Pag-IBIG Overseas Program

The Pag-IBIG Fund is offering you the Pag-IBIG Overseas Program to provide you with an opportunity to start planning for your family's future today.

So why wait for years when you can build your house today through the Pag-IBIG Overseas Program?

WHAT IS Pag-IBIG FUND?

The Pag-IBIG Fund is a nationwide savings fund established in December 14, 1980, through Presidential Decree No. 1752.

Today Pag-IBIG is one of the strongest financial institutions in the country wih an asset level of over P29 billion. Active membership stands at 1.8 million nationwide. Total membership base is 2.1 million.

As a shelter agency, Pag-IBIG has made possible the construction of over 95,000 housing units all over the Philippines under its various housing load programs.

WHAT IS THE Pag-IBIG OVERSEAS PROGRAM?

The Pag-IBIG Overseas Program was launched to give Overseas Filipinos the opportunity to save for their future and at the same time giving them the chance to avail of a housing loan as much as P500,000 with interest rates ranging from 9%-17% per annum depending on the load amount.

WHO MAY JOIN?

The Program is open to all Overseas Filipinos including immigrants to Canada and the United States and natural born Filipinos who have become Canadian or American citizens.

Requirements for membership application:
• Accomplished Member's Data Form
• Membership contribution payment on a monthly or quaterly basis at your option

Mail or submit the accomplished Member's Data Form to:
Pag-IBIG Overseas Department
6/F Atrium of Makati
Makati Ave., Makati, M.M., Philippines 1200
c/o Vincent N. Nery or Voltair M. dela Rosa

WHAT ARE THE CONTRIBUTION (SAVINGS) RATES UNDER THIS PROGRAM?

IN THE US

Monthly Income	Rate
US $1,000 and below	US $20
Over US $1,000	US $40

IN CANADA

Monthly Income	Rate
C $1,5000 and below	C $30
Over C $1,500	C $60

Member may save highter rates at their option.

The member may remit fund contributions either in US/Canadian dollars or the corresponding Philippine peso equivalent based on the prevailing exchange rate as of payment date.

The member may shift remittance of contributions from US/Canadian dollars to Philippine Pesos at anytime during the term of his Fund membership.

WHAT WILL HAPPEN TO MY SAVINGS?

Your total savings shall enjoy the following features:
Fixed dividends for members with no outstanding loans at the following rates
• 7.5% p.a. on P contributions
• 3.0% p.a. on US$ contributions
• 2.5% p.a. on C$ contributions
Tax-free dividend earnings
Guaranteed by the Philippine Government up to 100%
Portability. Your savings shall remain in your name even if you transfer employers or country of domicile (residence).

WHEN CAN I WITHDRAW MY TOTAL SAVINGS?

Your accumulated savings under the Program may be withdrawn at the end of 5, 10, 15 or 20 years depending on the membership term you opted for upon registration.

Withdrawal of contributions shall be in Philippine Peso, US Dollars or Canadian Dollars depending on which form of currency the contributions were remitted. Hence, all dollar contributions shall be refunded in dollars, and all peso contributions in pesos.

Withdrawals of savings before maturity shall be allowed in any of the following cases:
• Death
• Total Disability / Insanity

WHEN CAN I AVAIL OF A HOUSING LOAN?

You can avail of housing loan under the Overseas Program if you:
• Have been a Pag-IBIG member for at least 6 months
• Have made at least 12 monthly contributions
• Are a contributing member upon loan application
• Are not more than 65 years old at the date of loan maturity
• Have the legal capacity to contract and purchase real property under Philippine laws
• Have no outstanding housing loan except lot purchase loan at the Pag-IBIG Fund either as principal or co-borrower

WHERE CAN I USE MY LOAN?
• House construction on a lot owned by the member
• Purchase of a lot and construction of a house thereon
• Lot purchase not exceeding P 150,000
• Major home improvement
• Refinancing of an existing loan

HOW MUCH MAY I BORROW?

Overseas Program members contributing US$20/C$30 shall be entitled to a maximum loanable amount of P $250,000 while members contributing US$40/C$60 shall be entitled to a maximum loanable amount of P $500,000, subject to the borrower's capacity to pay whereby the monthly amortization of the loan shall not exceed 30% of the monthly family income as evidenced by Income Tax Returns for the past two years.

HOW MUCH IS THE INTEREST RATE?

Interest Rates are as follows:

Loan Amount	Interest Rate
Up to P 150,000	9% p.a. for the entire loan
Over P 150,000 - 225,000	12% p.a. for the entire loan
Over P 225,000 - 375,000	16% p.a. for the entire loan
Over P 375,000 - 500,000	17% p.a. for the entire loan

WHAT IS THE LOAN REPAYMENT PERIOD?

The loan is payable in 5 or 10 years (for contract workers) and is 5, 10, 15, or 20 years (for immigrants and Filipino-Americans/Canadians) with the first payment due on the calendar month immediately following the receipt of the total loan proceeds by the borrower.

INSURANCES

The borrower(s) shall be mandatorily covered by Mortgage Redemption Insurance and Fire Insurance on the property mortgaged for an amount equivalent to at least the loan value of the residential unit and/or its improvements.

LOAN TO VALUE RATIO
• The loan to collateral ratio is equivalent to 90% only
• For loans amounting to P 150,000 and below, however, the loan to collateral value ratio shall be 100% with the exemption of lot purchase loans

LOAN CHARGES
• Processing fee of P 500.0
• Mortgage Adminstration fee of 2% which shall be added to the borrower's loan entitlement
• Registration expenses
• Notarial and documention expenses
• Taces pertinent to the sale and transfer of the property

PARI-PASSU LOAN

A pari-passu arrangement is allowed with any institution acceptable to HDMF.

WHERE CAN I REGISTER AS A MEMBER?

In the Philippines - in any of the Pag-IBIG Fund Offices nationwide.
In the US and Canada - Thru the Philippine Embassy or Consular Office nearest you or accredited/authorized Pag-IBIG coordinator.

WHERE SHALL I DEPOST MY CONTRIBUTIONS?

Contributions can be remitted throug the following:
In Canada: through a pre-authorized debit system of the Bank of Nova Scotia

In the US:
Pag-IBIG lock box at:
Bank of America,
Pag-IBIG Fund
File 719797
PO Box 61000
San Fransciso, CA
94161-1979

Philippine National Bank - New York Branch
556 Fifth Avenue, New York
New York 10036
(PNB is not insured with FDIC)

Any Johnny Air Cargo, Inc. - US Branch

Make Checks payable to Pag-IBIG Fund

Suite 1405, 700 West Pender Street
Vancouver, B.C. V6C 1G8
Tel: (604) 685-7645
Fax: (604) 685-9945
email:vancouverpcg@telus.net