Pag-IBIG Davao rakes about P1 billion under end-user housing projects

Pag-IBIG Fund Davao branch raked in about a billion pesos under its end-user financing for housing projects as of November 2007 making the Southern Mindanao Group achieved 116 percent performance for its housing services.  Most of the homebuyers from the other parts of Mindanao chose Davao City to locate their residence or second home.

The Southern Mindanao group surpassed their target by hitting 116 percent or about P1.454 billion which were spent to fund some 3,797 units as against the 2007 target of only P1.258 billion.

Davao City (to include Davao del Sur area) was able to deliver some 2,079 units valued at P957,175,000; General Santos City with 795 units with cost at P265,317,000; Tagum (including Davao Oriental and Compostela Valley Provinces) had 715 units with P165,598, 000 funding and Cotabato (to include Maguindanao, North Cotabato, Sultan Kudarat and Cotabato City) had 208 with P66,664, 000.

Pag-IBIG Fund vice presdient for Southern Mindanao operations Jose W. Banzon, Jr. attributed the increase in housing availment to their new scheme where interest rates were brought down making housing units affordable to homebuyers.

He said they observed that homebuyers in Davao City are mostly families sending their children in colleges and universities.

“This is the wisest decision they make because it is more advantageous nowadays to buy a house than rent one where the amortization is much lower than renting a house,” he said.

For a P300,000 house and lot package one would only get an interest rate of 6 percent or an amortization of about P1,800. Before the same package was charged 9 percent interest rate and the monthly amortization of P2,700.

 

Good Payor Incentive Program

Loan borrowers of Pag-IBIG Fund have been given a two percent discount when they pay their home loans before the due date.  The new scheme is part of the benefits’ package for workers dubbed as “Good Payor Incentive Program”.

 

Dividends

The Fund grants some P6.18 billion in dividends to nearly 6.5 million Pag-IBIG members nationwide.

The 2006 dividend comprises 80 percent or the largest ever percentage cut from the Fund’s net income, which represents a dividend rate of 4.81 percent. The Pag-IBIG Fund Charter provides that it should distribute at least 70 percent of its annual net income as dividends to its members.

The steady increase in annual dividends signifies the Pag-IBIG Fund’s continuous growth and stable financial standing.

Pag-IBIG Fund president and CEO Atty Romero Quimbo declared that a higher income for the Fund invariably leads to higher dividends and better services for the Fund members.

Today’s news report

Pag-IBIG Southern Mindanao asset to hit P12.8-B this year

Pag-IBIG Fund Southern Mindanao assets are projected to hit P12.8 billion in 2008.

Jose W. Banzon, Jr., Pag-IBIG Fund vice president for southern Mindanao operations said Davao is expected to corner the biggest asset with P5.7 billion, General Santos with P2.6 billion, Tagum, P2.3 billion and Cotabato, P2.2 billion.

Total assets last year was pegged at P11.6 billion, Banzon said.

Banzon likewise reported that gross revenue as of September 2007 was recorded at P714 million. It was able to deliver to its multi purpose loan borrowers for the same period about P226 million while housing loans both for mortgage contract receive and with contract to sell at P 379 million.

Also on the third quarter last year, the Fund was able to extend some P16.9 million in institutional loan while other housing related loans was at P75 million and fund management availed of housing developers was about P16.5 million.

Operating expenses incurred by the Fund as of September 2007 was about P183.5 million and these covers depreciation, loan loss provision, interest expense, foreclosure expenses, acquired asset management costs and death benefit.

Meanwhile Banzon said that insofar as collections are concerned, their target are as follows: P2.8 billion for short tem loans, P952.5 million for housing loans, P513.8 million for asset recovery, P131.8 million for institutional loan or a total for all programs at P5.566 billion.

About P1.069 billion is their expected collection for members’ contributions this year.

 

VP de Castro urges regular payments of housing loan amortizations

Vice President and Housing czar Noli de Castro urged urban poor homeowners to also pay reguarly their home loan amortization as he exhorts everyone not to forget their obligation.

The Vice President in a Housing Summit May 9, 2008 at the Philippine Women’s College, Matina, Davao City met with the homeowners organizations of Davao City where he also awarded the Certificate of Title to beneficiaries of housing projects of unused government lands converted into sites for socialized housing.

The summit was also attended by Pag-IBIG Officers led by Deputy Chief Executive Officer and Executive Vise President Jaime A. Fabiana and SM Vice President Jose W. Banzon, Jr. Also present were Pag-IBIG branch managers Manolito Olegario of Davao, Rodrigo Suemith of General Santos and Elizabeth Tinagan of Tagum.

