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

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