- Guidelines on the Withdrawal of Pag-IBIG II Savings
- HDMF Circular No. 324-12
January 4, 2013
HDMF CIRCULAR NO. 324-13
|SUBJECT||:||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:
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 and uniform policies on the withdrawal of Pag-IBIG II savings;
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.
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. CTHDcE
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;
3. Total Disability/Insanity;
4. Separation from service by reason of health as provided by law;
5. Membership maturity under Pag-IBIG II.
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. cDAEIH
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-IBIG 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. SaIHDA
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
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 herewith are hereby repealed, amended or modified accordingly.
This Circular takes effect immediately.
Makati City, January 4, 2013. cHAaCE
(SGD.) ATTY. DARLENE MARIE B. BERBERABE
Chief Executive Officer