The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund, launched a scheme that will offer homes to overseas Filipino workers (OFWs) based on their requirements.
Pag-IBIG Fund senior vice president for Provident Fund Operations Ophelia Dela Cerna, during the Southern Mindanao Developers Forum in Davao City, said the program is covered under the Pag-IBIG Home Matching Program (PHMP) for Overseas Filipino Workers.
She said the Fund under its Pag-IBIG Overseas Program (POP) has some 312,000 OFW members spread out in the different parts of the globe even as she admitted that they had difficulty matching the needs of OFWs with existing developers.
“These OFWs do not know the locations of these projects hence the PHMP is a good mechanism to promote housing projects to them,” she said. Dela Cerna said their members are in Europe, Asia Pacific, Rome, London, Netherlands, Middle East. Hong Kong, Singapore and Brunei, just to name a few.
She said with regards to their members in the Middle East comprising 35 percent, these are mostly skilled or construction workers but, in Kuwait, most of them are domestic workers and in other services sector like restaurants and hotels.
In London, she said, are mostly professionals where 65 percent of them are nurses. She said these are big potential market who would invest in housing.
The program is open to both land-based/sea-based OFWs and Filipino immigrants and those naturalized in other countries where Pag-IBIG Fund shall invite developers with exciting Funding Commitment Agreement (FCA) to participate under the PHMP.
The participating developers shall submit basic information of all projects that will be included in the PHMP and both the Fund and the developer shall enter into a Memorandum of Agreement for the implementation of the program.
Among others, the program shall provide OFWs relevant information specific to the projects of the PHMP registered developers, that meet their preferences, based on the following parameters: location, type of unit and affordability level; maintain housing databases and monitor status of accounts/referrals based on reports submitted by the developer; organize housing fairs and participate in activities coordination by Filipino communities abroad; conduct housing loan counseling to prospective member-borrower, etc.
In order for the OFWs to regularly check on housing projects, Dela Cera said a PHMP website has been designed for easy access at www.pagibigfund.gov.ph/hmp.