11 September 2010


Pag- Ibig ng Pamahalaan ( HDMF)

The Philippine government has declared  Home Development Mutual Fund membership mandatory  to all OFWs based on Republic Act 9679.  The program offered provident savings that earns yearly, The benefits of the program include a housing loan amounting  to a maximum of 3 million pesos, an entrepreneurship loan, livelihood, educational, home improvement loan and other needs. In order to avail the said program you should pay HDMF or Pag- Ibig a monthly premium that varies according to your monthly salary. 

Pag-Ibig Fund is the most stable provident fund in the Philippines since it was established in 1980's. This government program has been a milestone for all OFWs who find it difficult to manage their savings or to those who find it difficult to acquire a housing loan. The interest in Pag-Ibig housing loan is so minimal compared to other financing agencies. A maximum of 11% interest yearly for a every housing loan approved.

OFWs might find this mandatory membership another burden to their financial management as an extra payable but on the brighter side it is a forceful savings that will earn  provident on specified period of time. As an OFW it is wise enough to think of the future and save for the future. Being an Overseas worker you intended to work hard and save, now it is your chance to put your savings in a more stable financial organization that is even protected by the government.

For more information on the Pag- Ibig fund you may contact Philippines Embassy or consular office nearest  you.

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