Pag-IBIG Fund has introduced a special assistance package for thousands of overseas Filipino workers (OFWs) repatriated due to escalating tensions in the Middle East. The program allows displaced workers to withdraw their regular and MP2 savings before maturity and provides a three-month moratorium on housing loan payments.
Background and Approval
Domingo Jacinto Jr., vice president for the Public and Member Relations Group and Strategic Marketing Group, said the program was approved following a directive from President Ferdinand Marcos Jr. to provide immediate financial relief to displaced Filipino workers and support their reintegration. Officials estimate that 4,000 to 6,000 OFWs who have already been repatriated are currently eligible for the financial relief, which forms part of a broader government reintegration effort.
Forms of Assistance
Jacinto said the special benefits package consists of three major forms of assistance designed to help repatriated OFWs recover financially while they look for new jobs or start small businesses.
First, affected workers may withdraw their regular Pag-IBIG savings, including earned dividends, even before the 20-year maturity period. Members with MP2 savings are also allowed to withdraw their funds before the five-year maturity period, giving them immediate access to cash.
“The first two benefits are meant to provide them with cash assistance so they can get by in the coming months while looking for work or starting a business,” Jacinto explained. In addition, OFWs with housing loans under Pag-IBIG may apply for a three-month moratorium on loan payments, providing temporary relief from monthly amortizations. “The three-month moratorium gives them peace of mind, so they do not have to worry about paying their housing loans while adjusting to their new situation,” Jacinto said.
One-Government Approach
The program forms part of the government’s reintegration efforts under its “one government approach,” in coordination with the Department of Migrant Workers and the Overseas Workers Welfare Administration. Jacinto said there are about 900,000 OFWs in the Middle East, with nearly 90,000 enrolled in Pag-IBIG’s MP2 savings program. He added that the special assistance package is already available, and qualified OFWs may apply at any Pag-IBIG branch nationwide or online through the Virtual Pag-IBIG platform. “With this special benefits package, repatriated OFWs can access their savings and receive temporary relief on their housing loans so they can recover financially and rebuild their lives here in the Philippines,” Jacinto said.
