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PIA Press Release

Davao councilor to ask PGMA to look into NHMFC-BHFI deal

by Romy Sabaldan

Davao City (4 November) -- There is a need to review the transfer of assignment in the mortgage of housing units in Davao from the National Home Mortgage Finance Corporation (NHMFC) to the Balikatan Housing Finance, Incorporated (BHFI), a foreign-owned subsidiary of Deutsche Bank.

This was learned from Davao City councilor Danilo Dayanghirang, majority floor leader of the Sanggugniang Panlungsod, who is also one of the original founders of the newly revived Davao Federation of Homeowners Associations.

Dayanghirang clarified that the homeowners are all willing to pay, there is no quarrel about payment but the issue is affordability, hence the need to thoroughly review the program of the NHMFC-BHFI especially in this time of economic hardships.

The city councilor revealed his plans to bring the matter to President Arroyo in a letter appealing for a restudy of the concept of transferring the accounts to Balikatan.

Homeowners in Davao continued to complain of being threatened with foreclosures and badgered by so-called account specialists of BHFI in Makati to settle their accounts in full or pay a downpayment of 25% and pay the remaining balance at P20-T to P50-T a month to settle the accounts.

Why are we being hurried up and pressured by this big foreign bank with the loans that we get from our own contributions? These loans are even safeguarded by the contributions that we make to these government financing institutions and the social security system of the country, Gerry Gevero, a member of the homeowners federation said.

The deal between NHMFC and this foreign bank has only exacerbated the already hard conditions brought by the spiraling prices of commodities and the schooling of their children which always comes first in the daily budget.

Thousands of homeowners also face a lot of problems in their domicile having been forced to spend additional construction expenses due to substandard construction practices of contractors and developers. Others have to make do of seasonal flooding in their areas.

Mary Banlasan, one of the homeowners said we have been duped into entering this contract of mortgage in Juliville Subdivision which had already claimed one drowning victim in a flash of high rise flooding years ago.

To make matters worse, here comes, a foreign company and those highhanded account specialists in their posh Makati offices making business out of the hardships of the people, she said. (PIA XI) [top]

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