Main menu:
Attached Agencies
The Pag-IBIG Fund Overseas Program (POP) in Milan and Northern Italy
1. What is the Pag-IBIG Fund Overseas Program (POP)?
The Pag-IBIG Fund Overseas Program (POP) is the voluntary program of the Home Development Mutual Fund (HDMF), more popularly known as Pag-IBIG Fund, which aims to provide overseas Filipino workers and immigrants the opportunity to save for the future thru our Savings Program and the chance to avail of housing loan benefits thru our Housing Loan Program.
2. What is the POP Savings Program?
To be able to save, the member will make monthly contributions in the amount of PhP200 to PhP1,450 or about €3 to €25 (depending on the exchange rate at the time of payment) for a minimum of five (5) years. No penalty or charge shall be imposed on the member in case he/she misses a monthly contribution. The member shall only be encouraged to update the delayed monthly contributions.
After five years when the membership has matured, the member may be able to withdraw all the contributions made plus the dividends earned for the entire 5-year membership term, which is based on the surplus earnings of Pag-IBIG Fund. The said contributions shall not be subjected to any withholding tax. Membership may be renewed his/her membership for another five years.
3. What is the POP Housing Loan Program?
The POP Housing Loan Program makes available to its member housing loans in the amount of PhP100,000 to PhP3,000,000. This amount may only be used for the following purposes: a) purchase of a residential lot/land; b) purchase of a residential unit (house & lot); c) house construction; d) home improvement; and e) a combination of the said purposes. Interest rates for housing loan ranges from 6% to 11.5% per year depending on the amount loaned and may be paid for a term of five (5) to thirty (30) years.
To summarize:
Loanable Amount------------------------------Interest Rate
Php 400,000 and below---------------------------- 6%
Above PhP 400,000 to PhP 750,000----------------7%
Above PhP 750,000 to PhP 1,000,000--------------8.5%
Above PhP 1,000,000 to PhP 1,250,000------------9.5%
Above PhP 1,000,000 to PhP 1,250,000------------9.5%
Above PhP 1,250,000 to PhP 2,000,000------------10.5%
Above PhP 2,000,000 to PhP 3,000,000------------11.5%
To be able to avail of our housing loan benefits, the member must have completed contributions for two (2) years or 24 months. Should the member wish to apply for a housing loan immediately, lump-sum payments of the two-year contributions are allowed.
To Illustrate:
Membership Contribution----Loanable Amount----2-year lump-sum payment
€ 5 or PhP 350------------------Php 750,000------------ € 120 or PhP 8,400
€ 10 or PhP 650----------------Php 1,400,000---------- € 240 or PhP 15,600
€ 15 or PhP 950----------------Php 2,000,000---------- € 360 or PhP 22,800
€ 20 or PhP1,300---------------Php 2,700,000---------- € 480 or PhP 31,200
€ 23 or PhP1,450---------------Php 3,000,000---------- € 550 or PhP 34,800
4. What are the requirements for membership in the POP?
To become a member of the POP, the applicant, aged 18-65 years old, shall be required to accomplish the Membership Data Form (MDF) which is available at the POP Office. Applicants are encouraged to bring their valid Philippine Passport and are advised to know the maiden name of his/her mother for registration purposes. The first membership contribution may be made upon application.
5. What are the requirements for housing loan application in the POP?
After payment of the 2-year monthly contributions, the member shall be required to bring to the POP Office the following documents for pre-processing:
(In case the applicant is married and the spouse is in Italy, the spouse shall also be required to appear at the POP Office and present his/her valid Philippine Passport).
After the initial documents have been prepared, the member-applicant shall send all the original documents to his/her representative named in the SPA for filing and processing at the nearest Pag-IBIG Fund office or branch.
FOR INQUIRIES:
Atty. EDUARDO L. LABO, JR.
Information Officer
POP Milan and Northern Italy
Philippine Consulate General in Milan
Via Stromboli 1, Milan, Italy
Direct Line: 02-43510205