Law Summary
Scope of Coverage
- Applies to all Pag-IBIG I members.
- Entitles members to withdraw their Total Accumulated Value (TAV) upon occurrence of termination grounds.
Grounds for Membership Termination
- Grounds already provided under Republic Act No. 9679 and Circular 380 remain valid.
- Additional grounds include critical illness of member or immediate family certified by a licensed physician.
- Critical illnesses recognized:
- Cancer
- Organ Failure
- Heart-Related Illness
- Stroke
- Neuromuscular-related illness
- Critical illness defined as a serious medical condition with possible or imminent death.
- Other meritorious grounds can be approved by the Pag-IBIG Fund Board.
Definition of Immediate Family Member
- Includes:
- Spouse
- Parents
- Children
- Siblings
- Grandparents
- Grandchildren
- Legally adopted children qualify only when applying for withdrawal based on the adoptive parent's membership.
Protection of Member Benefits
- No forfeiture of dividends for members who terminate membership under the additional grounds.
Reinstatement and Mandatory Coverage
- Members who previously terminated membership but fall under mandatory coverage will continue mandatory membership after reenrollment.
Procedures Governing Provident Benefit Claims
- All applications, processing, approvals, and fund releases governed by Circular 380.
Mechanism for Resolution of Issues
- Issues in interpretation and implementation first resolved by the concerned officer.
- Unresolved matters escalated to higher approving authorities.
Effectivity of the Guidelines
- Effective fifteen (15) days after publication in the Official Gazette or a newspaper of general circulation.