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)
hbc/PrixDDB/ldp


Pag-IBIG signs deal with Mati City’s tricycle drivers, market vendors

May 14, 2012

DAVAO CITY, March 16 (PNA) — Pag-IBIG Fund chief executive officer Atty Darlene Marie B. Berberabe led the signing of memorandum of agreement (MOA) with Mati City’s associations of tricycle drivers and fish vendors. The signing was held on Thursday in Tagum City which coincided with the inauguration of Pag-IBIG Fund Tagum Branch new office building.

However, Berberabe said they wanted to reach out also to all informal sectors as they wanted them to benefit from the Fund’s program on provident savings and home financing.

Republic Act 9679 requires for universal coverage including those informal groups even as Berberabe said those earning P1,000 up can become Pag-IBIG Fund members.

Berberabe was joined by the Fund’s Southern Mindanao Group vice president Jose W. Banzon, Jr. in singning the agreements and witnessed by Tagum Branch manager Cesar Labuguen. The affair was also graced by Davao Oriental Governor Corazon Malanyaon, the officers of Pag-IBIG Fund, housing developers and representatives of other government agencies and private offices.

Among those who entered into an agreement with Pag-IBIG Fund were the Mati Market Vendors Association led by its president Jerome A. Gupit, Mati Science College Tricycle Operators and Drivers’ Association (MASTODA) with its president Romel Matapid and Badas Tricycle Operators and Drivers Association headed by Santiago Alberto, Jr.

The City Governments of Mati (Davao Oriental) and Tagum (Davao del Norte) also signed separate memorandum of understanding with the Fund represented by Mati City Mayor Michelle Rabat and Tagum City Vice Mayor Allan Rellon for implementing a scheme where registration and membership with Pag-IBIG Fund is a pre-requisite for renewal of business permits.

Meanwhile, Rabat said they wanted their job order employees of about 900 workers who are street sweepers, canal cleaners, civil security unit staff, traffic aids become members.

“We wanted these job order workers be covered and able of the benefits of Pag-IBIG Fund,” she said.

Romel Matapid, president of MASTODA said for our members not to be burdened by one time payment of the P200 monthly contribution, they designed a scheme to pay it daily at P7.

He said they learned of the membership coverage through flyers and posters and they were interested on the savings benefit of the program kay ang kwarta nga among ihulog naa may interest ug dibidendo (the money that we save will earn interest and dividends).

Speaking of dividends, Berberabe said that Pag-IBIG Fund’s board of trustees chair Vice President Jejomar Binay declared some P8.491 billion worth of dividends, equivalent to 71 percent of the Fund’s net income for 2011 and to be divided among the 102 million members.

She said dividend rate was pegged at 4.13 percent, the highest so far.

Berberabe said they took pride in the fact that Pag-IBIG Fund continued to sustain its financial growth through the years, making it one of the strongest and most stable institutions in the country today. (PNA)
RMA/Prix Digna D. Banzon/ldp


Pag-IBIG Fund chief cries foul over housing developer’s accusations

July 16, 2010

Pag-IBIG Fund chief executive officer Jaime Fabiaña yesterday slammed a housing developer for berating Fund officials for “losing the vision to serve,” saying Pag-IBIG “continues to be a strong and viable institution because of its hardworking and dedicated men and women.” Fabiaña was reacting to a report published in the Philippine Star that quoted Globe Asiatique Realty Holdings Corporation owner and president Delfin Lee as saying Pag-IBIG officials “have been there too long … they have become lazy and have lost the vision to serve.” “Pag-IBIG continues to be a strong and viable institution because of its hardworking and dedicated men and women whose focus to serve the Fund’s more than eight million members nationwide remains unwavering,” Fabiaña said. He cited statistics that showed housing loan approvals grew at an average of 42 percent for the last three years – P22 billion in 2007, P34 billion in 2008, and P46 billion in 2009. “Every day, 300 families are able to acquire homes through Pag-IBIG’s housing loan program. In times of calamity, Pag-IBIG provided an immediate lifeline to 800,000 calamity-stricken members through loans amounting to P14.7 billion. On a daily basis, the Fund releases P185 million in short-term loans which helped finance the emergency needs of 10,454 members,” he said. Fabiaña also belied Lee’s accusation that a memo providing that a member applying for a housing loan must have complied with the twelve-month residency requirement beginning July 1 of this year was unusually timed. “It was not unusually timed. To properly disseminate the new requirement, the Fund has undertaken intensive consultations with developer groups including the Subdivision and Housing Developers Association (SHDA) and the Organization of Socialized Housing Developers of the Philippines (OSHDP) as well as with the Fund Coordinators who serve as liaisons of Pag-IBIG with employer-companies,” he said. “We also made sure that the Fund included this policy in all its housing loan briefings both here and abroad. It was thoroughly discussed in a lot of meetings,” he added. Fabiaña said the amendment was duly approved by the Pag-IBIG Board headed by former Vice President and HUDCC chair Noli de Castro. “However, in a recent memo, the Senior Management of the Fund heeded the request of developers and members to defer its implementation and allowed the payment of 24 monthly contributions until September 30 of this year, provided housing loan applications are submitted not later than December 29, 2010,” Fabiaña said. According to Fabiaña, the 12-month residency requirement was established under HDMF Circular No. 55 to build up more funds for re-lending. “In March 2000, the residency requirement was two years. In 2001, Pag-IBIG lifted the two-year residency requirement allowing members to pay in lump sum, the 24 monthly membership contributions to avail of a housing loan because there were only a few borrowers then. At that time, total housing loan approval was only P3.5 billion,” he said. “Following the reduction in interest rates and lengthening of loan term to 30 years, Pag-IBIG has experienced immense growth in loan approvals recording an average growth rate of 42 percent for the last three years – P22 billion in 2007, P34 billion in 2008, and P46 billion in 2009. At this rate, it is no longer sustainable for Pag-IBIG to finance the growing demand for housing,” he added. Fabiaña also observed that instant membership has been prone to abuse, citing monitoring reports that indicated that abuses have been committed, particularly in the Pampanga area, “including Mr. Lee’s Xevera Projects, where almost 400 approved accounts were confirmed to be doubtful because the borrowers denied they availed of the housing loans.” Fabiaña said Lee himself “confirmed the existence of these problematic approved accounts.” “In a letter to Pag-IBIG, Lee wrote that ‘based on our internal monitoring, there are buyers who have not been paying since take-out (loan approval). We are closely monitoring some 1,000 accounts which we suspect are of questionable buyers. We have since cancelled 400 of these accounts…’,” Fabiaña said Fabiaña also took exception to Lee’s statement that HDMF officials are “lazy… they put the money in treasury bills and avoid innovative and challenging work that can fulfill the mission to provide low-cost housing to Filipinos”. He said according to the agency’s figures, Pag-IBIG has long surpassed its mandate to provide 70 percent of its funds for housing. “In 2009, 78 percent of the P256 billion total assets of the Fund are housing- related. For the first five months of the year, this has already reached 80 percent representing P204 billion out of the P271 billion total assets,” he said. Emma Linda Faria, Deputy Chief Executive Officer for the support services cluster, said Pag-IBIG “we cannot put all our funds in housing as we must be able to pay our members’ Provident claims on time. Plus we must always be liquid.” On Lee’s estimate that 70 percent of low-cost housing clients of real estate developers would be affected by the policy, Fabiaña said out of the 8 million members of Pag-IBIG, only around 800,000 members have housing loans. There are more than seven million remaining members who have made 24-monthly membership contributions who have not yet availed of a housing loan. “If sales agents are not lazy, they can easily tap this potential,” he said. Fabiaña said the Fund is what it is today – “one of the top government corporations and the leading financier of the government’s housing program” – because of the singular dedication and hard work of its 5000-strong work force of the Fund. “As a result, Pag-IBIG has been recognized locally and internationally for its contribution in housing. To cite a few: a Triple A minus (Aaa) rating from PhilRatings in 2005 for creditworthiness; UN-Habitat Scroll of Honour in 2006 for providing affordable home financing, making the Fund the first government agency to receive such commendation; Congressional Citation in 2008 for its exemplary contribution in the government’s battle against homelessness and poverty; and Civil Service Commission PASADA Awardee since 2007 for exhibiting the value of customer care and meeting the expectation of the transacting public for prompt, courteous, and responsive service,” he said. Fabiaña assured the Fund that he will continuously refine its housing program to ensure that the dream of homeownership can be easily attained by every Filipino worker. (with ref. Margie Jorillo at 811-4198)


