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PIA Press Release

October is National Shelter Month

by A. Lumaque

Roxas City (3 October) -- The Pag-ibig Fund will celebrate the National Shelter Month celebration this month with the implementation of the "Magaang Pabahay, Disenteng Buhay" Program.

The program aims to provide members of the fund with the opportunity to acquire a home through affordable or easy means. It involves the disposition of the fund's acquired assets including those still being occupied by the original borrower, tenant under the ordinary lease scheme, or any illegal occupant. Acquired assets are those housing units bought through a loan with Pag-ibig but had since been foreclosed and acquired back by the fund due to non-payment by the borrower of the monthly amortizations.

Under the program, Pag-ibig is giving members who acquire a housing unit in cash under the "Magaang Pabahay, Disenteng Buhay" program a 20 percent discount of the purchase cost plus another five percent discount to cover for litigation expenses in case the property has illegal occupants.

Members who avail of the property through a housing loan will get 15 percent off of the selling price plus five percent litigation discount if applicable.

The month-long celebration is embodied in Proclamation No. 662 series of 1995.

In middle of this year, the Pag-ibig Fund and the Home Development Mutual Fund (HDMF) have further lowered the interest rate on housing loans between P300,000 and P750,000 to seven percent to make a substantive difference in the lives of its millions of members and make housing truly affordable and accessible to ordinary workers.

President Gloria Macapagal-Arroyo also announced last August that the government will double its budget for housing in 2008 to P7-billion from this year's P3-billion to give more Filipinos the opportunity to own homes.

The government's housing program, fueled by the gains of the permanent economic growth and stability, is among the commitment of the Arroyo administration to make significant investments in people and infrastructure until 2010. (PIA) [top]

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