Pag-IBIG Fund OKs benefits package for repatriated OFW

MANILA, Philippines, April 8 ------ The Pag-IBIG Fund has approved a benefits package for repatriated overseas Filipino workers (OFWs) affected by the Middle East war, granting them access to savings and a temporary reprieve from housing loan payments.

Under the program, qualified OFW members can withdraw up to 100 percent of their Pag-IBIG Regular Savings, including employee contributions, employer share and dividends, ahead of the 20-year maturity. The package also allows full withdrawal of Modified Pag-IBIG II (MP2) Savings, inclusive of returns, even before the five-year lock-in period.

Eligible members can also avail themselves of a three-month moratorium on Pag-IBIG Housing Loan payments, free from interest and penalties, with the loan term extended by three months. Pag-IBIG said the initiative forms part of the government’s broader response to the Middle East crisis to ease financial burdens, particularly on displaced Filipino workers. “Through this benefits package, qualified members may access their Pag-IBIG savings and receive temporary relief on housing loan payments, giving them more room to provide for their families and meet urgent needs during this difficult time,” Department of Human Settlements and Urban Development Secretary Jose Ramon Aliling, who also chairs the 11-member Pag-IBIG Fund Board of Trustees, said.

As of February, Pag-IBIG Fund has 891,427 registered OFW members in the Middle East. This includes 86,234 MP2 savers and 40,024 housing loan borrowers, with the largest numbers in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait.

Pag-IBIG said the measures are designed to help affected workers meet urgent household expenses while easing the financial strain of loan obligations as they rebuild their lives in the Philippines. Pag-IBIG Fund CEO Marilene Acosta said the fund is prepared to provide an approved financial assistance package “in a manner that is prompt, accessible and responsive.” “That is why we will make applications for these benefits available online through Virtual Pag-IBIG, while also ensuring that our more than 200 branches, OFW Centers and service offices are ready to assist members and their families,” she said.

The move came after state pension funds rolled out similar relief measures, such as the Government Service Insurance System’s three-month loan moratorium through a refund scheme. The Social Security System is weighing a similar moratorium on loan payments, alongside a condonation program for employers.

Source: philstar.com