“We had fun, fun, fun” @ Pearl Farm (Summer Outing 2010)

March 26, 2010

golfcart

They had fun n the sun and the sand … while we rated their performance in a unique show of talents, guts, poise, pose and grace …. then they ate , played fun games, they swim, toured the place, talked, laughed, laughed and laughed.

Twas one event in March they will continue to recall with matching laughter … als…o because of Lady Gaga. I too didn’t miss that. i had my foto taken with the red hair lady. The winners of the hunk and the babe in bikini were also equally exciting so with the different group presentations.

Joe and I had fun and enjoyed the day with the Pag-IBIG Tagum branch, the group headed by Beth. Kudos to you all. Thank you guys … for the invites … twas indeed a fun day.

The kids were there too not only to enjoy but cheer to their Moms and Dads, Titos and Titas.

Everyone were in their summer get ups plus accessories of colored hats, bags, flip flops, different shapes and colors of shades, shorts and swimsuits.

Foreign visitors were there too to have fun.

well … it’s facebook time so i’m sharing to you some fotos I took in between my task as one of the judges along with Joe and a Daddy …all because of “The Heat Is On” Summer Outing on March 20, 2010.


March 25, 2010

Pag-IBIG Southern Mindanao conducts saturation drive for RA 9679

DAVAO CITY, Feb. 10 (PNA) – The Home Development Mutual Fund otherwise known as Pag-IBIG Fund is now conducting a massive saturation drive in order to reach out to all sectors that will be covered by Republic Act 9679 or the Home Development Mutual Fund (HDMF) Law of 2009.

Pag-IBIG Fund vice president for Southern Mindanao operations Jose W. Banzon, Jr. said they expect an additional 85,000 new members with the passage of the new law in their area of responsibility covering four branches namely the Davao that includes Davao City and Davao del Sur; Tagum branch including Tagum City, Island Garden City of Samal, Compostela Valley Province, Davao del Norte and Davao Oriental; General Santos branch comprising the cities of General Santos and Koronadal, South Cotabato Province and Sarangani; and the Cotabato branch covering the cities of Cotabato, Tacurong and Kidapawan and the provinces of Maguindanao, North Cotabato and Sultan Kudarat.

He said with their ongoing drive, many showed interests as their offices receive several queries daily from those sector formerly not covered and are now included in the coverage.

“We do door to door visits to establishments, offices and companies and send letters to homeowners associations and those self-employed entrepreneurs and other sectors if only to reach out to these people for them to be covered by the new law so they could avail of the services and benefits due them once they are covered by the HDMF law,” he said.

Meanwhile, Banzon said total membership for the Fund corporate wide in 2009 accounted to 7.5 million and target for 2010 is pegged at 9.5 million. The Southern Mindanao Group membership in 2009 totaled 484,302 or an increase of 3.2 percent in 2008 or 469,020 active members.

He said with their target of 85,000 for new members this year, their total Pag-IBIG members by end of 2010 would be about 569,302.

He said the new law has a universal or expanded members coverage where it becomes mandatory for all employees covered by the Social Security System (SSS) provided “that actual membership in the SSS shall not be a condition precedent to the mandatory coverage in the Fund and shall include but are not limited to private employees regardless of income, whether permanent, temporary or provisional and is not over 60 years old.

A household-helper earning at least P1,000 a month, a Filipino seafarer upon signing of the standard contract of employment between the seafarer and the manning agency. Self-employed person regardless of trade, business or occupation, with an income of at least P1,000 a month or not over 60 years old.”

