By Maya M. Padillo
The Home Development Mutual Fund (HDMF), more popularly known as the Pag-IBIG Fund urges members both local and overseas to upgrade their savings amounting to at least P600 per month.
To make this more attractive to the members, Pag-IBIG Fund is currently conducting Pag-IBIG Expanded Raffle Promo Part 2, which is open to all qualified Pag-IBIG Fund members with a remittance of upgraded Pag-IBIG 1 savings amounting to P600 per month covering the period of June 2017 onwards. The transaction dates shall be from July 1, 2017 to March 31, 2018.
Davao South branch head Nolina Ortizo in an interview said the raffle promo aims to convince the members to upgrade their savings. RA 9679 also known as Home Development Mutual Fund Law (HDMF) of 2009, otherwise known as Pag-IBIG Fund mandates the compulsory membership of all employees regardless of employment status of a monthly membership fee of P100 from the employer and P100 from the employee.
“Para ma-convince ang members to save more in the future. Kay dili man gud ni (P600) under RA 9679 that only mandates P100 pero kung tan-awon nimo unsa lang na ang P100 karon? In one year time gamay-gamay lang ang ma save so we encourage members to save more. filipinos are not too keen on savings that is why we encouraged to save higher so that when they are no longer productive they have savings,” Ortizo told Mirror.
Ortizo said with P600 member can avail higher loan. Member should also register in Pag-IBIG Fund to avail the promo. She also said the raffle promo is actually part 2 of the raffle promo last year intended for OFWs that ended around May.
“Maybe this is effective as the national office decided to extend the promo. This expanded promo is offered to all members even those who are not OFWs,” she said.
Two electronic raffle numbers will be issued for every P600 Pag-IBIG 1 savings per month. The raffle number with a letter prefix will be included in the raffle draw of consolation prizes while the other raffle number without a letter prefix will be included in the raffle draw of cash prizes. The letter prefixes in the raffle numbers which will be electronically generated, correspond to the group where the member is paying his savings.
One bonus electronic raffle number without a letter prefix will also be issued to a member upon registration to the raffle promo (one time only) and upon validation of the initial remittance of the required upgraded Pag-IBIG 1 savings.
Modified Pag-IBIG II (MP2) savings, upgraded Pag-IBIG 1 savings which are part of housing loan amortizations and Pag-IBIG 1 savings reclassified due to overpayment of short-term loan amortizations are excluded from the raffle promo.
A Pag-IBIG member will receive an initial email from the Pag-IBIG Fund to confirm his/her successful registration to the raffle promo.
There will be a total of nine raffle draws with the corresponding dates and prizes: this year August 25, September 29, October 27, November 24 and December 14; in 2018 January 26, February 14, March 23 and the grand draw on May 1, 2018.
The prizes are P1 million cash for the grand winner, P500,000; P250,000; and P100,000. An Oppo F3 plus smartphone will be given as consolation prizes.