3.19.2016

Can an OFW or Voluntary Member Apply for Pag-ibig Salary Loan?


Yes, an OFW or Voluntary member or individual payor can apply for a Pag-ibig Salary Loan or Multi-Purpose Loan (MPL) or Short-Term Loan, as long as the member is eligible and able to submit the required documents.

You are eligible for the loan if:

1. You have at least 24 monthly savings with Pag-ibig 1 (mandatory Pag-ibig program).
2. You have 5 monthly savings within the last 6 months prior to your loan application.
       (Update as of Dec 2016: 1 monthly savings na lang within the last 6 months)
3. If you have a Pag-ibig housing loan, your housing loan must not be in default.
4. If you have an existing MPL or calamity loan, your loan must not be in default.

Documents Required:

1.  Multi-Purpose Loan Application Form
2.  Photocopy of at least 2 valid IDs
3.  Photocopy of proof of income.
    Can be any of the following:
     -  Business permit or mayor's permit
     -  Sales commission vouchers
     -  Other valid proof of income

    The following proofs of income are not in Pag-ibig's list, but you can try presenting them:
    - Receipts of money transfer from your employer, if you're working online as a tutor, writer or web developer, etc.
    - Certification of your source of income from your barangay, city hall, vendors' association, transpo association or trade association
    -  For OFWs, Pag-ibig did not specify documents, but try presenting a copy of your current OFW job contract, or your latest payslips, or your latest salary vouchers.

4.  If in the loan application form, you checked the option to receive your loan proceeds through your cash card or atm account, present your cash card or atm card for verification.

5.  If you're an OFW applying through your representative, your representative needs to submit the following:
   - Notarized Special Power of Attorney (SPA) from you
   - At least 2 of your valid IDs
   - At least 2 valid IDs of representative
 
Remember:
Bring the original copies of all documents for verification.

How much can you borrow?

It depends on your number of monthly savings:

24 to 59 monthly savings          up to 60% of total savings and dividends (TAV)
60 to 119 monthly savings        up to 70% of TAV
120 or more monthly savings    up to 80% of TAV

If you have an existing MPL, your outstanding loan balance will be deducted.
If you have an existing calamity loan, your outstanding balance will not be deducted, but your overall total loan must not exceed 80% of your TAV.
Pag-ibig will also consider your capacity to pay, based on documents submitted.


Here is Pag-ibig Fund's Special Power of Attorney (SPA) form

See here a list of valid IDs accepted by Pag-ibig Fund 

Notes for OFWs:
1.  If there's a Pag-ibig office in the city/country where you are, you can file your loan application there.  This saves you  the expense of procuring a SPA.  
2.  You can time your loan application during your vacation.
      In the loan application form, choose the option of getting your loan proceeds through your cash card or atm account. Make sure your cash card or atm account is active so you can get your money even if you have already gone back overseas.
      You can withdraw your money abroad only if your cash card or atm card has a Mastercard logo or Visa logo, and has been activated, meaning you have changed your PIN, or have made a balance inquiry or have done a withdrawal here in the Philippines.

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