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Foreign denomination contributions shall be converted to the Philippine Peso based on the prevailing US dollar exchange rate.
As such, withdrawals of savings shall be made in Philippine Peso.
In other words, building a house in the Philippines, without requiring too much upfront cash and pay for it in installments (mortgage amortizations).
To help the Overseas Filipino Workers, along with immigrants and naturalized citizens realize their dream home, the Pag–IBIG Overseas Program (POP) was created.
For many Filipinos, times seem so hard these days in their homeland.
That is why more and more Pinoys try their luck abroad, where the grass is perceived to be greener.
For instance, if a member wishes to avail of a housing loan ranging from P1,500,000 to P1,600,000, he or she will have to contribute monthly an amount equal to the US dollar equivalent of Ph P 750 at the point of availing the loan.