The CEO is a woman

It’s a woman again for Pag-IBIG Fund and this time Atty. Darlene Marie B. Berberabe is the new Chief Executive Officer who hails from Batangas City vice Jaime A. Fabiana of Davao City. The first woman head was Zorayda Alonzo, the CEO who, during her time, checks on us if time warrants, while Joe was assigned in Cotabato to open the Branch Office there in the late 80s. Like a Mom, CEO Alonzo by then was concern of the family with Kim at 3 and I was preggy with Joe3 and Joe’s sick father (bed-ridden) left under my care at home. The transfer of work assignment was untimely “sana” with the family situation that time. But after about four years in the wartorn Cotabato the CEO surprised me on my birthday with his transfer to Davao City. The four long years were hard but the transfer was indeed a great relief. I will never forget Mrs. Alonzo in my life time and with a woman again i could only anticipate no less but the good and the best for the workers of Pag-BIG Fund and the members of the Fund … kasali ako dyan sa members. The men (leaders) were exceptionally good but there is something in women perhaps (because of the hand that rocks the cradle). I am not being biased, with this writer being a woman too.

I’ve heard of the new CEO from my hubby and his first meeting with her upclose was when he defended at the SM (senior management) a project for southern Mindanao. The meeting was good and the discussion was comprehensive, he said. The more that he was impressed during the corporate officers meeting where she stressed about strict adherence to government rules and policies and to stick to what is right. I am also impressed with this.

I’ve read about her in the papers and online and here are some interesting information (that were earlier reported) for a law professor appointed as PAGIBIG chief.

Atty. Darlene Berberabe is a professorial lecturer in the College of Law, UP Diliman.

She earned a Bachelor of Arts degree, summa cum laude and valedictorian from UP in 1989. She graduated salutatorian from the College of Law in 1999. She is an associate lawyer in Quisumbing Torres (Baker & Mckenzie) Law Office and was a professor in the Department of Philosophy, UP Diliman. In the College of Law, she is a professorial lecturer who teaches Legal Theory. Her MA thesis in 1995 was on the Divine Command Theory. She wrote “Retail Trade Liberalization” which was published in the Asia Pacific Legal Bulletin in 2000. She is described as a labor law specialist.

Prior to her appointment as Pag-IBIG chief, Berberabe was the head of the Corporate Legal Department of multinational company Procter & Gamble (P&G) Distributing (Phils.), Inc. She joined P&G in 2004. Before that she was a Labor Associate at the Quisumbing Torres (Baker & McKenzie International) Law Office from 2000 to 2004. An academician, Berberabe was also a Professor of Philosophy for 10 years at UP Diliman, the first female Philosophy Professor; and Professorial Lecturer of Labor Law, Legal Method and Legal Theory at the UP College of Law from 2002 to 2008.

The above data is so rich and tough but I think she’s one good person by heart. She even asked Joe about us and the children and when she was in Davao City, December 15 to lead the loyalty service awarding of employees from Southern Mindanao, Northern Mindanao and the Visayas Group she took time for foto opportunities not once but many times with the employees which she readily obliged herself.

I know there are more good things to come to HDMF (with credit of course to the former bosses), the office is my husband’s bread and butter even as we are equally proud to be part of that one big family now stronger at 30.

I am looking forward to my first interview with the woman who is the boss of my husband together with my Davao business reporters friends.

Photo courtesy of Eric Morales.

Members assured: Pag-IBIG savings are safe; blacklist proceedings vs Globe Asiatique starts

The Home Development Mutual Fund (Pag-IBIG Fund) today assured its members that their savings are safe and that added safeguards to protect the integrity of the Fund are being put in place upon the directive of Vice President and Housing and Urban Development Coordinating Council (HUDCC) Chair Jejomar C. Binay.

“The Pag-IBIG Fund remains firm in its commitment to protect its members’ hard-earned savings. Our members need not worry about the safety of their savings. Their funds are intact, and will remain under their names and will be lent or, at maturity, released only to them for their benefit,” Emma Linda B. Faria, officer in charge of the Pag-IBIG Fund, said.

Faria said the agency’s budget for services and lending operations, both for housing and short-term loans, as well as funds allocated for claims, remain unaffected by the discovery of spurious transactions involving Property developer Globe Asiatique.

