The dividends declared represented 70 percent of the 2000 net income of over P2.590 billion, it was announced by Pag-IBIG president and CEO Manuel C. Crisostomo.
Dividend benefit is one of the features of the Pag-IBIG Provident Benefit Program. The other salient features of the program are: the double or triple your money benefit; portability of savings; tax-free; and government-guaranteed savings.
A member may withdraw his total savings with Pag-IBIG, including all dividend earnings credited to his savings upon occurrence of any of the following: membership maturity at 20 years (for new members, the partial withdrawal of savings is allowed after 10 to 15 years of continuous membership provided the member has no outstanding housing loan with Pag-IBIG); retirement (age 45, for those with early retirement plans; age 60, for optional retirement; or age 65, mandatory retirement); permanent departure from the country; permanent total disability or insanity; termination from service due to health reasons as provided by law; or upon death. In case of death, the Fund provides the legal heirs of the deceased member an additional P6,000 death benefit grant.
Provident benefit is only half of the Fund’s twin mandate. The provision of home financing constitutes the other half. Through the Pag-IBIG Expanded Housing Loan Program, active members who have made at least 24 monthly contributions may avail themselves of a housing loan of as much as P2 million, with interest rates ranging from nine percent to 18 percent per annum, depending on the loan amount and payable over a maximum period of 30 years.
In support of President Arroyo’s shelter program and in line with the Housing and Urban Development Coordinating Council’s (HUDCC) policy to make home financing available to all sectors, and Fund was committed to provide home funding to all those who are in need and to strengthen its partnership with other employee-groups regarding their shelter requirements.