PAG IBIG FUND Housing Loan Seminar | Home Development Mutual Fund
The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund (Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno), was created by virtue of Presidential Decree No. 1530 on June 11, 1978.
To provide its members with adequate housing through an effective savings scheme, Pag-IBIG Fund harnesses these four sectors of Philippine society: financial institutions, the industrial sector, the government, and the Filipino people. The Fund was created to address two of the nation's basic concerns: (a) the generation of savings and (b) providing shelter for Filipino workers.
Under the presidential decree, two (2) agencies administered the Fund. These were the Social Security System (SSS), which handles funds of private employees, and the Government Service Insurance System (GSIS), which handles funds of government workers. By virtue of Executive Order No. 527, the administration of the Fund was transferred to the National Home Mortgage Finance Corporation (NHMFC) on March 1, 1979. To further strengthen the stability and viability of the two funds, Executive Order No. 538 was issued by President Ferdinand E. Marcos on June 4, 1979 merging the two funds into what is now known as the Pag-IBIG Fund.
Months after the assumption to power of President Corazon C. Aquino, Pag-IBIG contributions were suspended from May to July 1986. But on August 1, 1986, Pres. Aquino "directed" the resumption of Pag-IBIG membership under Executive Order No. 35. Membership was still on a mandatory basis but under more liberal terms. Then, on June 17, 1994, President Fidel V. Ramos signed Republic Act 7742 which reverted the nature of Pag-IBIG membership to mandatory effective January 1, 1995.
Source: http://en.wikipilipinas.org/index.php...
MANDATORY MEMBERSHIP
All employees who are or ought to be covered by the Social Security System (SSS), provided that actual membership in the SSS shall not be a condition precedent to the mandatory coverage in the Fund. It shall include, but are not limited to:
A private employee, whether permanent, temporary, or provisional who is not over sixty (60) years old;
A household helper earning at least P1,000.00 a month. A household helper is any person who renders domestic services exclusively to a household such as a driver, gardener, cook, governess, and other similar occupations;
A Filipino seafarer upon the signing of the standard contract of employment between the seafarer and the manning agency, which together with the foreign ship owner, acts as the employer;
A self-employed person regardless of trade, business or occupation, with an income of at least P1,000.00 a month and not over sixty (60) years old;
An expatriate who is not more than sixty (60) years old and is compulsorily covered by the Social Security System (SSS), regardless of citizenship, nature and duration of employment, and the manner by which the compensation is paid. In the absence of an explicit exemption from SSS coverage, the said expatriate, upon assumption of office, shall be covered by the Fund.
An expatriate shall refer to a citizen of another country who is living and working in the Philippines.
All employees who are subject to mandatory coverage by the Government Service Insurance System (GSIS), regardless of their status of appointment, including members of the judiciary and constitutional commissions;
Uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police;
Filipinos employed by foreign-based employers, whether they are deployed here or abroad or a combination thereof.
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