“Pag-IBIG is still on track in meeting its income/dividend targets for the year 2010,” she said, adding that the Fund will continuously review existing Pag-IBIG guidelines and policies “to further strengthen internal audit processes and enhance risk management measures. “

At the same time, Faria said the Agency has started proceedings to blacklist Globe Asiatique. She also revealed that as of August 31 2010, the company racked up notices of buyback totaling P1.1 billion for Xevera housing loans.

“While this amount is by no means small, this represents only half of one percent of the total assets of the Fund and is fully collateralized. We would like to assure our members that this will not affect the agency’s financial stability and capability in providing the necessary services to them,” she said.

The Vice President had ordered a thorough probe into the Xevera case during his first week as chair of HUDCC. Binay is also the chair of the Pag-IBIG Board of Trustees.

“We are ready to file the appropriate charges to protect the Fund. I have also directed the Pag-IBIG management to take the necessary steps to prevent a repeat of the Xevera case and to assure the members that their savings are being managed professionally,” he said.

Faria explained that as a condition for accreditation, developers guarantee against ineligible or fraudulent borrowers, non-completion of projects, and fraudulent transactions.

They also issue guarantees on loans against default within a period of two years. Developers also commit to buy back faulty accounts.

A breach of any of these guarantees is ground for blacklisting developers, aside from failing to remit collections under a Collection Service Agreement (CSA).

“In the case of Globe Asiatique, we have initiated the blacklist proceedings based on the results of our investigation,” she said. Earlier this year, the Fund was alarmed with its discovery of spurious transactions in the developer’s Xevera housing projects in Pampanga involving fake borrowers.

These findings were discovered through Pag-IBIG’s own validation and internal control mechanisms.

The Fund immediately implemented protective measures, including suspension of Globe Asiatique’s access to the HDMF housing program express lane facility.

The Fund also issued notices of buyback for accounts with confirmed breach of warranties. Likewise, Pag-BIG terminated GA’s Collection Servicing Agreements given the latter’s failure to remit payments to the Fund.

A full audit of all Xevera accounts was also ordered. The Pag-IBIG Fund is also speeding up the conduct of a thorough investigation on the matter to determine the administrative, civil and criminal liabilities, as may be appropriate, of concerned parties, she added.

Faria also assured accredited developers and borrowers that the Fund will continue to take out qualified housing loan applications.

“The Fund’s housing program has not just made us the biggest provider of housing loans; it showed that we are one of the more stable and viable government institutions in the country today.

Our institutional strength and our financial stability have enabled us to not just continuously honor our obligations to our members, but also allow the Fund to meet its mandates,” she said.  Source : www.pagibigfund.gov.ph

Pag-IBIG Charter Change Scores Back-to-Back at the House of Representatives

VP de Castro urges regular payments of housing loan amortizations

Vice President and Housing czar Noli de Castro urged urban poor homeowners to also pay reguarly their home loan amortization as he exhorts everyone not to forget their obligation.

The Vice President in a Housing Summit May 9, 2008 at the Philippine Women’s College, Matina, Davao City met with the homeowners organizations of Davao City where he also awarded the Certificate of Title to beneficiaries of housing projects of unused government lands converted into sites for socialized housing.

The summit was also attended by Pag-IBIG Officers led by Deputy Chief Executive Officer and Executive Vise President Jaime A. Fabiana and SM Vice President Jose W. Banzon, Jr. Also present were Pag-IBIG branch managers Manolito Olegario of Davao, Rodrigo Suemith of General Santos and Elizabeth Tinagan of Tagum.

De Castro was elated saying that the Summit was a good opportunity where the urban poor and the stakeholders discussed on their housing concerns.

“Ang Davao City naman di mahilig ng libre at huwag tayong mag short cut sa proseso kasi maraming sabit pag magshort cut tayo,” he said.

With regards to their concern on housing, the Vice President encouraged homeowners to send their issues and concerns to his office as he is willing to answer them provided they must indicate their addresses so they would know where to send the feedback.

De Castro also announced that because of so many complaints they had shortened the processing of requirements among shelter agencies.

House Speaker Prospero C. Nograles in a public hearing in Davao City on May 8 said homeowners must take the opportunity once the consolidation of House Bill Nos. 89, 411 and 1932 be firmed up.

The House of Representatives Committee on Housing is consolidating all the bills with regards government housing program to gather all the inputs of different sectors raised during public hearings.

