BFI - BANKING AND FINANCIAL INSTITUTIONS

Read the Source for Missing Info

Government Service Insurance System / GSIS

Is a Filipino government-owned and controlled corporation (GOCC). ____ is a social insurance institution that provides a defined benefit scheme for government employees. It was established on Nov. 14, 1936, through Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997).

• life insurance benefits

• separation or retirement benefits

• disability benefits

GSIS Members are entitled to various social security benefits, such as: (3)

4 Government Workers Covered by GSIS

1. Government Employees (LGU, Teachers, etc.)

2. Elected Officials

3. Judiciary Members and Constitutional Commissions

4. Uniformed Personnel (Police, Military)

2 Excluded Employees not Covered by GSIS

1. Contractual employees not receiving fixed compensation.

2. Barangay officials who are not receiving monthly compensation.

1. Multi-purpose Loan (MPL)

2. Policy Loan

3. Enhanced Emergency Loan

4. Enhanced Pension Loan

5. Pensioners’ Emergency Loan

Gsis Service Privileges

Multi-purpose Loan (MPL) (GSIS)

• consolidation of other existing loans

• It means taking out a new, larger loan to pay off multiple smaller, existing loans. Streamlining your existing debt by consolidating it into a single loan.

Policy Loan (GSIS)

• loan against insurance policy

• is a specific type of loan where you borrow money from your life insurance company using the cash value of your policy as collateral.

Enhanced Emergency Loan (GSIS)

• P20K, 36 mo. @ 6% int., 3 mo. contribution, no case, no due and demandable loan

• This is an offer for an emergency loan of Php 20,000 that you need to repay over 36 months with a 6% interest rate. To be eligible, you must have contributed for at least 3 months to the relevant fund, have no pending legal issues (related to finances, likely), and not have any existing loans with the same lender that are currently overdue and demandable for immediate payment.

Enhanced Pension Loan or EPL (GSIS)

P500K, 24 mo. @ 10% int.

Pensioners’ Emergency Loan or PEL (GSIS)

P20K, 36 mo. @ 6%

[(PEL + EPL) - Pension ] = Totall / > 25%

Compute for Net Pension (NP)

Social Security System (SSS)

• Is a social insurance program in the country to workers in the privates, professionals and informal sectors or also known as compulsory and voluntary members.

• ___ gives its members protection against the economic and social distress caused by contingencies such as sickness, maternity, disability, retirement, death, funerals and unemployment

employed, self-employed, household workers, and OFWs

4 Compulsory (SSS)

separated employees and non-working spouse

2 Voluntary (SSS)

1. Salary Loan

2. Housing Loan

3. Calamity Loan

4. Unemployment Benefit

5. Disability Benefit

6. Sickness Benefit

7. Maternity Benefit

8. Death Benefit

9. Funeral Benefit

9 SSS Benefits

SSS Membership requirements

• Individual must be at least 15 years old.

• Working and non-working individual can be a member

• For lifetime monthly pension, members must be at least 60 years old and must have at least 120 monthly contributions.

PhilHealth

• short for the Philippine Health Insurance Corporation, is a tax-exempt government-owned and controlled corporation in the Philippines. It’s the country’s national health insurance program that aims to provide affordable and accessible health care services for all Filipinos.

Goal of PhilHeath

Salary loan (SSS)

often called as Cash loan with 24 months to pay. Eligibility criteria

are:

• currently employed, currently contributing self-employed or voluntary member

• has posted at least 36 monthly savings

• employer must be updated in the payment of contributions

• has not been granted final benefit, i.e., total permanent disability, retirement

and death

• under sixty-five (65) years of age at the time of application

• has not been disqualified due to fraud committed against the ___

Housing Loan (SSS)

for the purpose of home repair and improvement. Loanable

amount is 70% of the appraised value of the property. Loan term is 15yr or less.

The loan purposes covered include the following:

• major repairs, particularly for dilapidated and structurally unsafe housing units

• improvements:

✓ completion of an occupied bare house

✓ extension or expansion and enhancement of economic and aesthetic value

of an existing housing unit

✓ installation of deep well and motor pump

✓ construction of concrete fence and steel gate

Calamity Loan (SSS)

Eligibility criteria are:

• residing in an area declared under a State of Calamity by the National Disaster

Risk Reduction and Management Council (NDRRMC)

• registered on the My.SSS portal

• has posted at least 36 monthly contributions

• has not availed of final benefits

• has no outstanding balance in CLAP or the SSS Loan Restructuring Program

Unemployment Benefit (SSS)

designed for members who involuntarily lost their job or

got separated from employment. The member must be:

• an active member of the Social Security System before the involuntary

separation from work

• at least 18 years of age but not over 60 years old

• have posted at least 36 monthly contributions within the last 12 months prior to losing job

• have not received any other SSS benefit

• have no unsettled SSS Unemployment Benefit within the last three (3) years before the date of the current unemployment started

Disability Benefit (SSS)

for qualified member with partial or permanent disability. To

qualify, the member must have:

