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PIA Press Release
2006/10/16

Pag-Ibig to launch ‘Maagang Pabahay, Disenteng Buhay’

Negros Occidental (16 October) -- In time for the celebration of National Shelter Month this October, Pag-IBIG implements the ‘Maagang Pabahay, Disenteng Buhay’ program.

In compliance with the Memorandum Circular 112 of President Gloria Macapagal Arroyo, the program aims to provide government employees and other Fund members decent settlement as a form of non-wage benefit/incentive, and, to offer the Fund’s available acquired assets for sale under reasonable terms and conditions consistent with those of other shelter agencies and government financial institutions.

Pag-IBIG will dispose all acquired real estate properties including those that have not been auctioned off as well as properties that are occupied by the original borrower, tenant under the Ordinary Lease Scheme or by any illegal occupant through public bidding or negotiated sale.

This program also covers properties with existing Contract of Lease with Options to Purchase under the Rent-to-Own Program provided that the lessee updates rental payments and the application of rental payments to the purchase price and corresponding discount rate in the contract is conformed with.

The acquired properties could be purchased in cash or through availing a housing loan. Under the cash purchase, the buyer will be given a 20 percent discount while a 15 percent discount will be given if purchased through the Fund’s housing loan.

Employees and officers of the Pag-IBIG Fund as well as its authorized agents/agencies who are directly involved in the administration, appraisal and or disposition of acquired assets are prohibited from participating and or buying the acquired assets of the Fund under the disposal scheme.

The disqualification will also cover individuals related to these officers and employees within the first civil degree of consanguinity or affinity.

The new program will be launched during the Housing Fair Celebration with about 60,000 foreclosed housing units nationwide including those in Bacolod City and Negros Occidental. No less than President Gloria Macapagal Arroyo will open the launching in Cebu City.

Interested parties may contact Pag-IBIG Fund Bacolod Branch at (034) 433-4637, 435-1601 t0 03 or visit the office located along Rosario-Gatuslao Streets, Bacolod City. (PIA/Pag-Ibig) [top]

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