Title
Guidelines on Pag-IBIG Fund Residual Value
Law
Hdmf (pag-ibig Fund) Circular No. 348
Decision Date
Sep 8, 2014
Guidelines issued by the Pag-IBIG Fund outline the treatment and release of Residual Total Accumulated Value (RTAV) for members whose membership has been terminated due to specific circumstances, detailing eligibility, computation, and claiming procedures.

Law Summary

Coverage

  • Applies to members with remaining savings or dividends in the Fund after receiving provident benefit claim proceeds.
  • Excludes members who re-entered mandatory coverage unless the grounds for membership termination occur after re-enrollment.

Definition of RTAV

  • RTAV refers to savings and dividends remaining after receiving provident benefits based on termination grounds including:
    1. Death
    2. Compulsory Retirement
    3. Permanent Departure from the Country
    4. Permanent Total Disability or Insanity
    5. Termination from Service Due to Health
  • RTAV computation considers:
    • Applicable declared dividends
    • Member’s savings and employer counterpart in remittance process
    • Savings and dividends recovered via Fund’s enforcement activities

Mechanics for Notification and Release

  • Public announcement in newspapers to inform eligible members to check entitlement via website, Fund branches or local government units.
  • Posting of qualified members list in Fund’s website, branches, and local government units.
  • Notification by mail for RTAV of Php500.00 or more; credited to cash card or disbursed by check according to previous proceeds release method.
  • Unclaimed RTAV over Php500.00 after ten years from membership termination is reclassified to Fund’s Retained Earnings and becomes non-claimable.
  • For RTAV under Php500.00 released via cash card, amounts credited immediately; if released by check, Fund branches may use petty cash to disburse.
  • Members have 60 calendar days from announcement or mail date to claim RTAV, otherwise amount is reclassified as Fund’s Miscellaneous Income and becomes non-claimable.
  • Initial implementation based on records as of 31 December 2013 including 2013 dividends.
  • Subsequent updates and releases semi-annually based on April and September cut-off dates; RTAV reclassified as Accounts Payable and stops earning dividends thereafter.

Escalation Clause

  • Initial resolution of interpretation or implementation issues by concerned officer.
  • Unresolved issues escalated to next approving authority.

Amendments

  • The Senior Management Committee may amend, revise, or update the guidelines to further Program objectives and Fund’s mandate.

Repealing Clause

  • All inconsistent circulars, memos, rules, and issuances are repealed, amended, or modified accordingly.

Effectivity

  • Guidelines become effective immediately upon issuance.

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