Also covered are self-employed professionals such as doctors, lawyers, dentists, Certified Public Accountants (CPAs), architects, engineers, and others, business partners and single proprietors, actors, actresses, directors, scriptwriters, news reporters, professional athletes, coaches, trainers, jockeys, individual farmers and fishermen.

He said all employees under the Government Service Insurance System (GSIS) are also covered regardless of their status of appointment and income.

He said coverage for those Filipinos employed by foreign-based employers or the Overseas Filipino Workers (OFWs) is now mandatory.

Voluntary coverage, he said will only apply to barangay officials, non-working spouses of Pag-IBIG member, leaders and members of religious groups, Filipino government or international organization and self-paying individuals.

The contribution rate with monthly compensation of P1,500 and below for the employee is 1.0 percent and the employer at 2.0 percent. Those over P1,500 would have equal contribution of 2 percent for both the employee and the employer.

He said the maximum monthly compensation to be used in computing the employee and employer contributions shall not be more than P5,000.

Banzon said the employees’ Pag-IBIG contribution will earn dividends even as he said that in 2009 they paid five-percent dividends to the Fund members that go to their accumulated savings which they can withdraw among others upon maturity of 20 years, or retirement from the service. The savings thru the Fund is tax-free, meaning the members get 100 percent equivalent amount. (PNA)
LAP/Prix Digna D. Banzon/lvp


Previous Post

March 25, 2010

Pag-IBIG Southern Mindanao releases P5.9B for salary, housing loans in 2009

DAVAO CITY, Feb. 10 (PNA) — A total of P5.9 billion was availed of by a good number of Pag-IBIG Fund members of Southern Mindanao in 2009.

Pag-IBIG Fund vice president for Southern Mindanao operations Jose W. Banzon, Jr. reported that both the multi-purpose loan (MPL) and housing loan registered double-digit percentage increases.

For the MPL alone, he said almost half of the Pag-IBIG members in their area availed of this type of loan, accounting to P3.398 billion by some 208,291 borrowers or an increase of 20.91 percent as against 2008 with only P3.001 billion with 198,303 who borrowed.

The multi-purpose loan is among the sought after services in the Davao branch, which receives 400 applications daily. With all requirements met processing is done within the day.

“Traffic is heavy during the months of May and October as most of the borrowers use the proceeds of their loan for enrollment purposes of their children,” Banzon said.

Meanwhile, Banzon said as to housing loans they were avail to release P2.361 billion to some 5,270 borrowers as against the P1.935 billion in 2008 availed of by 4,825 loan takers.

He said with regards to loan value, it generated about 21.98 percent for the year in review while number of takers registered an increase of 9.22 percent.

More than half of the borrowers were from Davao of about 2,868 and valued at P1.451 billion followed by General Santos with P494.9 million of 1,108 borrower, Tagum (Davao del Norte) with P294 million and 931 borrowers and Cotabato, P120.4 million by 363, he said.

The average loan value for last year was pegged at P448,077 in 2009 and P401,206 in 2008. Its housing loan collection in 2009 was at P1.239 billion or an increase of 19.03 percent compared to 2008 with P1.041 billion.

Banzon also reported that active membership level in Southern Mindanao as of last year totaled 484,302 compared to 2008 with only 469,020 or an increase of 3.26 percent.

Among the operating units within the Southern Mindanao Group (SMG), he said the Davao branch still has the most number of members with 204,045 in 2009 compared to 197,401 in 2008 or a 3.37 percent increase and followed by General Santos with 105,911 or an increase of 3.27 percent against the 2008 figure of 102,556.

He said Tagum had 89,974 members as of last year and registered an increase of 5.45 percent as against 85,325 the previous year while Cotabato had 84,372 members or a .76 percent increase from the previous year with only 83,738 members.

With regards members contribution almost half of the pie was contributed by the Davao branch with P509.3 million in 2009 compared to P473.5 million in 2008 or an increase of 7.54 percent. Half of Davao’s contribution was shared by General Santos with P256.8 million last year or an increase of 8.57 percent against 2008′s figure of P236.6 million. Tagum branch delivered a big increase with 22.16 percent or P240.1 million compared to its 2008 contribution of only P196.5 million. Cotabato had 241.9 million in 2008 which lower by -9.04 percent compared to that in 2008 with P265.9 million.

Total member’s contributions of SMG accounted to P1.248 billion or 6.44 percent increase compared to the 2008 total contributions of P1.172 billion.

The developer’s loan release posted an increase of 70.74 percent in 2009 with P247.980 million as against the 2008 figure of P145.236 million.

Of the operating branches, he said Davao registered 112.84 percent increase in 2009 with P178.143 million as against the P83.700 million in 2008, General Santos posted a decrease of -14.98 percent with P48.637 million last year compared to P57.207 million the previous year while Cotabato had P21.200 million in 2009 or a 389.72 percent against P4.329 million in 2008.

As to developers’ loans collections, the Group noted an increase of 51.68 percent with P229.562 million last year as against the previous year with only P151.342 million.

As to its financial highlights, Banzon said the SMG registered a gross income of P1.293 billion with net income of P1.002 billion or a percentage change on net income of 43.26 percent with that of 2008 with only P699.565 million.

Banzon attributed the positive performance to the increasing number of workers covered by the Fund and the number of members who availed of their line of services plus the lowering of interest rates applied to housing loans.

He also said some of the areas covered by SMG had become growth areas and noted that proceeds availed of by members through the multi-purpose loans were plowed back to the economy as more money were in circulation within the area while housing carries multiplier effect of 16 times as it opens also several economic activities. (PNA)
LAP/Prix Digna D. Banzon/lvp


March 25, 2010

Pag-IBIG Fund targets 1-M OFW members in 2010

DAVAO CITY, Dec. 14 (PNA) — The Home Development Mutual Fund (HDMF), or Pag-IBIG Fund, is set to increase its membership of overseas Filipino workers (OFWs) to one million in 2010.

This was revealed by HDMF vice president for Southern Mindanao operations Jose W. Banzon Jr. during the “Handog ng Pag-IBIG Fund sa OFW” over the weekend at SM City Davao entertainment center.

