Saturday, December 15, 2007

One more way for OFWs to save money

This one is for our overseas Filipino workers. For as little as US$5 a month, they can get into a government guaranteed savings program which entitles them to dividends and the opportunity to apply for a housing loan of P500,000 or more. I am talking of course of the Pag-IBIG's Overseas Program.

The program is a voluntary savings program which aims to provide Filipino overseas contract workers, immigrants, permanent residents and seafarers the opportunity to save for their future and avail of a housing loan of as much as P2,000,000.

To register, they only need to accomplish and submit the Member's Data Form (MDF) together with the required membership contributions. Also required to be attached is their passports or contracts, and a 1" x 1' ID photo.

The program is a good deal for OFWs because the required monthly contribution is very very small, probably even less than what they pay for a bottle of mineral water abroad, compared to the benefits, like the opportunity to apply for a housing loan at as low as 6 percent interest.

The loan can be pretty handy for those who plan to build their dream homes and retire in the Philippines. In addition, their total contributions plus all dividends earned will be returned to them in due time as their savings. That's another way for them to hide away money for the future.

For inquiries, contact the Pag-IBIG International Operations Group (PIOG) at 6th Floor Justine Building, No. 317 Sen. Gil Puyat Avenue, Makati City 1200 Philippines, with telephone nos. 8938874, 8178524, 8920643 and 8924382, and the email address They may also inquire at Pag-IBIG Overseas Program offices/desks in various Philippine posts abroad.

1 comment:

Remitter said...

I am sure you have heard about the LNTCDs which are gaining a lot of attention thanks to the benefits that are being offered through them to the OFWs and their families. I was reading some very interesting articles on this and was prompted to write something on similar lines on I found that the LandBank has indeed struck the right chord and the Filipinos are welcoming this move. Not only the OFWs but also the local Filipinos are liking the idea.