ALL CONCERNED - Pag

Pag-IBIG FUND
Corporate Headquarters
Petron MegaPlaza Bldg.,
358 Sen. Gil Puyat Avenue
Makati City
CIRCULAR NO. 324
TO:
SUBJECT:
ALL CONCERNED
GUIDELINES ON THE WITHDRAWAL OF PAG-IBIG II SAVINGS
Pursuant to the approval of the Pag-IBIG Fund Board of Trustees in its 289th
Board Meeting held last 22 November 2012, the following Guidelines on the
Withdrawal of Pag-IBIG II Savings are hereby issued:
A. OBJECTIVES
This program aims to meet the following objectives:
1. To allow Management to discontinue programs and develop new ones that are
responsive to prevailing economic conditions and beneficial to the Fund and the
members;
2. To provide standard
savings;
and uniform policies on the withdrawal
of Pag-IBIG II
3. To allow Pag-IBIG II members to withdraw their savings from the Fund prior to
membership maturity; and
4. To encourage membership under Pag-IBIG I Membership Program.
B. COVERAGE
These guidelines shall cover members registered under the Pag-IBIG II Membership
Program, whose membership:
1. Has not yet reached maturity in accordance with the chosen term; or,
2. Has reached such maturity but failed to withdraw the savings. In case the
member failed to indicate any membership term, the default term of five
(5) years from date of initial membership
contribution
under
Pag-IBIG II shall be adopted. If such account has already exceeded five
(5) years, said account shall be considered to have matured.
C. GROUNDS FOR TERMINATION OF MEMBERSHIP UNDER PAG-IBIG II
Membership under the Pag-IBIG II Program shall be terminated based on any of the
following grounds:
1. Voluntary withdrawal of his savings under Pag-IBIG II even if the member's
account has not yet reached the maturity based on his chosen membership term;
2. Death;
3. Total Disabilityllnsanity;
4. Separation from service by reason of health as provided by law;
5. Membership maturity under Pag-IBIG II.
D. MECHANICS
1. Pag-IBIG Fund shall issue a notice to the member at his last known address
informing him of his savings and corresponding dividends under Pag-IBIG II.
1.1 Pag-IBIG II members who have reached membership maturity but have yet to
withdraw their savings shall be informed that their membership under the said
program shall be deemed terminated on the date of receipt of notice on
Pag-I BIG II Membership Status (HQP-PFF-081) and that they can already
claim their savings. A default term of 5 years shall be given to a Pag-IBIG II
member if he has failed to indicate his membership term.
1.2 Pag-IBIG II members whose membership term has not yet matured shall be
given the option to terminate their membership and withdraw their savings
prior to membership maturity.
2. A general notice on allowing the withdrawal of contributions under the Pag-IBIG II
Membership Program shall be posted on Pag-IBIG Fund website within thirty (30)
days from the issuance of these guidelines.
3. The Pag-IBIG branch/unit shall process the withdrawal of savings upon filing of
application by the member.
E. OTHER PROVISIONS
1. A member with existing housing loan under Pag-IBIG II but who is not yet
registered under the Pag-IBIG I Membership Program may be allowed to
withdraw his savings under Pag-IBIG II Membership Program; provided that the
said member shall register under Pag-IBIG I Membership Program.
The member-borrower shall continue paying his loan amortization, inclusive of
principal, interest and insurance premiums until full payment of his housing loan
obligation. Likewise, he shall also be required to pay monthly savings under the
Pag-IBIG I Membership Program for the remaining term of his housing loan.
2. A member who formerly transferred his savings from Pag-IBIG I to Pag-IBIG II
shall be required to register under Pag-IBIG I Membership Program if he is
mandatorily covered under the Republic Act No. 9679. This shall commence from
the termination of his membership under the Pag-IBIG II program.
3. If the member's Pag-IBIG II savings matures after issuance of clarificatory
memorandum on the Renewal of Maturing Pag-IBIG II Accounts under HDMF
Circular No. 72 on 05 March 2010, and he did not withdraw nor renew it under
Modified Pag-IBIG II (MP2) Program, such savings shall cease to earn dividends
under the Pag-IBIG II Membership Program. Instead, its subsequent dividends
shall be based on variable rates declared for Pag-IBIG I until receipt of notice on
Pag-IBIG II Membership Status (HQP-PFF-081) or date of filing of application for
withdrawal of savings, whichever comes first.
F. ESCALATION CLAUSE
Any issue that may arise in the interpretation and implementation of these guidelines
shall be resolved by the Department Manager III or escalated to the next higher level
of authority.
G. REPEALING CLAUSE
All memoranda, rules, regulations, and other issuances inconsistent
hereby repealed, amended or modified accordingly.
herewith are
H. EFFECTIVITY
This Circular takes effect immediately.
~~4u
ATTY. DARLENE MARIE B. BERBERABE
Chief Executive Officer
Makati City,
January 4
, 2013