Pag-IBIG Fund to launch Info System Programs


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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.   
   
 

 

 

 

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