Calamity Loan and MP2

 24th of March, 2022

House repair is not a joke especially when the damages was left behind by a strong typhoon. Though I would rather have a strong typhoon comes my way than a fire to raze the house in flames. When a typhoon hits and left, it leaves behind the structure of the house or with some, only the roof is damaged. But with fire, nothing is left behind. You really have to start from scratch.

Last December 2021, a strong typhoon hits the Visayas region in the Philippines and left behind a lot of devastation, that includes my place of residence. For more details, please visit my article: https://read.cash/@Judith1969/signal-no-4-d86f9bc9

I would have loved to start the repairs right away but scarcity of roofing and construction materials has hindered the repairs. Add to that the busyness of the carpenters. They too are hard to find. Funding for the repair is also scarce.

If you are a Filipino employee and a member of Home Development Mutual Fund (HDMF) or simply known as the Pag-IBIG Fund, you would know that one of the benefits of this government-owned corporation is to provide loans to the Filipino workers during the time of emergency, like the typhoon calamity.

Yes, they provide calamity loans to its members for them to use for emergency repairs and whatever need it may be.

As the payroll master of our company, it is my responsibility to encode to the payroll system any deductions of the employees and this includes the loans from HDMF. For the past few days after the typhoon, I have been receiving a statement of account from HDMF for the list of employees who availed of the loan. This makes me think to apply for a loan too as I have to finish the repairs of my house.

Since I don’t have yet the HDMF Loyalty Card which serves as a cash card at the same time, I have to personally go to the HDMF office to submit my loan documents and apply for the Loyalty card at the same time.

For easier reference to the members who wish to get a loan from HDMF, these are the following requirements:

-  Calamity Loan Application Form

-  Photocopy of two valid IDs

-  Photocopy of one month payslip

-  HDMF Loyalty Card (cash card) with photocopy of the card

So, last February 18, I took a leave from work and went to the office of HDMF. I went there early as I was told that there is a long queue every day. True enough there is already a long line when I arrived there before nine in the morning.

As usual, every time I have to fall in line, I always prepare a crochet project to bring with me so that I will not get bored and tired of waiting. But as I was in a hurry when I left home, I forgot the crochet pouch that I prepared. I only remembered it when we were halfway already. Gladly, I have a Nhovela app in my phone, so I get to read novels instead. I also do a few comments in noise.

When it was my turn to get inside the HDMF office, (the long queue was outside their office) I was given by the guard a number and when my number was called, it was smooth sailing all the way. The front officer checked my documents and my records and informed me the amount of my loan. She then told me to go to the other side of the office to apply for my Loyalty Card.

It was also a fast process in this area. I have previously filled up a form about my personal information and after they encode it, I was told to pose for a picture. I was shown the picture to check if that is okay or I want another one taken. When it was okay, I just waited for less than five minutes and my card was ready for release. The card cost 150.00.

After getting my card, I have it photocopied and went back to the front officer to submit it. And that’s it. I was told to wait for three to five days for it to be credited to my account.

MP2

Since I was early and I was already inside the office, I thought of applying for MP2 or the Modified Pag-ibig2. This is another form of savings but is not compulsory to employees. I have been meaning to apply for this for quite sometimes now but it entails me for being absent from the office. Since I am already absent from the office and I am already inside Pag-ibig office I might as well apply for MP2.

I asked the guard where to file for it or do I have to get another number, but I was told to just go to another table where the in-charge for MP2 is.

I was given another form to fill up and they proceed to encode it in their system. She then gave me my account number and told me to pay my contribution at the cashier.

I successfully enrolled in the MP2. My succeeding contribution will be done thru Gcash, so there is no hassle anymore in queueing at their cashier.

For my Filipino friends here, you might be interested to invest in Pag-ibig Fund MP2.

This is a special savings introduced by Pag-ibig that has a 5-year maturity. This has a higher dividend rate than the regular Pag-ibig savings.

The minimum one can save under MP2 is Php 500.00 per month. The dividends here are tax free and it can be withdrawn annually or after the 5-years maturity.

Let’s start investing for the future. I am doing this in preparation for my retirement. How about you?

Note from the author: This article was written last February 24 with the intention of publishing it in February but the author was hit by a thunder called laziness hence the lateness of this article, exactly a month after. The filing of the calamity loan ends last March 16.

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That’s all for now folks.

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