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PIA Press Release

Pag-Ibig to launch "Magaang Pabahay Disenteng Buhay"

by Prix D Banzon

Davao City (29 September) -- Pag-IBIG Fund will launch "Magaang Pabahay, Disenteng Buhay" Program in time for the National Shelter Month this October where Fund members can avail of up to 25 percent discount for housing purchases.

Pag-IBIG Fund vice president for South Mindanao operations Jose W. Banzon, Jr said the program is in response to the call of expanding the government housing program as embodied in Memorandum Circular 112 issued by President Arroyo on September 7, 2006.

Banzon said Pag-IBIG Fund president and chief executive officer lawyer Romero F. S. Quimbo issued Circular 216 detailing the implementation of the special program.

Aside from providing government employees and other Fund members affordable housing as indicated in the circular, Pag-IBIG Fund will offer its eligible acquired real estates for sale under reasonable terms and conditions consistent with those of the other shelter agencies and government financial institutions (GFIs).

The coverage of the guidelines involve the disposition of all acquired real estates including those that have not been auctioned off as well as properties that are occupied by the original borrower, tenant (under Ordinary Lease Scheme) or by any illegal occupant.

It will also apply to properties covered by existing Contract of Lease with Option to Purchase under the Rent-to-Own Program but shall have an updated monthly rental and the application of rental payments to the purchase price and corresponding discount rate in the contract shall be dispensed with.

Mode of payments could either be in cash or through availment of housing loan and the loan shall be paid, whenever feasible, through salary deduction.

Banzon said under the cash purchase, the buyer is given 20 percent discount plus additional five percent litigation discount if the house has been unlawfully occupied prior to sale negotiation between the buyer and the Fund and a notice to vacate has been sent to the illegal occupant of the property.

He said with the above condition, homebuyer in cash purchase is given a total discount of 25 percent.

He said acquisition through loan after all eligibility requirements under existing guidelines on Pag-IBIG housing loan program are met, the selling price shall be net of 15 percent discount plus five percent litigation discount if applicable or a total discount of 20 percent.

For purposes of transparency and fair play and in order to prevent fraud and incidents that might be construed as violative of the Anti-Graft Law, employees and officers of 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 this disposal scheme.

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

He said the new scheme will be launch during the Housing Fair on October 5 and 6, 2006 at the Waterfront Insular Hotel in Davao where some 6,000 acquired units of the Fund throughout Mindanao will be offered for sale until April 2007.

Interested buyers are encouraged to visit the housing fair where there will be counseling as well as provision of related information materials.

A call center is also being set up for the purpose and calls may be coursed through 2218042 or 2224322 for inquiries. Further information with regards acquired properties under the Davao branch office, they may visit the Pag-IBIG Fund Davao branch office at Pryce Tower Condo, JP Laurel Avenue, Davao City. (PIA XI) [top]

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