, limestone plateaus, and coastal plains, all characteristics of a typical tropical island. Cebu also has predominant rolling hills and rugged mountain ranges traversing the northern and southern lengths of the island. Cebu's steep mountains reach over 1,000 meters. Flat tracts of land can be found in towns of Bogo, San Remigio, Medellin, and Daanbantayan at the northern tip of the province.
Its capital is Cebu City, the oldest city in the country, which forms part of the Cebu Metropolitan Area together with 6 neighboring cities Carcar City, Danao City, Lapu-Lapu City, Mandaue City, Naga City and Talisay City and 6 other municipalities. Cebu is served by Mactan-Cebu International Airport in Mactan Island, thirty minutes drive from downtown Cebu City.
Cebu is one of the most developed provinces in the country and the main center of commerce, trade, education and industry in the central and southern parts of the archipelago. It has five-star hotels, casinos, white sand beaches, world-class golf courses, convention centers, and shopping malls.
The UK-based Condenast Travellers Magazine named Cebu the 7th best island destination in the Indian Ocean-Asia region in 2007[1], 8th best Asian-Pacific island destination in 2005, and 7th in 2004.
http://en.wikipedia.org/wiki/Cebu
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