SEDPI Foundation, Inc. inks partnership with Home Development Mutual Fund (HDMF), or more popularly known as Pag-IBIG Fund, to provide social welfare services to its members.
Pag-IBIG Fund answers the need for a national savings program and an affordable shelter financing for the Filipino worker. It is mandatory for all Filipinos with monthly income of at least PhP1,000 to become Pag-IBIG Fund members. Thisnot only formally-employed but also self-employed and from the informal sector. SEDPI Foundation provides an avenue for its members from the informal sector to also become Pag-IBIG Fund members. Currently, 1,077 SEDPI members have registered as members of Pag-IBIG Fund.
For those with maximum monthly compensation of PhP5,000, monthly savings with Pag-IBIG Fund is PhP100. With the partnership between SEDPI Foundation and Pag-IBIG Fund, however, members of both institutions only need to pay PhP20 per month or PhP5 per week. Contributions are paid during weekly group meetings held within the barangay where the members live. This saves them costs in visiting the nearest Pag-IBIG Fund branch, which is one town away, at best.
As members, they gain access to Pag-ibig Funds affordable housing program. This gives them the opportunity to avail housing loan as much as PhP450,000 with only 3% interest per annum. This loan amount will already give them enough funds for purchase of lot or house and lot, house construction, or home improvement. This can be paid up to thirty (30) years. Other financing options for them offers loan amount ranging from PhP10,000 to PhP50,000 at 15% interest per annum, paid within one year.
Benefits as Pag-IBIG Fund members complement services and benefits provided by SEDPI Foundation. Members of SEDPI Foundation consists mainly of microentrepreneurs based in CARAGA region engaged in trading, service, food production, agriculture, and manufacturing. They get access to working capital loan through SEDPI Foundation’s sister company, SEDPI Development Finance Inc. They also receive gain positive returns and social welfare services, like death and hospitalization benefits, from their membership fees.
SEDPI Foundation’s partnership with Pag-IBIG Fund is a step closer to the foundation’s vision of financial empowerment and financial inclusion for Filipinos. Visualizing the outcome of this program, Mr. Vince Rapisura, President of SEDPI Foundation, Inc. said, “Sa tulong ng SEDPI Foundation at Pag-IBIG Fund abot-kamay ang magkabahay o magkabahay at lupa sa lahat ng SEDPI members.”