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PIA Press Release

Pag-IBIG to pour P4-B housing budget in Mindanao for 2008

by Prix D Banzon

Davao City (9 November) -- Pag-IBIG Fund will pour in P4 billion housing budget in Mindanao for 2008.

This was bared by Pag-IBIG Deputy chief executive officer Jaime A. Fabiana to businessmen in a recent forum during the Davao Trade Expo held in Davao City.

Fabiana said the allocation will also include P3 billion for institutional loans and corporatewide funding for housing next year which is pegged at P25 billion.

Fabiana encouraged the businesses especially those engaged in real estate projects to avail of the resources even as he said that the Fund is optimistic of a bright prospect for the real property industry next year.

He said the performance of the industry is good as the market continue to be bullish.

The Pag-IBIG Fund undertakes institutional loans where it covers five programs that developers and housing projects proponents may avail of.

Fabiana explained that the development loan program seeks to create additional housing inventories through the provision of developmental financing at easier terms and lower rates to developers/proponents of housing projects.

Under the Pag-IBIG City Program, he said a ready inventory of completed housing/condominium units are for sale at more affordable prices to eligible Pag-IBIG members in the Metro Manila area and highly urbanized cities.

The Fund also provides House Construction Financing Line where the developers or proponents are given a bridge financing for the construction or completion of housing units with approved housing loan applications under the Pag-IBIG end-under financing program.

Another program is the Housing Receivable Financing Facility as a liquidity mechanism for developers where the Fund finances the developer's in-house receivables.

The LGU-Development Loan Program, he said, is geared towards sustaining the capabilities of local government units to fastrack the development and implementation of housing projects in their respective localities. It also makes housing accessible and affordable for its employees and constituents.

Meanwhile Fabiana said that the Fund is aiming over a hundred percent increase in net income this year as against the P7.7 billion 2006.

He said their satisfaction guaranteed service to their clients had consistently been maintained making them among Business World top 10 corporations. Other rated corporations are the National Power Corporation, Smart Communications, Inc., PLDT, Pilipino Telephone Corp., Chevron Malampaya Corp., PNOC Energy Development Corporation, Globe Telecom, Inc., Bank of the Philippine Islands and Ayala Corporation. (PIA) [top]

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