QuestionsQuestions (HDMF)
The primary objectives include promoting home ownership through an affordable housing credit system, investing members' provident savings for benefits, providing small and short-term loans, and promoting self-reliance through a nationwide savings system.
Members include persons mandatorily covered by PD No. 1752 and its amendments or those who voluntarily opt to be covered and are registered in the Fund.
Membership is mandatory for all employees covered by the SSS and GSIS and their employers, except that employees earning less than P4,000 monthly may opt for voluntary coverage.
Employers contribute 2% of the member's monthly compensation, which is the basic salary plus COLA, with a maximum monthly compensation cap of P5,000.
Employers face a 3% monthly penalty on unpaid amounts plus a fine of not less than but not more than twice the amount involved, imprisonment of up to six years, or both, under Section 1 of Rule XIII.
Membership terminates upon membership term maturity, death, retirement, permanent total disability, permanent departure from the country, or termination due to health reasons.
Waiver or suspension allows certain employers or employee groups with superior existing plans or distressed employers to be temporarily exempt from mandatory contributions, subject to renewal and conditions specified in Rule VII.
Member receives the Total Accumulated Value free from any pending loan obligations. Legal heirs receive the same upon the member's death, along with additional death benefits as determined by the Board.
The President has original and exclusive jurisdiction over claims and disputes regarding the Fund and their decisions are final and unappealable after 30 days unless appealed to the Board of Trustees.
Every three years, Congress, through Senate and House Committees with jurisdiction over the Fund, conducts a sunset review to evaluate the Fund's performance and continued existence.