De Castro was elated saying that the Summit was a good opportunity where the urban poor and the stakeholders discussed on their housing concerns.

“Ang Davao City naman di mahilig ng libre at huwag tayong mag short cut sa proseso kasi maraming sabit pag magshort cut tayo,” he said.

With regards to their concern on housing, the Vice President encouraged homeowners to send their issues and concerns to his office as he is willing to answer them provided they must indicate their addresses so they would know where to send the feedback.

De Castro also announced that because of so many complaints they had shortened the processing of requirements among shelter agencies.

House Speaker Prospero C. Nograles in a public hearing in Davao City on May 8 said homeowners must take the opportunity once the consolidation of House Bill Nos. 89, 411 and 1932 be firmed up.

The House of Representatives Committee on Housing is consolidating all the bills with regards government housing program to gather all the inputs of different sectors raised during public hearings.

House Bill No. 89 is an “Act to establish a socialized and low cost housing restructuring program, providng the mechanism therefore, and for other purposes,” authored by Rep. Rozzano Rufino B. Biazon, House Bill No. 411 is authored by Rep. Eduardo C. Zialzita re “An act instituting a socialized and low cost housing loan restructuring program, providing the mechanism therefore, and for other purposes”, and House Bill No. 1932 is entitled “An act instituting a socialized and low cost housing loan restructuring program, providing mechamism therefore, and for other purposes”, authored by Speaker Prospero C. Nograles.

Nograles said the only way to stop foreclosure is the restructuring program and they are finding ways to fill the gap even as he said that they had lowered the interest rate and is now pegged at six percent.

Restructuring is a temporary relief of homeowners whose account has been delinquent and facing foreclosure and once the law this will be the chance for those facing foreclosure pero hindi naman pwedeng hindi tayo magbayad, Nograles pointed out.

“Once the homebuyer avails of restructuring they must also pay their obligation because these shelter agencies also have operating expenditures,” he said.

And definitely when we borrow we must also pay,” the House Speaker stressed.

Quotes from VP Banzon

“The Fund family must continue extending their services with clients satisfaction. Let us maintain quality service and by serving the clients with smile as well as sustain an accommodating attitude to all clients”.

“We should listen to feedback because this is a tool that will help us improve our services”.

“We should not discard the past when Pag-IBIG Fund was just starting. Its humble beginnings and sacrifices made the Fund what it is today.This should be a guide as we continue to make Pag-IBIG Fund a model of service”.

News Report

Pag-IBIG loan availment rises to 80% of savings.

The Pag-IBIG Fund has increased the computation of loan availment of the multi purpose loan (MPL) from the member’s accumulated savings to 80 percent.

Pag-IBIG Fund Mindanao vice president Jose W. Banzon, Jr. told the Davao media that this is one innovation that the Fund has given to members as an incentive for those with contributions that had reached five years and above.

“What is good with the new scheme is that the loan can be renewed in six months unlike the previous where a borrower has to wait for the maturity period of 12 months before the loan can be renewed,” he said.

MPL is among the saleable program that the members avail of because it can be accessed easily with processing for renewal only in three days while first timer can have it within 24 hours.

In Mindanao, he said, the Fund was able to loan out in 2005 some P4 billion this year and 35 percent of the 772,000 Pag-IBIG Fund members spread out all over the island availed of the loan window.

MPL is a short-term loan where proceeds could be used by the borrower for purposes either as capital for income generating project, educational purposes or for health concerns and others.

No survey as yet has been conducted to where the proceeds of MPL were applied by the borrowers but through word of mouth some Pag-IBIG Fund borrowers of the short-term loan used the proceeds for livelihood purposes.

Schedule of loan counseling session at Pag-IBIG Fund Office

The loan counseling session is a requirement for housing loan appliction.

Schedule :

Davao City

Every Friday

Am session – 9:00 am to 12 Noon

PM session – 2:00 pm to 5:00 pm

Other schedule

Every first and third Saturdays of the month

9:00 AM to 12 Noon only

Venue : Pag-IBIG Fund Davao City Office at Pryce Tower, J P Laurel Avenue

Seminar Room, third floor

Tagum City

Every Friday

2:00 PM to 4:00 PM only

Venue : Pag-IBIG Tagum City Office conference room

General Santos City

Every Friday

8am – 12 noon

Venue -  training room at Pag-IBIG Office

3rd floor at RDRDC Building, Santiago Blvd, General Santos City.

