Home Development Mutual Fund/Pag-IBIG Fund

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    Date: 2022-01-21 11:15:19.245695


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Query regarding Modified PAGIBIG (MP2) and Virtual Account

Requested from HDMF by k. coronel at 11:15 AM on Jan 21, 2022.
Purpose: Research
Date of Coverage: 01/21/2022 - 01/21/2022
Tracking no: #HDMF-784235533483

coronel 11:15 AM, Jan 21, 2022

Hello! I would like to inquire about the following information regarding Modified PAGIBIG (MP2) and Virtual Account:

1.	What is the cause of the issue of being unable to link your Union Bank Loyalty Card Plus to your own Virtual Account?

2.	Follow-up question to number 1. Are there any expected dates when the issue will be resolved?

Question related to MP2:

3.	What about the PAG-IBIG member who does not have a registered bank in PAG IBIG? How will the member receive their annual pay-out from their MP2 savings?

Thank you for taking the time to assist me with these questions.

Officer 11:06 AM, Jan 26, 2022

January 26, 2022

Dear keinth,

Thank you for your request dated Jan 21, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Query regarding Modified PAGIBIG (MP2) and Virtual Account.

We received your request on Jan 21, 2022 and will respond on or before Feb 11, 2022, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtNzg0MjM1NTMzNDgzDA, for request with ticket number #HDMF-784235533483.

Thank you.


FOI Receiving Officer
FOI Officer

Pimentel, Jr. 11:14 AM, Jan 26, 2022

26 January 2022


This refers to your eFOI request received on 21 January 2022 sent to the eFOI portal of the Home Development Mutual Fund (Fund) wherein you inquired about the following information:

1.	The cause of being unable to link the Union Bank Loyalty Card Plus to the Virtual Account;
2.	Are there any expected dates when the issue on Item 1 might be resolved; and
3.	How will a Pag-IBIG Fund Member, who does not have a registered bank with Pag-IBIG Fund, receive their annual payout from the MP2 Savings.

Our Office deemed it proper to raise this matter to and confer with the operating units concerned – the Data Center Department and Member Services Sector Support Unit (MSSSU). 

With regard to Items 1 and 2, our Data Center Department stated that there were technical issues encountered while enabling the linking of Unionbank Loyalty Card Plus with the Virtual Pag-IBIG. However, we are pleased to inform you that through close coordination with the Unionbank IT Team, the said technical issues were resolved and the linking of accounts were successfully tested. Further, per our Data Center Department, they are targeting February 2022 for the implementation of the linking of accounts.  

Finally, for Item 3, our MSSSU stated that per Fund Guidelines, the release of the MP2 annual dividend payout shall only be:

1.	Credited to the member’s savings or checking account from the Land Bank of the Philippines, Development Bank of the Philippines, and other banks as may be accredited by the Fund; and
2.	If a member has no Philippine bank account, especially in the case of overseas members, the said dividends shall be treated as Accounts Payable, which can be withdrawn anytime.

However, due to the COVID-19 pandemic, the Fund accommodates requests from a member to deposit the dividend payout to his/her personal account (even to a bank not accredited by the Fund) via the accomplishment of an Application for the Release of MP2 Annual Dividends (PFF356) and the submission of a photocopy of at least two (2) valid IDs and ATM card (front side only). Please note, however, that any fees that the bank may charge for the deposit shall not be shouldered by the Fund and shall be for the account of the Fund member/depositor.

Thank you.

Very truly yours,

Department Manager III, Legal Department and
Deputy Compliance Officer

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