• have paid a total of at least 36 monthly contributions prior to the semester of the disability

• have paid at least one (1) month of contribution before the semester of the disability

Sickness Benefit (SSS)

sickness that results to absence from work, eligibility criteria

in filing a claim:

• sick or injured and is unable to report to work

• confined at a hospital or at home for at least four (4) days

• paid at least three (3) months of contributions within the 12-month period

immediately before the semester of sickness or injury

• used up all company sick leave with pay for the current year

• duly notified his or her employer

Maternity Benefit (SSS)

for female members becomes pregnant. It provides financial

assistance during the weeks when the member is on a work leave due to giving birth. She must have:

• paid at least three (3) months of contributions within the 12-month period

immediately before the semester of childbirth or emergency termination of

pregnancy.

• if employed, the member must have notified the employer about the

pregnancy; or

• if self-employed, separated from employment, or an OFW, the member must have notified the SSS about the pregnancy.

Death Benefit (SSS)

When a member has passed away, the family of the deceased member can claim for a monthly pension or a lump sum money. To qualify for the benefit the deceased SSS member must have paid a total of at least 36 monthly contributions prior to the semester of death.

Funeral Benefit (SSS)

Aside from the Death Benefit, the family of the deceased member may also file a claim for this benefit. It may also be claimed by anyone

who has proofs that he/she was the one who spent for the funeral expenses in the burial of the deceased SSS member.

1. Formal

2. Indigents

3. Sponsored Members

4. Lifetime

5. Senior Citizen

6. The Informal Economy

6 PhilHealth Membership Categories

Formal (PhilHealth)

sector are workers employed by public and private companies and other institutions.

Indigents (PhilHealth)

also called "PhilHealth Ng Masa") are subsidized by national government through the National Household Targeting System for Poverty Reduction.

Sponsored Members (PhilHealth)

are subsidized by their respective Local Governments (LGU).

Lifetime (PhilHealth)

(non-paying) members are retirees and pensioners which have already paid premiums for 120 months of membership.

Senior Citizen (PhilHealth)

(under RA 10645) allows all Filipino citizens 60 years old and above to be eligible to have free PhilHealth coverage.

The Informal Economy (PhilHealth)

is composed of informal sectors, self-earning individuals, organized groups, Filipinos with dual citizenship, and natural-born citizens. Although treated separately, the Overseas Filipino Workers (OFW) program or migrant workers are part of the informal economy. Migrant workers are sub-categorized as either land-based or sea-based (for seafarers).

Pag-IBIG / HDMF

• stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno.

• Also known as The Home Development Mutual Fund (HDMF) is a national savings program that offers affordable house ownership financing for all Filipinos.

• The Fund was established on June 11, 1978.

• ____fund is mainly known for its Housing Loan program, but it also offers other benefits and services to its members such as:

Short-Term Loans (Pag-Ibig)

such as the Multi-Purpose Loan (MPL) and Calamity Loan, to address immediate financial needs. Member can access up to 80% of your Pag-IBIG Regular Savings.

Provident Savings (Pag-Ibig)

can be withdrawn upon retirement, separation from employment, or after reaching a certain age.

Membership Loyalty Card (Pag-IBIG Loyalty Card)

can be used for various transactions and discounts, including pharmacy purchases, healthcare services, and more.

MP2 (Modified Pag-IBIG II) Savings

another savings program you that will earn you more interest but it’s withdrawable in 5 years’ time so you can use it to be able to save more for your 5-year goal plans.

Pag-Ibig Monthly Contribution

• The monthly contribution for Pag-IBIG fund members is P200.00.

• For private employee, P200.00 contribution is shared by the employee (P100.000 and employer (P100.00).

• For self-employed individual, P200.00 is paid as monthly contribution.

1. Membership Maturity

2. After Retirement

3. Permanent Departure from the Philippines

4. Total Disability or Insanity

5. Critical Illness or Terminal Illness

6. Death Benefit

Withdraw of Pag-Ibig (6)

Membership Maturity (Pag-Ibig)

you can withdraw your total accumulated savings when your Pag-IBIG membership matures after a minimum of 20 years or a total of 240 monthly contributions.

After Retirement (Pag-Ibig)

you can withdraw your contribution after retirement at age 60 (optional retirement age) or at 65 (mandatory retirement age)

Permanent Departure from the Philippines (Pag-Ibig)

foreign nationals who have contributed to Pag-IBIG can withdraw their contribution upon permanent departure from the Philippines.

Total Disability or Insanity (Pag-Ibig)

in cases of total disability or insanity, you can withdraw your TAV regardless of the number of contributions made.

Critical Illness or Terminal Illness (Pag-Ibig)

in some cases, members who are diagnosed with critical or terminal illnesses may be eligible to withdraw their Pag-IBIG savings. You can also be eligible to withdraw due to the critical illness of any of your immediate family members, as certified by a licensed physician.

Death Benefit (Pag-Ibig)

in the event of a member’s death, the beneficiaries can claim the deceased member’s Pag-IBIG savings.