Cotabato City

Every Saturday 9:00 am – 12 noon

Venue   – training room at Pag-IBIG Office

6F CYM Bldg., Don Rufino Alonzo St., Cotabato City

Kidapawan City extension office

Every Friday –

morning session – 10:00am

afternoon session – 3:00pm

Venue – training room Pag-IBIG Fund Office

2F Zepol Bldg., National Highway, Kidapawan City

Frequently Asked Questions

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Who can be member of Pag-IBIG Fund?

Mandatory

With the signing of Republic Act No. 7742 all SSS and GSIS members earning P4,000 and above monthly are mandatorily covered by Pag-IBIG fund.

Voluntary

Membership to the fund is also open to:

• • Private and government workers earning less than P 4,000 a month but who wish to join anyway;
  • Self-Employed workers such as professionals and businessmen;
  • Overseas contract workers (OCW);
  • Residents and immigrants in the United Staes and Canada;
  • Informal income group such as cooperative members;
  • Non-working spouses.

How much is the monthly contribution?

For employees with monthly compensation (Basic+COLA) of P1,500 and less, an amount equivalent to one percent (1%) of their monthly compensation, and two percent (2%) of the monthly compensation of employees earning over P1,500.

1. Over P1,500 , an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.
   1. savings
   2. short term loan
   3. Housing loan
   • US $1,000 or less shall contribute US$20 or its peso equivalent monthly.
   • Over US $1,000 , monthly contribution of US $40 or its peso equivalent.
   • C$1,500 or less, monthly contribution of US $40 or its peso equivalent.
   • Over C$1,500 a month. monthly contribution of C$60 or its peso equivalent.
   • double or triple your money benefit
   • tax-free dividend earnings
   • portability of savings
   • government-guaranteed
   • Membership maturity after 20 years
     • A member who signs up under RA 7742 (Pag-IBIG Universal Coverage Law) shall be allowed partial withdrawal after 10 or 15 years of continuous membership, provided he has no outstanding housing loan with the Fund.
   • Retirement
     • at age 45 (early retirement plan)
     • at age 60 (optional retirement)
     • at age 65 (mandatory retirement)
   • Permanent departure from the country.
   • Permanent total physical disability/insanity.
   • Termination from service by reason of health.
   • Death of the member
   • Purchase of a fully developed lot not exceeding one thousand (1,000) square meters which should be within a residential area;
   • Purchase of a lot and construction of a house thereon.
   • Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
   -old or brand new;
   -a property mortgaged with the Fund; or
   -an acquired asset which is disposed of through sealed public bidding, negotiated sale or Rent to Own program
   • Construction or completion of a residential unit in a lot owned by the member;
   • Home improvement;
   • Refinancing of an existing mortgage loan with an institution acceptable to the Fund, provided that:
   - the loan to be refinanced is current and updated at the time of loan application;
   and
   - the account reflects a perfect repayment history for at least two years, as supported by the borrower’s official receipts
   • Combination of loan purposes shall be limited to the following:
   -Purchase of a fully developed lot not exceeding 1,000 sq.m. and construction of a residential unit thereon
   -Purchase of a residential unit, whether old or new, with home improvement;
   -Refinancing of an existing mortgage with home improvement or
   -Refinancing of an existing mortgage, specifically a lot loan with construction of a residential unit thereon.
   Who are eligible to borrow?
   • Must be a member under the Pag-IBIG I or Pag-IBIG II program for at least 24 months as evidenced by the remittance of at least 24 monthly contributions at the time of loan application:
   • Must be a member under the Pag-IBIG Overseas Program (POP) for at least two years
   • A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment equivalent to the required number of monthly contributions to satisfy this requirement;
   • Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his savings for at least 12 months.
   • Must not be more than 65 years old at loan maturity and must be insurable;
   • Must have the legal capacity to acquire and encumber real property;
   • Must have passed satisfactory background/credit and employment/business checks of the developer and the Fund;
   • Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to “dacion en pago”
   • Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; and
   • Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrears over the counter to update his account.How does one avail of a Pag-IBG Housing Loan ?
     1. Attend a Loan Counseling session at the Pag-IBIG Office concernedAccomplish a Preliminary Loan Counseling Questionnaire, Husing Loan Application (HLA) and Membership Status Verification Slip. If eligible, secure checklist of requirements.
     2. Submit HLA with complete requirements. Pay a processing fee of P1,000.00 (non-refundable)
     3. Receive Notice of Approval/Letter of Guaranty and sign loan documents.
     4. Proceed to BIR and present Deed of Absolute Sale (DOAS) between owner of the property and applicant for payment of documentary stamps and capital gains tax.
     5. Proceed to Registry of Deeds (RD) for payment of transfer of tax and registration fees for the transfer of title.
     6. Proceed to Notary Public for notarization of LMA and annotation of mortgage with the Registry of Deeds (RD) and to Assessor’s Office to secure new tax declaration in the name of the applicant.
     7. Secure Occupancy Permit from the Local Government Unit’s (LGU) Engineering Office for Purchase of new Residential Unit (PRU), Purchase of Lot and Construction of a New Residential Unit (PLCH) and Construction of House (CH) loan purposes.
     8. Submit the following documents to Pag-IBIG office concerned:
        • Original Transfer Certificate of Title in the name of the applicant with annotated mortgage
        • DOAS with original RD stamp
        • New Tax Declaration in the name of the applicant
        • Updated Real Estate Tax Receipt (house and lot, if applicable)
        • Occupancy Permit
        • Assignment of Loan Proceeds
     9. Release of loan proceeds
     10. Start monthly amortization on the month immediately following loan take-out/final loan release.