Pag-IBIG Fund has current membership of 470,000 OFWs, and aims to double the figure by 2010.

Meanwhile, Banzon said in recognition to the huge contribution of OFWs to the country’s economy, the agency came up with fitting tribute to them by letting them understand further the benefits they get from the Fund as members, and a simple celebration for the Christmas season.

Citing figures from Bangko Sentral ng Pilipinas, Banzon said the total remittances of OFWs from 2003 to 2008 amounted to US$ 70.5 billion or P3.2 trillion. The figure for 2009 is at P284 billion or equivalent to 71 percent of the national budget of the Philippine government for 2010.

Pag-IBIG Fund, he said has set up offices in the Philippine embassies and consular offices to cater to queries and other services of Pag-IBIG member.

With the passage of the new law or Republic Act 9679, the OFWs in 2010 are covered by Pag-IBIG Fund as compulsory members.

Once a member of the Fund, OFWs will enjoy benefits and service such as multi-purpose loan, housing loan and earnings of dividends, he said.

He said an OFW that will pay five dollars monthly contribution could avail among others of a housing loan with six percent interest rate per annum for a house and lot package of P300,000 or other types of packages.

Banzon said OFWs tax free contribution could earn at least 4.5 percent.

Linda Moreno, HDMF vice president for Philippine International Operations Group, said they will open more offices abroad to make the Pag-IBIG Fund services more accessible to OFWs.

Lawyer Marie Antoniette D. Diaz, assistant manager for Pag-IBIG Fund Davao, the agency’s fund being exempted to taxes can be used for more programs including payment of dividends to members. (PNA)
FFC/DDB/lvp


March 25, 2010

Speaker commends Pag-IBIG Fund’s housing efforts

DAVAO CITY, May 11 (PNA) — House Speaker Prospero C. Nograles commended the Home Development Mutual Fund, popularly known as Pag-IBIG Fund, for its aggressive implementation of the government’s housing program.

This was concurred by the House Committee Chair on Housing, Rep. Rodolfo Valencia, in a recently held public hearing at the Grand Men Seng Hotel here.

Nograles and Valencia, together with Representatives Anton Lagdameo, second district for Davao del Norte and Rolando Uy, first district of Cagayan de Oro City, conducted a Public Hearing on House Bill Nos. 89, 411, 1932.

“Maganda ang pagpatakbo ng Pag-IBIG sa kanilang programa (Pag-IBIG’s housing program is highly commendable),” he said.

He said these are inputs that could be used in the other proposed bills with regards to housing programs.

During the public hearing, Pag-IBIG Fund deputy chief executive officer Jaime A. Fabiana reported that the Fund, after implementing RA 8501 or the Condonation Law, was able to apply condonation of 51,000 accounts.

He said if not for the Law, these 51,000 loan accounts would be foreclosed.

“We were successful in implementing the program and, in fact, 30,000 of these borrowers are now regularly paying their amortization,” he said.

He said other features of RA 8501 like the non-interest portion of the loan to be restructured is already implemented by the Fund.

However, Fabiana urged the House that once the new law on housing is passed, the Implementing Rules and Regulations should not be uniformed for all shelter agencies.

“Based on our experience, we are successful on the scheme that we crafted,” he said.

Meanwhile, he said, 40 percent of housing loans is provided by the Fund which is the largest in the country. In 2008, their loan portfolio for housing is pegged at P30 billion and, in the first quarter this year, some P7.4 billion were already accessed by borrowers.

He also said, on the average, they process about 155 housing loan applications daily. Given this, they could assume 20 to 30 percent or 200,000 houses per year of the government’s set target at one million.

On the other hand, Valencia said the Fund’s 155 housing loan processed per day could support the country’s target of 548 housing loans each day. (PNA)
DCT/DDB/lvp


Pag-IBIG Fund works on long-haul program

March 13, 2009

quimbowidjoe4quimbowidjoe5quimbowidprix3(Photo courtesy of Mr. Edgar Arro of Mindanao Times … thank you)  The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is working on the long-haul program where it seeks to partner with housing developers in providing housing units to prospective homebuyers who are members of the Fund.

Lawyer Romero Federico S. Quimbo, chief executive officer of Pag-IBIG Fund told developers during the recent Mindanao Housing Forum held in Davao City that in support to the long haul program the Fund has earmarked a bigger loan facility this year amounting to P50.50 billion.

Close to 200 participants joined the Mindanao Housing Forum coming from Regions IX, X, XI, XII and XIII.

Quimbo said that Pag-IBIG Fund has enough money for the program and developers can access the fund depending on the kind of program they would avail.

He stressed however that they want to implement lending program that is sustainable yet find ways to make it easier for the developers to access the funds saying that “we want our business sustainable and your (developers) business sustainable too”.

He told the home builders that they need to meet half-way to develop the housing program and the Fund wants to partner with people who are in for the long haul. They invite private sector to come in and invest as they partner with them in delivering homes to the members.

Quimbo said the Fund does not get any subsidy from government and they are the company that must make money because they need to give back to the members in form of dividends out of the money that they use for programs like housing loan.

“If we do not give back in return, the members would think that we are only using their money. We need to give something back to them who are funding the loans to developers,” he said.

He reminded developers that it is the Fund members’ money that they are using through the development loans and Pag-IBIG Fund needs to take care of their fund that is why they see to it that guidelines are followed.

He said out of the 7.5 millon members of the Fund only 10 percent avail of housing loans while the remaining 90 percent has not availed of the program yet contributes to the funds housing loan program.

The housing loan window this year is 53 percent higher than in 2008 of only P34.03 billion. The 2009 will have P43 billion for end-users loan and P7 billion for institutional loan.

He said for a period of ten years the housing loan program allocation in 2001 was only at P3.82 billion followed by P5.40 billion in 2002, P9.32 billion in 2004, P15.30 billion in 2005, P16.10 billion, 2006, and P22.59 billion in 2007.

Quimbo said despite the increased growth they maintain the same budget in 2007 and 2008 of 5 percent as against their revenue of 45 percent.

