Home Development Mutual Fund/Pag-IBIG Fund(HDMF)

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Date: July 22, 2019, 4:28 p.m.

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Date: 2019-07-23 08:17:41.000000

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Date: 2019-08-16 14:26:16.000000

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Cash Surrender Value/ Maceda Law

Published by Home Development Mutual Fund/Pag-IBIG Fund(HDMF) on July 22, 2019.
Requested from HDMF by M. Silor at 04:28 PM on July 22, 2019.
Purpose: For updating housing loan.
Date of Coverage: 01/01/2019 - 07/22/2019
Tracking no: #HDMF-443329871801

M.SILOR July 22, 2019, 4:28 p.m.

Hi! I would like to know if HDMF is complying with the Maceda Law and is implementing the cash surrender value. If so, what is the process to do so. Thank you.

F.OFFICER July 23, 2019, 8:17 a.m.

July 23, 2019 Dear Mary Ann, Thank you for your request dated Jul 22, 2019 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Cash Surrender Value/ Maceda Law. We received your request on Jul 22, 2019 and will respond on or before Aug 12, 2019 04:28:54 PM, 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/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtNDQzMzI5ODcxODAxDA, for request with ticket number #HDMF-443329871801. Thank you. Respectfully, FOI Receiving Officer FOI Officer

A.COSICO Aug. 14, 2019, 11:45 a.m.

August 14, 2019 Dear Mary Ann Silor, May we know the last official receipt of your housing loan payment to Pag-IBIG Fund so that we can reconcile your housing loan records pursuant to your purpose of updating your housing loan. Thank you. Respectfully, Atty. Robert John Cosico FOI Officer

A.COSICO Aug. 16, 2019, 2:26 p.m.

14 August 2019 Ms. Mary Ann Silor Antipolo City [email protected] Dear Ms. Silor, Greetings from the Home Development Mutual Fund (Pag-IBIG Fund)! This refers to your eFOI query on the application of the Maceda Law and implementation of cash surrender value to Pag-IBIG housing loans for the purpose of updating your housing loan In reply to your request, please be informed that the Republic Act No. 6552 or the Maceda Law regulates the transactions that involve the sale or financing of real estate on instalment payments, where the buyer has paid at least two years of installments. The enactment of said law is mainly to protect buyers of real estate on installment payments against onerous and oppressive conditions particularly imposed by private real estate developers or owners. Thus, the law clearly applies only to sale of property on installment between a seller and buyer. It does not apply to home lending transactions such as Pag-IBIG Fund’s housing loan programs. Consequently, the Fund is not required to refund the so-called cash surrender value. Thank you. Respectfully, Atty. Robert John S. Cosico OIC-Support Services Cluster and Chief Legal Counsel FOI Decision Maker

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