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Bacolod City, PhilippinesTuesday, March 20, 2012
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Pag-IBIG Fund declares
over P8.4B in dividends

The Pag-IBIG Fund Board of Trustees has declared of P8.491 billion worth of dividends for 2011, a press release from the agency said.

Vice President Jejomar Binay, who is concurrently Chairman of the Pag-IBIG Board, said that , the amount of dividends is equivalent to 71 percent of the Pag-IBIG’s net income for 2011.

This will be divided among the fund’s 10.2 million members the press release said.

“In effect, individual members’ savings have earned around 4.13 percent for the year. This is definitely higher than what any bank grants to their clients,” Binay said.

Pag-IBIG Chief Executive Officer Darlene Marie Berberabe, said that, based on the Implementing Rules and Regulations of RA 9679 or the HDMF Law of 2009, the Board of Trustees is required to set aside an amount not less than 70 percent of Pag-IBIG’s annual net income to be paid to members in the form of dividends.

“The dividend earnings are proportionately credited to the member’s total savings. We wish to clarify, however, that unlike dividends provided by other financing institution, Pag-IBIG dividends may be withdrawn only at time of membership maturity, together with the member’s personal contributions and the employer share” the Berberabe added.

Dividend earnings are tax-free, the press release said.

Pag-IBIG members may withdraw their total savings which include all annual dividend earnings under any of the following reasons: membership maturity after 20 years and after saving 240 monthly contributions on retirement.

Separation from service due to health reasons; permanent departure from the country; total disability or insanity; or upon the death of the member where his legal heirs shall receive his total savings plus an additional death benefit of P6,000 or an amount equivalent to his total savings, whichever is lower, are also reasons for a members to get their savings.

“We take pride in the fact that the Pag-IBIG Fund has continued to sustain its financial growth through the years, making it one of the strongest and most stable financial institutions in the country today,” Berberabe said.

She said that Pag-IBIG Fund’s growth is not restricted to its finances, because 2011 was a year of changes, growth and action. Its efforts to provide quality service to our members have been recognized when Pag-IBIG became ISO 9001-2008 Certified in 2011, the first among key shelter agencies,” Berberabe also said in the press release.*

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