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)