4.24.2019

Pag-ibig Short Tem Loan after TAV Offsetting

Can I apply for another Pag-ibig Short Term Loan After My TAV has been used to pay my delinquent Short Term Loan? 


Yes.
 But there are two conditions.

 1.   If you have made at least 6 monthly payments BEFORE TAV offsetting, you can apply for another short term loan any time after TAV offsetting. Even immediately after TAV offsetting.

 2.   If you have made less than 6 monthly payments BEFORE TAV offsetting, you have to wait for 2 years before you can apply for another short term loan.

 

Other requirements BEFORE you can apply for a Short Term Loan: 

 . You must have made at least one monthly contribution within the past 6 months.
 .  If you have a Pag-ibig Housing Loan, it should not be delinquent.
 .  If you have a Pag-ibig Calamity Loan, it should not be delinquent.
 .  If you have already claimed your Provident benefits, and later on, started to save again with Pag-ibig, you must have saved at least 24 monthly contributions before applying again for a Short Term Loan.

When Is TAV Offsetting Done?
After 3 consecutive months of non-payment of monthly loan payments.

Is TAV Offsetting Good?
For me personally, I think this is good. Why? Because when the loan is paid, the borrower avoids further interests and penalties.
If the loan is left outstanding, the total loan will balloon after many months of interests and penalties.

Reference:

Pag-ibig Fund
Circular No. 374

To: All Concerned
Subject: Revised Guidelines on the Pag-ibig Multipurpose Loan (MPL) Program Under the Short-Term Loans Management System of the Integrated Information Systems Project (STMLS - IISP).

14.7 Availment of MPL after TAV Offsetting
If TAV offsetting has been effected on the borrower's defaulting MPL, he may apply for a new MPL subject to the following conditions:
14.7.1 
If the borrower has paid at least six (6) monthly amortizations prior to default and its consequent offsetting against the borrower's TAV, the borrower may immediately apply for a new loan, subject to the eligibility criteria provided in these guidelines;
14.7.2
If the borrower has paid less than six (6) monthly amortizations prior to default and its consequent offsetting against the borrower's TAV, the borrower may apply for a new loan only after two (2) years from date of TAV offsetting, subject to the eligibility criteria provided in these guidelines.

Signed February 23, 2017 TEXT
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4.18.2019

Are Pag-ibig MultiPurpose Loan and Calamity Loan the Same?

The Pag-ibig MultiPurpose Loan (MPL) and Pag-ibig Calamity Loan are different,

but they are linked to each other.

You can apply for an MPL while you are still paying your Calamity Loan, or you can apply for a Calamity Loan while still paying your MPL.

But there is a restriction: Your total MPL and Calamity Loan must not exceed 80% of your Total Accumulated Value (TAV).

What is TAV?  Your total money saved with Pag-ibig. 

It consists of:      
      - all your total contributions            
      - all contributions paid by your employer for you            
      - all dividends earned
       
The Calamity Loan is offered ONLY to Pag-ibig members who live in a community devastated by disaster such as flood and storm. The community must be declared by the national government to be in a State of Calamity.


Who Can Apply for a Pag-ibig Short Term Loan (MPL or Calamity Loan)?

You can apply if:

1.  You have made at least 24 monthly contributions or mandatory savings.
2.  You have made at least 1 monthly contribution or mandatory savings in the past 6 months.
3.  If you have a housing loan, it should not be in default.
4.  If you have another short-term loan, it should not be in default.
5.  You can show proof of current source of income.


Image by Gabe Raggio from Pixabay
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Pag-ibig Savings MP2 Better Than



Here are the Dividend Rates for Mandatory or Pag-ibig 1 savings declared for these years:


Year 2013   4.08%

Year 2012   4.17%

Year 2009  5%


Pag-ibig 2 or MP2 Dividend Rates:

Year 2012  4.67%




Dividends are credited to your Total Savings or Total Accumulated Value (TAV)
and are not given to you as cash dividends.