Employers are mandated to match their employees’ monthly contributions with an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.

For self-employed members, monthly contribution is equivalent to two percent(2%) of their monthly gross earnings.

Under the Pag-IBIG Overseas Program (POP) ,OFWs with monthly compensation of:
What are the benefits of Pag-IBIG Membership?

The Fund offers its members the following benefits:
What is the Pag-IBIG Provident Savings Program?

The Pag-IBIG provident savings program is a fast, easy and affordable way of saving for a member’s future needs.

What are the special features of Pag-IBIG Savings Program?

Pag-IBIG savings enjoy the following features:
When can a member withdraw his savings?

Withdrawal of Pag-IBIG savings is allowed upon occurrence of any of the following :

-in case of the member’s death, the Fund provides the legal heirs an additional P6,000 death benefit grant (DBG).

The site of HDMF FO ‘08

Other foto shoots of 08 HDMF Family Olympics

More family olympics fotos

Latest event

As the saying goes all work and no play makes Pedro and Maria lazy and dull. True to this saying and as part of the corporate policy to also sustain camaraderie among workers and getting to know the members of their respective families, a family olympics was held May 10, 2008, Saturday, at Woodridge in Davao City. Here are some shoots taken at the site ….

Other event

Pag-IBIG Officers also joined the party of Vice President Noli de Castro during the groundbreaking of One Oasis Davao at Eco-west, Ecoland Drive, Davao City spearheaded by Filinvest Land, Inc. headed by Vice Chairman Andrew T. Gotianun, Jr.

The Pag-IBIG Fund officers present were Deputy Chief Executive Officer and Executive Vice President Jaime A. Fabiana, Vice President for South Mindanao Jose W. Banzon, Jr. and Davao Branch Manager Manolito Olegario.

Lending Programs

Lending Programs

1. PROVIDENT LOAN

1.1 SHORT TERM LOAN

• MULTIPURPOSE LOAN

The loan may be used for the following purposes:

• • Minor Home Improvement
  • Livelihood
  • Medical
  • Educational
  • Purchase of appliance and furniture
  • Other immediate needs
• CALAMITY LOAN PROGRAM

The Program provides financial assistance to Pag-IBIG member-victims in calamity-stricken areas.

2. HOUSING LOAN

2.1 Retail

a. “ABOT-KAMAY PABAHAY” PROGRAM(Pag-IBIG Cir. 233, Modified Guidelines) (Housing Loan Counseling Schedule) b. GOOD PAYOR INCENTIVE PROGRAM (Pag-IBIG Cir. 229, Implementing Guidelines)c. “GABAY PABAHAY” PROGRAM (Pag-IBIG Cir. 218) d. DACION EN PAGO (Pag-IBIG Cir. 217, Amended Guidelines and Procedures) e. “MAGAANG PABAHAY, DISENTENG BUHAY” PROGRAM (Pag-IBIG Cir. 232, Amended Guidelines ) f. RENT-TO-OWN PROGRAM Rent-Own-Program –>g. DISPOSITION OF REAL AND OTHER PROPERTIES OWNED OR ACQUIRED (ROPOA) (Pag-IBIG Cir. 200, Amended Policies and Guidelines) h. SUBSTITUTION/ REPLACEMENT OF CTS ACCOUNTS (Pag-IBIG Cir. 206, Impelenting Guidelines)

