Pag-IBIG Fund to lend P50-B for 60,000 housing units in 2012

May 14, 2012

DAVAO CITY, March 16 (PNA) — The Pag-IBIG Fund is targetting 60,000 housing units with loan facility totaling P50 billion by yearend, this was disclosed by its Chief Executive Officer lawyer Darlene Marie Berberabe.

Berberabe made the announcement Thursday during the inauguration of the Fund’s Tagum Branch new office building.

She also led the signing of memorandum of agreements between market vendors association, operators and tricycle drivers associations of Mati City, Davao Oriental.

The MOA signing between the local government units of the cities of Tagum and Mati will facilitate implementing a scheme making registration and membership of Pag-IBIG Fund a pre-requisite for renewal of business permits.

The CEO reported that as of the first three months this year they were already able to lend P12 billion even as she explained that peak of housing projects will come towards the second of the year.

She admitted that with the stricter implementation of policies last year after the Globe Asiatique controversy, there were developers which stopped contracting with Pag-IBIG Fund.

But slowly they started coming back, after seeing a more defined and clear implementation of policies.

This year’s target she said is of 10 percent increase from last year’s target of 55,631 units valued at P38.3 billion.

Cumulative figure of the Fund’s housing program totalled to 841,661 housing units amounting to P313.4 billion.

Berberabe is hopeful about their program, given varied strategies through housing fairs and fora in coordination with the Subdivision and Housing Developers Association and Organization of Socialized Housing Developers Association of the Philippines.

“We will match their projects with the funding of Pag-IBIG Fund,” she said.

She said they are also supported by big developers like the DMCI, Megaworld, Filinvest, Rockwell and Ayala’s Avida.

There are still foreclosed properties she said where 60 percent of these units are occupied by the buyers themselves “and we are offering condonation of penalties until June 2012.”

She said they want these home borrowers to avail themselves of the offer and later become real home owners of the property they occupy.

Meanwhile, Berberabe said the Fund’s gross income amounted to P24.8 billion in 2011 which is 11 percent higher than in 2010 and the biggest in 31 years.

The net asset last year was pegged at P11.959 billion making the Fund’s total asset now of over P302 billion.

“But the growth of the Fund is not restricted to its finances. The past year was a year of changes, growth and action,” she said.

Berberabe said their efforts to provide quality service to our members have been recognized when Pag-IBIG Fund became ISO 9001-2008 Certified in 2011, the first among key shelter agencies in the country.

And we will continue to work hard and act on concerns that would benefit the members.

She said they are looking at 200,000 employers who did not register their employees even as she said that they already filed 167 cases against them (employers).

With the Fund’s program dubbed as “Be A Responsible Employer”, they are offering condonation of penalties for those who have not registered or those delinquent employers where condonation of penalties is pegged at P1.2 to P1.8 billion, she added. (PNA)
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