Speaker Nograles commends Pag-IBIG for housing efforts

House Speaker Prospero C. Nograles commended the Home Development Mutual Fund popularly known as Pag-IBIG Fund for its aggressive implementation of housing program. This was concurred by the House Committee Chair on Housing Congressman Rodolfo Valencia in a public hearing held in Davao City on Thursday, May 8 at Grand Men Seng Hotel.

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,” he said.

He said these are inputs that could be used in the other proposed bills with regards 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, they were 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.

Fabiana however urged the House that once the new law on housing be 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 of the first quarter this year some P7.4 billion were already accessed by borrowers.

He also said that 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 set target of government at one million.

Valencia on the other hand said the Fund’s 155 housing loan processed per day could support the country’s target of processing 548 housing loans each day.


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