MANILA, Philippines鈥擣ilipino workers who fled the conflict in Libya may avail themselves of a special assistance package from the Home Mutual Development (Pag-IBIG) Fund, Vice President Jejomar C. Binay said Friday.
The package will allow overseas Filipino workers who are Pag-IBIG members either to withdraw their fund contributions or ask for a moratorium on their payment of contributions and loans, the vice president said.
Binay, chair of Pag-IBIG鈥檚 board of trustees, said the agency decided to approve the special assistance package 鈥渢o extend much-needed relief for our kababayans (countrymen) who have been economically displaced by the Libyan conflict.鈥�
In a statement, Pag-IBIG chief executive officer Darlene Berberabe said the fund recognized how the repatriation of the OFW-members might result in their economic dislocation.
鈥淭here is a need to address the immediate economic concerns and help them cope with their financial needs,鈥� she said.
Under the special assistance program, Berbarabe said members who fled the Libyan conflict will be given the option to withdraw their contributions even prior to the maturity of their savings.
Under Republic Act 9679, Pag-IBIG membership is mandatory for Filipinos employed by foreign-based employers, whether they are deployed locally or abroad.
Under that law, members may only withdraw their contributions upon maturity after 20 years and after making 240 contributions, or under any of the other valid grounds for withdrawal.
These include retirement, separation from service due to health reasons, permanent departure from the country, permanent disability or insanity, and death.
With the special assistance program, members may also opt to continue their membership with the fund and may sign up for a six-month moratorium on payment of their membership contributions, short-term loans or housing loans, provided they are updated with their payments, she said.
For members who opt for a moratorium on their loans, their payments will be suspended for six months at no additional cost to the borrower. No penalty and interest will be charged during the period. Instead, the borrower鈥檚 loan term will be extended for another six months, Berbarabe added.
But the Pag-IBIG CEO stressed that members with outstanding housing loans are automatically ineligible to apply for withdrawal of their savings.
Members in Metro Manila may file their application for the program at the Pag-IBIG International Operations Group located at the Justine Building in Makati. Those in provinces may file their applications with the nearest branch.