2.2 Wholesale Lending

a. DEVELOPMENT OF MEDIUM/HIGH-RISE CONDOMINIUM BUILDING (MHRB) PROJECTS IN METRO MANILA AND HIGHLY URBANIZED CITIES (Pag-IBIG Cir. 227)

b. Pag-IBIG CITY PROGRAM

c. CREDIT FACILITY FOR PRIVATE DEVELOPERS

d. GLAD PROGRAM

e. FCL COVERED BY DOMESTIC LETTER OF CREDIT

f. Pag-IBIG HOMES DIRECT FINANCING PROGRAM

Recent photo

At the inauguration of Ecoland 4000 of the Consunji’s on May 9, 2008 at Eco-west, Ecoland Drive, the event was graced by (L-R) Davao City Vice Mayor Sara Duterte, Vice President Noli de Castro, Mr. Consunji, and Pag-IBIG Fund Deputy Chief Executive Officer and Executive Vice President Jaime A. Fabiana

Accredited housing developers of Davao Region

This page will provide a list of accredited housing developers in the Davao Region. The list is being finalized and will be posted in due time.

Real property projects attract international buyers

Real property projects in the Davao Region are attractive to international buyers especially in areas where the Euro currency is strong. And a good number of queries to housing developers are from overseas Filipino workers (OFWs). Other queries are those from the Europe who are married to Filipinas who have roots from Mindanao.

Feature: Davao City fast developing as international city

With thousands of foreign residents making Davao City as their second home or place of work, the city is fast developing as an international city.

Councilor Peter Lavina made this observation when he graced the foreign residents group first anniversary celebration even as he lauded the German-Filipino Friendship Association based in the city for its contribution to Davao city’s development.

Local Germans were keeping faith with their goal “Wer sein gadaetland liebt, der foerdert auch seize zukunft” (Who loves his host country, promote its future too). Their friendship association helped in promoting the city as a haven for investments, cultural exchange and international solidarity.

Lavina noted that Davao is growing as an international city with thousands of foreign residents notably Japanese, Koreans, Americans, Europeans, Mainland Chinese, Indonesians, and many more.

Six consulates or consular representatives are present in the city namely : Japan, Malaysia, Indonesia, Czech Republic, Spain and Palau. The city, he said has sister city pacts with Keelung in Taiwan, Manado and Bitung in Indonesia, Tacoma in Washington State, Koror in Palau and Nanning in China.

There are also restaurants in the city offering flavors from many nations like Italina, Swiss, German, Dutch, Korean, Japanese, Thai, Vietnam, Turkish, Indian, in addition to Chinese, Filipino and international cuisine.

The city is the base of many international aid and donor agencies in the southern part of the country like those of the International Finance Corporation of World Bank, Australian Aid, US Aid, etc.

There are also plenty of foreign students enrolled in Davao universities and schools.

The German-Filipino Friendship Association is registered with the Securities and Exchange Commission (SEC) and counts 35 members. Its founding and current president is Franc Weis of the Edelweis Restaurant at Tahimik Ave.

There are as many as 200 Germans in the city as well as in the neighboring areas like Panabo, Sta. Cruz and Digos. Most of them are married to Filipinas, some are in business, church ministry and in development work.

The German association offers its members translation services with minimal fees, free escorts to government agencies, and information and potential business, travel and housing requirements.

Pag-IBIG Rent-To-Own Program

HDMF Circular No. 177-C

OBJECTIVE

The Program is aimed at instituting a mechanism through which the HDMF shall further expedite the recovery of its investments in non-performing mortgage loans, and provide Pag-IBIG members, whose current income cannot sustain the monthly amortization on a Pag-IBIG housing loan, with a facility that will provide affordable housing, and ensure home ownership by the time they become eligible for such loan.

THE RENT-TO-OWN SCHEME

Housing units acquired by HDMF shall be leased to qualified Pag-IBIG members, who shall enter into a Contract of Lease with Option to Purchase with HDMF, for a period of not more than five (5) years.

At the end of the term of the lease, a Lessee who complies with the provisions of the Lease Agreement, and who qualifies for a Pag-IBIG housing loan, shall be required to exercise his option to purchase the leased housing unit.

A Lessee who does not exercise his option to purchase shall not be allowed to occupy the housing unit after the expiration of the Contract of Lease.