MANILA, Philippines – Vice President Jejomar Binay is urging overseas Filipino workers (OFWs), Filipino immigrants, and naturalized citizens to avail of the Pag-IBIG Overseas Program.
The program is a voluntary savings scheme that will allow Pag-IBIG members to set aside money for future housing investments. It is designed specially for overseas Pag-IBIG members.
It provides the members with another savings option that will grant them a higher yield than those given under the Pag-IBIG I membership program.
Filipinos abroad who will avail of the program are required to make a minimum contribution of P500 per month, with a renewable term of 5 years.
Binay said Pag-IBIG membership is mandatory for OFWs, as well as for Filipinos employed by foreign-based employers, whether they are deployed locally or abroad.
“Lahat ng nagtatrabahong Pilipino, sa Pilipinas man o sa ibang bansa, ay dapat magkaroon ng pantay na pagkakataon na makinabang sa lahat ng benepisyong programa ng Pag-IBIG,” he said in a press statement.
“Ginawang mandatory ang membership ng OFWs upang mabigyan sila ng pagkakataon na mag-impok at maabot ang kanilang pangarap na magkaroon ng sariling bahay,” he added.
Binay, who is also the chair of the Housing and Urban Development Coordinating Council, recently went to the Wharton School in the University of Pennsylvania to learn more about housing finance.
He also attended the flag raising and Independence Day parade in New York City.