He said the growth for the past years was at P1.3 billion, but it was only last year they were able to hit P38 billion.


Pag-IBIG Fund to launch Info System Programs

March 13, 2009

quimbotalk61quimbo10

 
 

The Home Development Mutural Fund (HDMF) or Pag-IBIG Fund is working on its Integrated Information System Program (IISPP) project as it continuosly seek to improve its services to members and partners.
 
Pag-IBIG Fund chief executive officer Atty. Romero F S Quimbo made the announcement during the recent Mindanao Housing Forum held in Davao City where close to 200 participants joined coming from Regions IX, X, XI, XII and XIII.  The forum was also attended by the Fund’s managers in Mindanao.
 
Quimbo said they never stop working on strategies inorder to make the Fund become responsive to the needs of the stakeholders.
 
The IISP is a system the Fund will implement where relevant data could be accessed at the shortest time possible.
 
He said the moment IISP becomes operational the membership service verifiication slip (MSVS) which is a requirement for housing loan application could be generated in few seconds to determine whether the applicant is qualified to borrow or not.
 
Given this, it would also provide developer faster processing time in terms of take out as it allows the Fund to come up with a better system, he said.
 
He said when data is available it will also help developer locate and find potential markets even as he said that partnership will be forged with developers in creating a data base that would help them locate areas where there is a need.
 
He said this is one thing that the Fund is trying to develop inorder for them to target individuals who need homes.
 
Right now he said only 10 percent of the 7.5 million members of Pag-IBIG Fund access the housing loan program.
 
But he said they had been reaching out to members to avail of the program saying that Pag-IBIG Fund has been created for the long haul program or the housing loan program.
 
The Fund has been sustaining its program and Quimbo said that for 2009 some P50.50 billion has been earmarked for housing loan.
 
Quimbo who assured developers that funds is ready for housing projects said they would deal with developers who are resourceful and those whose businesses are gaining even as he encouraged them to avail of the opportunity where they could build more homes by tapping house loan window through institutional loan with Pag-IBIG Fund.
 
He emphasized however that Pag-IBIG Fund is implementing lending program that is sustainable and as far as their relationship with the developers are concerned they make sure that the program is sustainable.
 
The Fund has in its menu of Institutional Loans nine types of loan windows that developers could choose from.
 
Pag-IBIG Fund vice president for southern Mindanao operations Jose W. Banzon, Jr. said these loan facilities include Development Loan Program, LGU-Development Loan, Credit Facility, Pag-IBIG City, Medium/High Rise Building, Housing Receivables Financing Facility, Home Construction Financing Line.
 
He said for the Southern Mindanao area alone they already had financed a total of 91 projects.  74 of these projects were fully paid, eight are current projects while nine in default.
 
He said their success rate for institutional loans to developers is at 90.11 percent for the P2.119 billion loan facility since it started giving out loans to developer where total units built accounted to 24,119 spread out in their area of coverage.
 
Meanwhile both Pag-IBIG Fund deputy chief executives Jaime A. Fabiana and Tessie M. Gonzales told developers during the open forum that they will continue to study areas where it will be more easier for the developers to implement projects by accessing financing with the Fund just like the case of reducing the processing time of take out and the release of notice of approval.   
   
 

 

 

 


Next Week’s Event in Davao City

March 1, 2009

Mindanao Developer’s Forum sponsored by Pag-IBIG Fund this March. Updates will be posted soon … watch  for it.


Today’s Report — VP Noli de Castro announces new cut in Pag-IBIG housing loan interest rates

March 1, 2009

Vice President Noli “Kabayan” De Castro announced another adjustment in Pag-IBIG Fund housing loan interest rates, making the monthly amortizations for its most popular loan package even more affordable.

The interest rate for loans up to P400,000 has been reduced from 7% to only 6% per annum. Interest rate for loans worth over P400,000 up to P750,000 is 7%, and 10.5% for loans over P750,000 up to P2 million.

As a result of this rate cut, the monthly payment for principal and interest for a P400,000 loan will go down from P2,661.21 to P2,398.20 at the maximum payment period of 30 years.

The Vice President said the bulk of housing loans taken out by Pag-IBIG are those worth P400,000 and under. “The market for Pag-IBIG loans are mostly the low income earners, so this latest interest rate adjustment will benefit them,” he said.

“In these difficult times, we want more Pag-IBIG members to have home ownership as an affordable option to renting,” he added.

De Castro added that the rate reduction dovetails with the Fund’s commitment to allocate P82 billion for housing and multi-purpose loans this year as its contribution to the government’s economic stimulus package. “With this, we hope to attract more borrowers.

This will help keep the housing market vibrant, generate business activity in related industries, and create much-needed jobs for our workers,” he said.

In support of the Fund’s higher allocation for shelter financing, De Castro has directed the Pag-IBIG Fund to review its housing loan application process and find ways to further streamline it.

De Castro also assured members that Pag-IBIG will continue to invest at least 70% of its investible funds in housing even with the Fund’s charter change.

This is in reference to the recently approved Senate Bill that aims to strengthen the Pag-IBIG Fund by amending its charter to restore its exemption from income taxes and to empower its Board of Trustees to adjust contribution rates, among other things. “Housing will continue to be Pag-IBIG’s core service to its members, and its main contribution to our country’s economic growth,” he said.

Source : http://www.pag-ibigfund.gov.ph


Today’s Report – Housing Czar pushes for Pag-IBIG’s 70% investment in housing.

February 5, 2009

Vice President and concurrent Housing and Urban Development Coordinating Council (HUDCC) chairman Noli ‘Kabayan’ de Castro thanked the two Houses of Congress for pushing the amendments in the Charter of the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund.

The Charter amendments seek to strengthen not only the Pag-IBIG Fund but the entire housing sector as well. He noted that the draft bills approved by the two Houses of Congress would restore the tax-exempt privilege of the Fund and authorize the board to set the contribution rates of members resulting in additional funds for the benefit of Pag-IBIG members.

However, De Castro objected to the deletion of the provision in the Pag-IBIG Fund’s existing Charter stating it should “invest not less than 70% of its investible fund to housing.” “Housing is one sector with a big multiplier effect on the economy.