You will get your Total Pag-ibig 1 Savings plus Dividends when you retire.

You will get your Total MP2 Savings Plus Dividends after 5 years or after 10 years if you renewed.

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3.11.2019

Pag-ibig Payment Order Form


This is how the Pag-ibig Payment Order Form looks like:



This Pag-ibig Payment Order Form is used whenever you pay at the Pag-ibig branch:

  • your contributions/mandatory savings
  • or your multi-purpose loan 
  • or your housing loan amortization


You get this form from a Pag-ibig officer at the Marketing Division.  Show your latest payment receipt, or statement of account, or your HDMF ID, the amount you're going to pay, and the applicable month.


                                                PAG-IBIG FUND
                                                _______ BRANCH
                                                Marketing Division  

                                                                                          Date:  ___________

Company Name/Category ___________________________________________
Address:                            ___________________________________________
For the Account of Mr/Ms:
            _________________________ _________________ ______________________
                     Last Name                           First Name                Middle Name

Pag-IBIG ID Number: _ _ _ _-_ _ _ _-_ _ _ _ RTN: _ _ _ _-_ _ _ _-_ _ _ _

Purpose       New Member      Reactivation    MPL        Housing

Remarks: ____________________________________________________

  Month/s Covered                    EE Share               ER Share                 Total Amount
_______________            _____________     _____________        ______________
_______________            _____________     _____________        ______________
_______________            _____________     _____________        ______________

                                                                         GRAND TOTAL      ______________

Prepared by:                                                                    Noted:

_____________________                                              _______________________
                                                                                         Chief, Marketing Division
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Sample Certificate of Early Retirement for Pag-ibig Fund Claim


This is a  SAMPLE CERTIFICATE of EARLY RETIREMENT under COMPANY RETIREMENT PROGRAM
for the purpose of claiming Pag-ibig Provident benefits.

This is in response to some readers asking for a sample certificate that they can use to claim their Pag-ibig Provident benefits under the Early Retirement option.







Take note that you can only claim your Pag-ibig Provident benefits under the Early Retirement option if you have satisfied all of these 3 requirements:

1.  You are at least 45 years old.
2.  You are employed in the private sector.
3.  Your company has a formal employee retirement fund or retirement benefit program and you have availed of and has been granted your early retirement benefit.


This is just a sample certificate. It is NOT Pag-ibig's form. You can revise it to conform to your requirements and situation.


                                             HAPPY CO. 
                                             143 Masaya St., Makati City
                                             Metro Manila 
                                             823-3288
                                             hrdept@happyco.ph   

                                                                           November 11, 2016 

CERTIFICATE of EARLY RETIREMENT under COMPANY RETIREMENT PROGRAM

This is to certify that Susan Masipag, who was employed by our company HAPPY Co., with address at 143 Masaya St., Makati City, from April 1, 1990 to September 8, 2015, has retired from this company on September 8, 2015 under our company's EARLY RETIREMENT PROGRAM. All company retirement benefits due her has been released and issued to her.

This certification is issued upon Ms. Masipag's request for the processing of her Application for Provident Benefits claim from Pag-ibig Fund.     

I affirm that I am the authorized signatory to this certification, and that the foregoing statements are true and correct to the best of my knowledge and belief.
                                                                  
                            Signature of Authorized Company Representative                                             Name of Authorized Company Representative 
                            Designation/Position of Authorized Representative 
                                                   Date Signed 



REPUBLIC OF THE PHILIPPINES) S.S. 
PROVINCE OF __________) 
CITY OF _______________) 

SUBSCRIBED AND SWORN to before me this ____ day of ________, 2016, by above authorized representative ____________________________, who has satisfactorily proven to me his identity through his Identification Card No. _________________, issued by ____________ valid until ______________, that he is the same person who personally signed before me the foregoing certificate and acknowledged that he executed the same. 


                                                                       NOTARY PUBLIC 
Doc. No. _______________; 
Page No. _______________; 
Book No. _______________; 
Series of _______________;

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