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PIA Press Release

Home buyers flock housing fair

Davao City (7 October) -- As the government shelter agencies in Mindanao open to the public for sale their acquired assets in a Housing Fair that kicked off on October 5, 2006 at Waterfront Insular Hotel on graced by Vice President Noli de Castro, home buyers did not lose time placing their reservations.

De Castro initiated the Housing Fair with the state workers as the primary market and those who cannot afford to acquire homes offered in a regular subdivision projects.

"Most of the workers that sought our help were the rank and file employees wanting to own homes at affordable rates," he said.

The Housing Fair will run for six months where some 60,000 acquired properties of the government shelter agencies are offered at affordable prices.

The other sites of the Housing Fair will kick off simultaneously in Metro Manila for the Luzon area and in Cebu City for the Visayas on October 27 and 28.

Vice President for South Mindanao operations of Pag-IBIG Fund Jose W. Banzon, Jr. revealed that during the first day of the Housing Fair they received 14 reservations of their acquired assets in Davao City.

He also said inquiries in the call center through telephone number 2218042 that they operate for two weeks now were focused on the discount rates and the location of the area.

Pag-IBIG Fund president and chief executive officer Atty Romero F. S. Quimbo issued Executive Order No. 216 detailing the implementation of "Magaang Pabahay, Disenteng Buhay" Program.

The other booths like the Social Security System, Government Service Insurance System and Land Bank of the Philippines were also flocked with prospective buyers scouting for units that they may acquire at a very competitive price.

Meanwhile Concepcion Talo, chief of the acquired assets unit of Pag-IBIG Fund Davao branch said those who came to check on the acquired assets the Fund offered for sale prefer the properties located in Davao City.

She also said that rates of most of the properties for sale on the average is between P250,000 to P300,000.

The property she said will have a discount rate of 20 percent for cash purchases and 15 percent for installment. Both schemes will have an additional five- percent discount for litigation when the house has illegal occupant or 25 percent and 20 percent total discounts respectively.

Citing as an example a package of P250,000 to be acquired on installment and with illegal occupant will be given a 20 percent discount of about P50,000. The buyer has to pay a ten percent down payment equivalent to P20,000 and the remaining loan balance of P180,000 with six percent interest, the package will now have a monthly installment rate of P1,400. (PIA/Prix D Banzon) [top]

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