Every P1 million invested in housing translates to P16.6 million of economic activity in the country. At this time of the global financial crisis, we need to put our funds on industries that would stimulate the economy and create more jobs for our people,” De Castro said.

He urged Congress to restore the said provision to realize the prospective law’s objectives of providing the Filipino citizens with sufficient shelter through the mobilization of funds for shelter finance.

De Castro’s call for the restoration of the above provision is consistent with his recent announcement that the Pag-IBIG Fund is putting in at least P82 billion as part of the stimulus package being worked out by the Arroyo Administration. Of this amount, 70% or about P57.4 billion would be invested in housing. (from the newsroom of Pag-IBIG Fund website)


how to become a member of Pag-IBIG Fund

February 5, 2009

 
MEMBERSHIP PROCEDURES AND REQUIREMENTS

I. FOR WORKERS WITH REGULAR EMPLOYMENT

Persuant to Republic Act 7742 which was fully implemented on January 1, 1995, membership to the Pag-IBIG Fund shall be mandatory for all employees covered by the Social Security System (SSS) and/or the Government Service Insurance System (GSIS) and who are earning at least P4,000.00 a month. This mandatory coverage is also extended to expatriates whose age is up to 60 years old and who are compulsorily covered by the SSS. In the absence of an explicit exemption from SSS coverage the said expatriate, upon assumption of office, shall be compulsorily covered by the Fund.

Membership for employees who are earning less than P4,000 a month, including those who belong to other working groups shall be on a voluntary basis.

Procedures on the Registration of Employers and it’s employees

  1. Proceed to the Marketing and Enforcement Division of the concerned branch and request for a copy of the Membership Registration/Remittance Form (MRRF) [FPF060].
  1. Accomplish and submit two (2) copies of the MRRF together with the following supporting documents to the Marketing and Enforcement Division:
  • Members Data Form (MDF) of the employees
  • Certificate of SSS Coverage and Compliance (for the current year), if private employer
  • GSIS Certificate of Membership, if government employer
For Sole Proprietorship

  • DTI Registration
  • Mayor’s Permit/ Business Permit

For Partnership/Corporation

  • SEC Registration
  • Articles of Partnership/Incorporation and By-laws

Notes:

  1. The original copy of the documents shall be presented for authentication.
  2. Upon submission of complete documents, the Marketing and Enforcement Division shall issue the Payment Order Form (POF).
  1. Proceed to the Cash and Administrative Services Division and pay the 1st monthly membership contributions (MC).
  2. Upon payment, present the Pag-IBIG Fund Receipt (PFR) to the Marketing and Enforcement Division.

Notes:

  1. The succeeding remittances shall depend on the following schedule:
First Letter of Company Name Remittance Schedule
A – D 10th to the 14th day of the month
E – L
15th to the 19th day of the month
M – Q
20th to the 24th day of the month
R – Z
25th to the end of the month
  1. For the succeeding remittances, the MRRF may be submitted in diskette.

<!–

Procedure of registration for first-time member-companies:

  1. Accomplish two copies of the Membership Registration/Remittance Form (M1-1).
  2. Prepare the following documents (2 photocopies):
    • SEC registration or the company’s DTI and SSS registration
    • R3 and R1A forms (SSS registration and remittance forms)
  3. Present all documents (M1-1, registration and SSS forms) to the Marketing Division of the concerned Pag-IBIG branch office for verification (bring all originals for authentication). Secure referral slip from Marketing staff.
  4. Proceed to the office’s Cash Division for payment of first monthly remittance.
  5. Submit the “referral slip” prepared by the Marketing staff and all verified documents to the cashier.
  6. Succeeding remittance date shall depend on the schedule of payment of the office (see below). Accomplished M1-1 shall serve as the remittance form for succeeding payments.
  7. Submit to the Marketing office 2 copies of the accomplished Member’s Data Forms (MDF) of all qualified employees to the Marketing Division on the second month after the first payment of contributions.
  8. The names of newly-hired employees that are covered by RA 7742 should be included in the accomplished M1-1 form and their corresponding contributions duly remitted to the Fund. The accomplished MDF of the new employees shall be submitted on the following month.

Schedule of Payments for Company-Members

First Letter of Company Name   Remittance Schedule
 
A-D   10th to the 14th day of the month
E-L   15th to the 19th day of the month
M-Q   20th to the 24th day of the month
R-Z   25th to the end of the month

–>II. INDIVIDUAL-PAYORS/VOLUNTARY MEMBERS

Employees who are not regularly employed and who belong to other working groups can join the Pag-IBIG Fund on a voluntary basis.

How to join Pag-IBIG:

  1. Accomplished and submit two (2) copies of the MDF and all required supporting documents to the Marketing and Enforcement Division of the concerned Pag-IBIG branch office (bring all originals for authentication)
  2. Secure Payment Order Form (POF) from Marketing and Enforcement Division and proceed to the Cash Division for payment of initial membership contributions (MC)
  3. Present all verified/stamped documents to the Marketing and Enforcement Division.
  4. Secure Payment Order Form before proceeding to Cash Division for payment of contribution

REQUIREMENTS FOR INDIVIDUAL PAYORS (IP)

SELF-PAYING (WAIVED COMPANY)

  • Certificate of Employment & Compensation
  • Latest Payslip
  • Company ID

SELF-EMPLOYED

  • Latest ITR
  • <!–

  • Latest Income Tax Return (ITR) with Financial Statement of the previous year certified by a CPA
  • Certificate of Remittance/ESAV (for old members)
  • Two 1×1 ID pictures
  • SEC or DTI Registration (should be under the member’s name)
  • Business Permit or Mayor’s Permit
  • –>

<!–OPERATORS OR FRANCHISE HOLDERS

  • Franchise Permit (under the member’s name)
  • Official Receipt or Car Registration (under member’s name)
  • Latest ITR (previous year)
  • Two 1×1 ID pictures
  • –> <!–

  • Certificate of Remittance or ESAV
  • Two ID pictures
  • –>OVERSEAS FILIPINO WORKER (OFW) (For Reactivating Members only)

