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PIA Press Release

Homeowners, Balikatan negotiate for "experimental moratorium"

Davao City (5 March) -- The Davao City Federation of Homeowners Associations (DCFHA) today pushed strongly for an experimental moratorium to defuse the continuing crisis brought about by the resumption of foreclosure activities by the Balikatan Housing Finance Incorporated and its Davao City-based subsidiary Bahay Financial Services (BFS).

The so-called experimental moratorium was a counter-proposal raised by Romy Sabaldan and agreed on by all the members of the Executive Committee of DCFHA in a talk with top BFS official in Davao through a meeting arranged by Councilor Danilo Dayanghirang of the Sangguniang Panlungsod of Davao City.

The DCFHA made the counter-proposal following request by Carina Cruz, head of the Davao-based BFS, for the federation to encourage its members to just come and negotiate with them following a drastic decline of BFS visits by homeowners to their Plaza Luisa suite along Ramon Magsaysay Avenue, this city.

"Help us defuse the housing crisis first through a trial-run moratorium of say six months to one year and we can call on those who can pay to pay according to terms agreeable to both parties." Romy Sabaldan, DCFHA chairman of the committee on membership told BFS officials during the meeting.

Cruz was amenable to the proposal and the offer of help by federation officials to speed up collections of payments. But she can only promise to immediately bring up the matter to their Makati-based head office who will ultimately decide on the proposal.

The BFS official in Davao has promised to immediately bring in top corporate communications lawyer Gerard Paez back to Davao to further discuss the issue.

Richy Nalagon, federation president, said "for all you know it might even help Balikatan and BFS to speed up its collections in an atmosphere that is harmonious and agreeable to both sides."

One of the best ways to defuse the situation is to give homeowners hope and a chance to find ways and means to come to terms with the business side of the issue, not by compulsion or under duress, Dayanghirang, founding chairman of DCFHA said. (PIA XI/PR) [top]

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