In consideration of the loan that may be granted by virtue of this application subject to the pertinent provisions of the Implementing Rules and Regulations of Pag-IBIG Fund, I hereby waive my rights under R.A. No. 1405 (Secrecy of Bank Deposits Act) and authorize Pag-IBIG Fund to verify/validate my payroll account/disbursement card. Furthermore, I hereby authorize my present employer, or any employer with whom I may get employed in the future, to deduct the membership savings (MS) and monthly amortization due from my salary and remit the same to Pag-IBIG Fund. If the resulting monthly net take home pay after deducting the computed monthly amortization on SAFE loan falls below the monthly net take home pay as required under the GAA/company policy, I authorize Pag-IBIG Fund to compute for a lower loanable amount.

I understand that should I fail to pay the monthly amortization due, I shall be charged with a penalty of 1/20 of 1% of any unpaid amount for every day of delay.

If for any reason excess loan proceeds are erroneously credited to my payroll account/disbursement card, I hereby authorize Pag-IBIG Fund to debit/deduct the excess amount from my account without need of further notice of demand. Should my account balance be insufficient, the Fund has the right to demand for the excess amount to be refunded.

I authorize Pag-IBIG Fund to disclose, submit, share or exchange any of my account information to legal and government regulating agencies, other banks, partner-merchants or third party in accordance with R.A. No. 9510 (Credit Information System Act), R.A. No. 10173 (Data Privacy Act of 2012), and other related or pertinent laws and regulations, as described in Pag-IBIG Fund’s Freedom of Information (FOI) Manual. The credit information may also be transferred to service providers (e.g., Credit Information Corporation, Bankers Association of the Philippines - Credit Bureau), likewise in accordance with laws and regulations.

I have read, understood and agree to be bound by the terms and conditions governing the eDisbursement Facility/Program and Pag-IBIG Fund’s partner-banks’ internal guidelines.

Furthermore, I agree to participate in all current and future promotional activities conducted by the Fund.

I certify that the information given and any or all statements made herein are true and correct to the best of my knowledge and belief. I hereby certify under pain of perjury that my signature appearing herein is genuine and authentic.

For value received, I promise to pay on due date without need of demand to the order of Pag-IBIG Fund with principal office at BDO Life Megaplaza, 358, Sen. Gil Puyat Avenue., City of Makati the sum of the disbursed loan amount in Philippine Currency, with an interest rate of 5.95% per annum, with interest during the grace period and shall be amortized equally over the term of the loan.

I hereby waive notice of demand for payment and agree that any legal action, which may arise in relation to this note, may be instituted in the proper court of Makati City.

Finally, this note shall likewise be subject to the following terms and conditions:

1. I shall pay the amount of the disbursed loan amount through salary deduction, whenever feasible, over a period of one (1) year/two (2) years or three (3) years, with a grace period of three (3) months. In case I am unable to pay through salary deductions for any of the following circumstances, such as but not limited to, suspension from work; leave of absence without pay; insufficiency of take home pay at any time during the term of the loan; or other circumstances analogous to the foregoing, payments should be made directly to the Pag-IBIG Fund office where the loan was released.

2. Payments are due on or before the 15th day of the month starting 3 months upon loan disbursement.

3. Payments shall be applied according to the following order of priorities: Penalties, Interest and Principal.

4. A penalty of 1/20 of 1% of any unpaid amount shall be charged to me for every day of delay.

5. I shall be considered in default in any of the following cases:

a. Any willful misrepresentation made in any of the documents executed in relation hereto;

b. Failure to pay any three (3) consecutive monthly amortizations;

c. Failure to pay any three (3) consecutive monthly membership savings;

d. Violation of any of the membership/STL/housing loan policies, rules, regulations and guidelines of the Pag-IBIG Fund.

6. In the event of default, the outstanding loan obligation shall become due and demandable. Without demand, the Fund shall offset the outstanding loan obligation loan obligation from my Total Accumulated Value (TAV). However, immediate offsetting of my outstanding SAFE loan obligation may be effected immediately upon approval of my request, provided such request is based on the following justifiable reasons: Total disability or insanity; Separation from service by reason of health; Death of member’s immediate family member; Distressed member due to unemployment limited to layoff and/or closure of company; Critical illness of the member or any of his/her immediate family member, as certified by a licensed physician under one of the following categories, subject to the approval of the Fund: cancer, organ failure, heart-related illness, stroke, neuromuscular-related illness; Repatriation of OFW member from host country and other meritorious grounds as may be approved for by the Board, by reason thereof, resulted in his failure to pay the required amortization when due.

7. In the event of membership termination prior to loan maturity, any outstanding loan balance shall be deducted from my TAV and/or any amount due to my beneficiaries in the possession of the Fund. In case of my death, the outstanding obligation shall be computed up to the date of death. Any payment received after date of death shall be refunded to my beneficiaries.

8. In case of falsification, misrepresentation or any similar acts committed by me, Pag-IBIG Fund shall automatically suspend my loan privileges indefinitely. I shall abide with all the applicable rules and regulations governing this lending program that Pag-IBIG Fund may promulgate from time to time.