  • Latest Contract of Employment
  • Passport or any valid ID<!–
  • Latest and valid Contract of Employment (with POEA original stamp)
  • Certificate of Remittance or ESAV
  • Passport or any Valid ID/POEA license
  • Two 1×1 ID pictures
  • Special Power of Attorney (SPA), in case a representative shall submit the documents and pay the member’s contributions
  • –>

<!–SELF-EMPLOYED PROFESSIONALS

  • PRC/BAR License
  • Latest ITR (previous year)
  • Certificate of Remittance or ESAV (for old members)
  • Two 1×1 ID pictures
  • –>UNEMPLOYED SPOUSE (For Non-Working Spouse)

  • Written consent from member-working spouse
  • Certificate of Employment and Compensation of member-working spouse
  • Affidavit of Unemployment

For member-spouse with business:

  • Latest ITR <!–
  • Written consent from member-employed/working spouse
  • Certificate of Employment and Compensation of member-working spouse (notarized)
  • Affidavit of Unemployment
  • Two 1×1 ID pictures
  • If member-spouse has own business
  • Latest ITR (previous year)
  • Business Permit or Mayor’s Permit
  • SEC or DTI Registration
  • Monthly contributions of unemployed members (reactivating or non-working spouse) shall be P100.00
  • The unemployed member has the option to upgrade his monthly contributions, but may not downgrade the amount
  • Unemployed members may avail of the Multi-Purpose Loan but not a housing loan from Pag-IBIG
  • Individual payors or voluntary members have the option to choose their terms of payment, e.g monthly, bi-monthly, quarterly, etc.
  • –>

    UNEMPLOYED (For Reactivating Members only)

    • Affidavit of Unemployment

    Pag-IBIG extension office @ the mall …

    February 3, 2009

    pagibigkoro21pagibigkoro1a   pagibigkoro84

    Accessible and convenient, Pag-IBIG members of South Cotabato and Sultan Kudarat have better way of transacting business because services are brought to them while doing other transactions in the mall.

    The only mall-basedin the south, Pag-IBIG Fund Southern Mindanao opened its newest extension office last January in Koronadal City.

    The Pag-IBIG Fund Extension Office of Koronadal City is housed at Fitmart Mall in Marbel, Koronadal City and accepts among others payment of multi-purpose loans and housing loans.  It will also conduct housing loan seminar.  Schedule of the seminar is still being worked out.

    The extension office is under the care of Manager Rodrigo Suemith.

    Leading the inauguration ceremony were Governor Daisy Avance-Fuentes, Deputy Chief Executive Officer for Operations Tess Gonzales,  Vice President for Southern Mindanao Group Jose W. Banzon, Jr. together with other officers and staff of Pag-IBIG Fund other officials of private and government offices while Fr. Bonifacio Ampayas officiated the blessing of the new office.

    We are sharing you some pictures provided by Pag-IBIG Fund General Santos City …. thanks ayengonzales and company   

    pagibigkoro92 pagibigkoro3pagibigkoro4pagibigkoro5pagibigkoro62pagibigkoro112


    “Isang Pag-IBIG, Isang Pamilya”

    December 28, 2008

    This is the focus of Pag-IBIG Fund as it  celebrates the 28th year founding anniversary.

    The Pag-IBIG Fund or the Home Development Mutual Fund (HDMF) celebrates its 28th year as one “Big Happy Pag-IBIG Family”.

    Vice President for Southern Mindanao Jose W. Banzon, Jr. in his message during the Family Day on Sunday, December 14 at the SM City Event Center said that Pag-IBIG in itself is a big happy family as he stressed that every employee of the Fund help one another and support each other collectively.

    “Each one of us belong to the Fund family and we must have in our desire to help and assist the members of this family,” he said.

    The family always look up to its upliftment and well being and each one share common values, he said.

    Families may differ in their values he said either centering their direction to God while others on material acquisition, characrer building or the making of good citizens.

    But as member of the Pag-IBIG Fund family he said everybody is expected to adhere to the Fund’s core value of SPICE G meaning Service, Professionalism, Intergrity, Commitment, Excellence, Growth.

    He said imbibing such core values, they can as a family respond effectively and deliver good service to the Fund members.

    “If the employees think that they belong to the Pag-IBIG family, the Fund’s success will also be their success,” he said.

    He urged the employees to see to it that Pag-IBIG Fund fulfills its commitment and achieve its objective.

    He said ahead of them are lots of challenges but working as one they could hurdle any challenge.

    Meanwhile Banzon said that as Pag-IBIG Fund turns 28 this year, there are lots of reasons to celebrate.

    He said 2008 saw the expansion of the Fund, as more branches opened both within the country and overseas. The membership base continues to grow and the membership services continue to improve.

    “Pag-IBIG Fund is growing. Our family is growing,” he said.

    However, let it be said that amidst our growth, we remain rooted to our mandates, we stay connected to each other, we are one big happy family, Banzon added.

    He said Pag-IBIG Fund may be situated in different locations – from the headquarters, to the regions, to overseas – but no distance could distinguish them from one another when it comes to their ideals in public service.

    “Ours is a collective style of public service, as we work together for the benefit of our members, the true owners of the Fund,” he said.

    With this year’s theme “Isang Pag-IBIG, Isang Pamilya”, the Fund aside from holding the Family Day, put up exhibits showcasing the gains of Pag-IBIG and capped the 28th year founding anniversary celebration by honoring outstanding employers whose employees are members of the Fund. The outstanding employees of Pag-IBIG Fund were also given recognition during the culmination activity held at the Fund’s headquarter at the Atrium, Makati City.


