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.



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