OFWs now saving more for their future



Overseas Filipino Workers (OFWs) are starting to allot more of their income into provident
savings, say top officials of savings agency Pag-IBIG Fund.

Vice President Jejomar C. Binay, who heads the Pag-IBIG Fund Board of Trustees, said that
Filipino workers abroad are now saving much more than the P100 required minimum
contribution in Pag-IBIG. Based on the agency’s records from June to August 2013, OFWs are
now setting aside an average of P2,611 per month from their income.

“Sa katotohanan, wala na nga yatang naghuhulog ng P100 lamang. Ilang OFWs pa nga ang
naghulog ng matataas na halaga gaya ng $3,000 hanggang $4,000. Katumbas ng mas mataas
na buwanang Pag-IBIG savings ang mas mataas na ipon at mas malaking halagang maaaring
mahiram sa mga loan programs ng Pag-IBIG,” Binay said.

The OFW-membership is one of Pag-IBIG’s fastest growing segments. The number of OFW
members has grown by 63% annually since 2010. Today, Pag-IBIG Fund has over 3.2 million
members abroad, making up 25% of the total membership of 13.4 million as of June 2013.

Pag-IBIG Fund President Atty. Darlene Marie B. Berberabe said that the agency is currently
running a campaign to encourage members to raise their contributions to receive even bigger
benefits from their savings.

“There was an outstanding directive from our previous (before 2010) Board to raise the
minimum contribution to P200 per month. But when Vice President Binay stepped in as our new
chairman, he decided against it. Instead, he ordered us to expand our membership and
enhance the benefits they receive,” she said.

In June, Pag-IBIG Fund launched the “Dagdag Ipon” Raffle Promo to reward OFWs who save at
least P300 a month.

“This raffle promo will become a regular program of Pag-IBIG Fund for OFWs because we want
to instill a culture of saving. Dahil kapag may itinabi, may madudukot. Walang ibang hangarin
ang Pag-IBIG Fund kundi ang magtatag ng isang matibay na pundasyon para lalong masiguro
ang pinansyal na katatagan ng aming mga miyembro,” said Berberabe.

Twenty-seven OFW-members have won prizes such as a free round-trip ticket to the Philippines
from the country of origin, a vacation package, electronic tablets, and gift checks in the first
preliminary draw held last August 23. Winners have been notified via email, postal delivery mail
and through the contact numbers they provided. The list of winners are also posted online in the
Pag-IBIG Fund website. Non-winning entries will automatically be included in the second draw
on October 25, 2013, and the grand draw on December 20, 2013. Deadline for joining is three
days before the raffle date. For more information on the raffle promo, visit
www.pagibigfund.gov.ph.

“Aside from doubling our home loan packages from P3 million to P6 Million and reducing our
interest rates in our Calamity Loan program last year, we are constantly improving our services.
There still a lot more that we want to do and I assure our members that there are more
incentives coming their way,” Berberabe said.

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