    Pag-IBIG Fund Family Day in December @ SM

    December 28, 2008

    Both young and the young ones had fun in celebrating family day instead of the traditional Christmas party of employees.   Kids also were smart to answer trivia questions all about Pag-IBIG Fund with questions ranging from the date of the creation of the Fund to what does Pag-IBIG stands for and who are the officers of the Fund.  Names that children readily answered were RSQ, Sir JAF, Sir Joe, Sir Bong.  For the names  their  answers were marked wrong because the quizmaster would accept only the correct and complete name. I guess parents have to double time so the kids could answer correctly the trivia questions on the next Family Day. VP Jose W. Banzon, Jr. was given a surprise tribute by  the Pag-IBIG Fund Family of Davao headed by Manager Manolito Olegario for his December 14 birthday  while daughter Kim  shared messages for his Dad.  Sharing you some  photos taken during the  Pag-IBIG Fund  Family Day at the Event Center  of  SM City Davao …

    dodec14b2

    kimdec1420082

    pagibigsm161

    pagibigsm9pagibigsm1pagibigsm21pagibigsm3pagibigsm6pagibigsm7pagibigsm17pagibigsm18pagibigsm14pagibigsm15pagibigsm5


    Pag-IBIG @ 28

    December 17, 2008

    Pag-IBIG Fund getting stroger, growing bigger @ 28

    Photo shows Pag-IBIG Fund vice presidents (right) Jose W. Banzon, Jr for Southern Mindanao and (center) Ophelia dela Cerna for Northern Mindanao with Davao branch manager Manolito O. Olegario during the opening of exhibit at the Pryce Tower Business Park in Davao City.   The exhibit features the highlights of the Fund’s accomplishments since it  was established in (December 14) 1988 to 2008.

    unveiling-of-exhibit-1


    Real estate sector sees bright prospects in Davao

    December 6, 2008

    Despite the economic slowdown in the global market, a major real estate player is anticipating bright prospects in Davao next year.

    Maryline Lim, general manager of Samantha Homes said there is a large housing need in Davao City saying that the company is targeting the medium level market.

    She said the newest Samantha Homes project is at Bago Gallera where they enrolled as Pag-IBIG City of over 800 units. The site she said will include playground and multi-purpose hall that will later be turned over to the homeowners association.

    She said their company caters to employees, the overseas Filipino workers and the self-employed.

    The subdivision features include water facility sourced out from the Davao City Water District, an overhead transmission lines provided by the Davao Light and Power Company, underground drainage and concrete roads with curbs and gutter.

    But Lim said they don’t just build houses because they see to it that they would also introduce some new designs in their projects.

    In the pipeline next year she said is the 400 units project in Panabo City.

    All in all she said to include the new projects, Samantha Homes house and lot units accounted to 3,120.

    Their other projects are found in Matina Aplaya, Barangay Lizada in Toril, Paligue in Padada, Davao del Sur, Catalunan Pequeno, Catalunan Grande.

    Lim said they are careful with the supervision of the project because of the “buy back” policy ofPag-IBIG Fund.

    She said Pag-IBIG Fund for that matter pay particular attention to project development including the first years of repayments of homebuyers.

    She said they do not want also to be remiss of their responsibilities saying that they need to comply what has agreed between them and Pag-IBIG Fund.

    “What Pag-IBIG Fund had invested are the funds of the members and we make good of our investment because these are money of the Fund members,” she said.

    Lim however stressed that they reach out to their homebuyers in order for them to make good of their repayment record.

    She said with the reduced interest rates extended by the Pag-IBIG Fund the rebate extended to homebuyers who are “good payors,” now owning a house is very affordable.

    Meanwhile Davao City Investment and Promotion Center head Engr. Roberto Teo expressed good prospects for real estate in 2009.

    Teo in a separate interview said real estate will continue to pick up in Davao City next year.

    He said a new subdivision project with investment of P120 million will commence next year.

    He also said that constructions of two the big investments on real property are on-going while developers of new condominium projects have already shown keen interest for new construction here. These are in addition to the DMCI condominium and that of the Filinvest development


    Pag-IBIG SouthMin posts collection growth

    November 15, 2008

    media

    In photo with Mr. Banzon were editors and reporters from Business World, Philippine Daily Inquirer, Philippine Information Agency, Philippine News Agency, Mindanao Daily Mirror, Mindanao Times, SunStar Davao and The Edge

    Pag-IBIG Fund of the Southern Mindanao Group has posted a P4.486 billion collections for the first nine months in 2008.

    Vice President Jose W. Banzon, Jr. of Pag-IBIG Fund Southern Mindanao Group in an interview by Davao business reporters at Pryce Tower in Davao City said the Short-term Loan (STL) is biggest of the four anchor programs with P2.343 billion.

    He said of the other three programs, members’ contribution followed next with P882.6 million, housing loan at P868.7 million and acquired assets collections at P391.7 million.

    Based on annualized collections, he said the Southern Mindanao Group would generate about P5.982 billion as against the target of P5.556 billion, an increase of 10.48 percent.

    Banzon also said that from among the four branches of the Group, the Davao branch tops the list with total collections generated within the period in review of P1.869 billion. The General Santos City branch ranks second with P923.623 million, Tagum, P866.030 million and the Cotabato branch with P827.16 million.

    Also of the four major programs he mentioned that the Short-term Loan Availment is the most sought after services being accessed by Pag-IBIG members.

    He said their total exposure of P2.538 billion is accessed by 168,110 members.

    “This program is top gainer because they were able to institutionalize the fast phase of processing of loans,” he said.

    “Fund members are interested on this because they find it very convenient. Within a day or two, borrowers can already have their loans processed,” he said.

    Based on annualized figure this year, he said their total loan amount is at P3.384 billion that will be accessed by 224,147 members.

    He said figures would show that 36 percent of the Pag-IBIG Fund members availed of the STL, a figure that only the Fund from among other similar institute could deliver.

    The Southern Mindanao Group is expected to give out total STL loan for 2008 of P2.637 billion to about 166,974.

    Current figure showed that the Group will hit towards end of 2008 128.30 percent of the loanable amount and about 134.24 percent increase of the Fund’s borrowers.

    Banzon also said that the Southern Mindanao Group has a total of 472,638 active members as of September 2008 as against this year’s target of 465,696 registering an increase of 101.49 percent.

    The Davao branch accounted to 196,259, Tagum, 88,452, General Santos, 103,523 and Cotabato 84,404.


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