House Bill No. 89 is an “Act to establish a socialized and low cost housing restructuring program, providng the mechanism therefore, and for other purposes,” authored by Rep. Rozzano Rufino B. Biazon, House Bill No. 411 is authored by Rep. Eduardo C. Zialzita re “An act instituting a socialized and low cost housing loan restructuring program, providing the mechanism therefore, and for other purposes”, and House Bill No. 1932 is entitled “An act instituting a socialized and low cost housing loan restructuring program, providing mechamism therefore, and for other purposes”, authored by Speaker Prospero C. Nograles.

Nograles said the only way to stop foreclosure is the restructuring program and they are finding ways to fill the gap even as he said that they had lowered the interest rate and is now pegged at six percent.

Restructuring is a temporary relief of homeowners whose account has been delinquent and facing foreclosure and once the law this will be the chance for those facing foreclosure pero hindi naman pwedeng hindi tayo magbayad, Nograles pointed out.

“Once the homebuyer avails of restructuring they must also pay their obligation because these shelter agencies also have operating expenditures,” he said.

And definitely when we borrow we must also pay,” the House Speaker stressed.

Pag-ibig funds 3,797 housing units

PAG-IBIG Fund Davao branch bankrolled the building of 3,797 housing units in Southern Mindanao to the tune of P1.4 billion from January to November 2007.

Annualized, the figures meant a 116-percent performance of the Fund’s Southern Mindanao Group for housing services against target of P1.258 billion.

Jose W. Banzon Jr., the fund’s vice president for southern and central Mindanao operations, told business editors and reporters that homebuyers from the other parts of Mindanao, mostly parents of college students, opted to locate their second homes in Davao City for practical reasons.

Top performer

Top performer is Davao City (which includes Davao del Sur area) with 2,079 units valued at P957,175,000, followed General Santos City with 795 units costing P265,317,000.

Tagum (including Davao Oriental and Compostela Valley Provinces) had 715 units worth P165,598,000 and Cotabato (including Maguindanao, North Cotabato, Sultan Kudarat and Cotabato City) had 208 worth P66,664,000.

Lower interest rates

Banzon attributed the increase in housing availment to their new scheme where interest rates were brought down making housing units affordable to homebuyers.

Starting October, rates on housing loans are:

6 percent (from 9 percent) for loans amounting to P300,000;
7 percent (from 10 percent) for loans of from P300,000 to P750,000; and
10.5 percent from 11-12 percent for loan of up to P2 million.

For a P300,000 house and lot package one would only get an interest rate of six percent or an amortization of about P1,800 a month. Before the same package was charged nine percent interest rate and the monthly amortization of P2,700.

He however observed that the new homebuyers in Davao City are mostly out-of-town families sending their children to colleges and universities here.

“I think this is the wisest decision they make because it is more advantageous nowadays to buy one than rent a house where the amortization is much lower than renting a house,” he said.

No housing boom yet

Banzon said their housing performance as of November last year was their biggest although he said that they could not say for certain whether there is a boom in the real property.

Housing, he said follows a five-year cycle and in order to check whether there is a steady rise in the demand, the entire cycle has to be looked at.

Banzon bared that for the year 2008, his unit is targeting the delivery of 5,593 housing units with an increased loan portfolio of P1,856,556,000.

He said the Southern Mindanao Group needs to work hard on the target even as he thanked housing developers for the role that they played in the agency’s performance in the year just ended.

He said that the developers availed themselves of the Fund’s development loan with high repayment rate of 97 percent.

Gross revenue and NIBT

Based on available January to September figures, Banzon said the SM Group projects an end-of-2007 gross income of P956.7 million, consisting of P299.1 million from multi-purpose loans, P532.7 million from housing loans, P22.5 million from institutional loans, P85.4 million from other housing related incomes and P16.9 million from fund management.

Minus projected operating and other expenses (including depreciation, loan loss provision, interest expense,
foreclosure expenses, acquired asset management costs and death benefit), Banzon said the Southern Mindanao Group which he heads expects a net income before tax (NIBT) of P565 million.

He said Pag-IBIG is not among government owned and controlled corporations (GOCCs) exempted from tax.
Banzon said the SM Group now has total assests of more than P11 billion, consisting of net of due from accounts.

He said members’ equity now stands at P7.7 billion.