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Metro Manila (CNN Philippines, July affordable insurance premium, borrowers can save

30) — The Senate on Monday passed on third and on their monthly amortization which greatly
final reading a bill providing mandatory Philippine helps the housing sector’s BALAI Filipino (Building
Health Insurance Corp. or PhilHealth coverage to Adequate, Livable, Affordable, and Inclusive
persons with disabilities (PWDs). Filipino Communities) program in ensuring that
Filipinos will have access to affordable
Under Senate Bill No. 1391, which amended
homes,” said Sec. Eduardo D. Del Rosario,
Republic Act No. 7277 or the "Magna Carta for
Chairperson of the Housing and Urban
Disabled Persons", PWDs will have automatic
Development Coordinating Council (HUDCC) and
enrollment and coverage in the country's National
Pag-IBIG Fund Board of Trustees.
Health Insurance Program.
With the new non-life insurance broker, the basic
Once signed into law, government will shoulder the
premium rates for fire and other allied perils have
premium contributions of PWDs while the premium
been reduced to 0.1686 percent of the appraised
contributions of those employed in the formal
value of the building from the previous rate of 0.40
economy will be paid by their employer and the
percent resulting in savings of about 58 percent.
national government. The government will source
For home loans of P 1 million, this means that the
funds from sin tax collection.
premium payment has been reduced to only P117
This measure is an addition to the benefits currently from the previous P415. And for a home loan of
given to PWDs, which include 20 percent discount P450,000, the premium has been reduced to P79
on food and recreational establishments, dental from P186.
and medical services, public transportation, and
“We bid out the new insurance broker for the non-
domestic trips, among others.
life insurance last year and the contract was
In a statement, Senator Risa Hontiveros, author of awarded in January 2018. With the new broker, we
the bill, called the passage "a big step towards our were able to reduce the rate by almost 60 percent.
dream of universal health care for all Filipinos." We also introduced value-added services which
"As we strive for universal health care, this were not offered by the previous insurance
measure will help ensure that no one will be left provider,” said Pag-IBIG CEO Acmad Rizaldy P.
behind," Hontiveros said. Moti.
Citing a 2010 consensus, the Senator said there CEO Moti said that added benefits include: burial
are currently 1.4 million PWDs in the Philippines, benefit of P 5,000; rental allowance of up to P
majority of whom are poor. 15,000 if the mortgaged home is damaged and
Hontiveros added that the rising costs of healthcare becomes uninhabitable; family personal accident
services and products drive many PWDs into insurance coverage with an aggregate amount of P
poverty. 500,000; and sabotage or terrorism coverage of up
to P 150,000. Processing of claims will now also be
"Physical therapy, maintenance medicines, and more efficient and completedwithin seven
frequent doctors' appointments are just some of the days from the day of submission of complete
many sources of out-of-pocket expenses for PWDs. documents, down from the previous 30 day-
These are not usually experienced by abled processing.
Filipinos," she said.
“Pag-IBIG Fund has always considered our
MANILA, August 9 -- Pag-IBIG Fund members’ benefit, and we will not cease in finding
reduced the insurance premiums by 58 ways to improve our service. The reduction of the
percent after it successfully concluded the bidding insurance premium rates for non-life insurance will
for the Non-Life Insurance Coverage (Fire not only reduce the monthly amortization to be paid
and Other Allied Perils Insurance) broker for by the borrowers but they also have added benefits
housing loan borrowers. to enjoy. That’s what true Lingkod Pag-IBIG is,”
CEO Moti said. (Pag-IBIG)
With the new non-life insurance policy, Pag-IBIG
home loan borrowers can now enjoy more and
better benefits at a low premium rate.
“Following President Rodrigo Roa Duterte’s
directives to prioritize the needs of our citizens,
Pag-IBIG Fund reduced the rates of the non-life
insurance of home loan borrowers. With the more