Transcription of Corporate Headquarters Petron MegaPlaza ... - Pag-IBIG Fund
1 PuyatAve.,MakatiCityCircularNo. 407TO:ALLCONCERNEDSUBJECT:AMENDEDGUIDELI NESFORMODIFIEDPag-IBIGII (MP2)MEMBERSHIPPROGRAMP ursuantto the approvalof the Pag-IBIGFundBoardof Trusteeson its 2018-03 BoardMeetingheldlast 19 April2018,the AmendedGuidelinesfor ModifiedPag-IBIGII (MP2)MembershipProgramare provideflexibilityandconvenienceto the memberin managinghis/hersavingswiththe allowmembersof a shortersavingsschemewitha ModifiedPag-IBIGII (MP2)Programshallbe voluntaryuponthe Pag-IBIGI members,regardlessof theirmonthlyincome; memberswithothersourceof monthlyincomeand/orPensioners,regardless of age,withat least24 a personwhohasretiredandarereceivingpensio nunderthe following: RepublicAct(RA)8282(SocialSecurityActof 1997).
2 RA 8291(TheGovernmentServiceInsuranceSystem Actof 1997); RA 660(Magic87); RA 1616(GratuityBenefit); RA 7699(PortabilityLaw); PresidentialDecree(PO)1146(Pensionor CashPayment);1 PD1650( and5 of "Establishinga NewSystemof RetirementandSeparationforMilitaryPerson nelof theArmedForcesof thePhilippinesandforOtherPurposes); RA 8551(PhilippineNationalPoliceReformandRe organizationActof 1998); RA 9263(Bureauof FireProtectionandBureauof JailManagementandPenologyProfessionaliza tionActof 2004); RA 9993(PhilippineCoastGuardLawof 2009);and RA 9946(AnActGrantingAdditionalRetirement,S urvivorship,andOtherBenefitsto Membersof theJudiciary, ,ProvidingFundsThereforandfor OtherPurposes). minimumof FiveHundredPesos( ),whichshallbe recordedas of ,shoulda membermakeaone-timecontributionthatexcee dsFiveHundredThousandPesos(P500, ),he/sheshallbe requiredto makesuchpaymentvia personalormanager' MP2accountsopenedunderthisAmendedGuideli nes,shallbe entitledto flexibledividendrateshigherthanthatof Pag-IBIGI, whichshallbedeclaredafterthenetincomehas beencomputedandapprovedby theBoardof pointof applicationunderthenewAmendedGuidelines, themembermayopt to havean annualdividendpayoutor compoundingof dividends.
3 Dividendsare maturityshallceaseto ,its subsequentdividendsshallbebasedon the ratesdeclaredfor Pag-IBIGIfor the nexttwo(2) ,the sameshallbe reclassifiedas withdrawalof MP2savingsby Pag-IBIGI members,priorto maturity,shallbe allowedunderanyof the insanity; reasonof health; the memberor of anyof his/herimmediatefamilymember; ; country; unemploymentlimitedto layoffand/orclosureof company; the memberor any of his immediatefamilymember,as certifiedby a licensedphysicianunderoneof thefollowingcategories,subjectto theapprovalof theDCEO- ; ; ; ; ; OFWmemberfromhostcountry; maybe approvedfor by the Pre-terminationor withdrawalof MP2savingsby Pensioners,priortomaturity,shallbe allowedunderany of the insanity; the memberor of anyof his/herimmediatefamilymember; country; the memberor any of his immediatefamilymember,as certifiedby a licensedphysicianunderoneof thefollowingcategories,subjectto theapprovalof theDCEO- ; ; ; ; ; maybe approvedfor by the A memberwhooptsfor compoundingof dividendsandlaterdecidestopre-terminateh is/herMP2membershipfor reasonsotherthanthosestatedin hereof,shallonlybe entitledto 50%of the totaldividendearnedas penaltyfor the pre-terminationof A memberwhooptsfor annualdividendpayoutandlaterpre-terminat eshis/herMP2membershipfor reasonsotherthanthe hereof, RELEASEOF MP2 SAVINGSANDDIVIDENDS1.
4 ThememberundertheModifiedPag-IBIGII whooptsfor compoundingofdividends,shallbe entitledto receivehis/herTotalAccumulatedValue(TAV) underthisprogramat the endof the five(5) his contributionsandits A memberwhoprefersfor annualdividendpayoutshallreceivetheannua ldividendswhichshallbe creditedto the member'ssavingsor checkingaccountfromtheLandBankof thePhilippines(LBP),DevelopmentBankof thePhilippines(DBP)andotherbanksas maybe accreditedby the ,his/hercontributionsshallbe releasedat the endof the five(5) For memberswhoopt for annualdividendpay-outbut haveno Philippinebankaccount,especiallyin thecaseof overseasmembers,thesaiddividendsshallbe treatedas AccountsPayable,whichcanbe For an MP2memberwhoenrolledunderCircularNo.
5 276anddecidestohavean annualdividendpayout,the membershallpre- RENEWALU ponmaturity,shouldthe memberdecideto continuehis/heravailmentof MP2program,thereis a needfor the memberto applyfor a OTHERPROVISIONS1. MultipleMP2accountsshallbe allowedprovidedthe TheMP2 Programshallbe solelya ,membersundertheprogramshallnot be entitledto availof any of the fund 'slendingprogramsunlesshe/sheis alsoan activememberunderthe Pag-IBIGI andsatisfiesthe eligibilitycriteriaset by the TheImmediateFamilyMemberas citedin (OtherProvisions)of theGuidelineson theAdditionalGroundsfor MembershipTerminationofPag-IBIGI Membership,includesany of the includedinsofaras applicationsforwithdrawalof savingsof theiradoptivemothersor RESOLUTIONOF ISSUESA nyissuein the interpretationandimplementationof thisGuidelinesshall,as muchas possible,be resolvedby therebysatisfactorilyresolvedshallbe escalatedto the ,rules,regulationsandotherissuancescontr aryto orinconsistentwiththe provisionsof thisGuidelinesare herebyrepealed, EFFECTIVITYThisCirculartakeseffectafterf ifteen(15)daysfollowingthecompletionof itspublicationin the OfficialGazetteor in a newspaperof generalcirculation.
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