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PIA Press Release
2008/10/23

Pag-IBIG optimistic in disposing acquired properties as performing loan ratio improves

by Prix D Banzon

Davao City (23 October) -- The Home Development Mutual Fund, popularly known as Pag-IBIG Fund, is optimistic in meeting its target of disposing its acquired properties with the marked improvement on its performing loan ratio.

HDMF Davao branch manager Manolito Olegario in an interview said their ratio in 2007 which is at 75 percent went up to 82 percent as of October 2008, the highest among the branches in Southern Mindanao Group.

He also said that as of this month, Pag-IBIG Davao Branch was able to dispose of some 123 acquired housing units.

"There was a big jump from our average disposal of 80 houses per month," he said.

Olegario attributed the increase to their massive education and awareness counseling among Pag-IBIG members even as he said that their borrowers are already aware of their responsibility on their housing loans.

He said many homebuyers especially those from the provinces are scouting units including the acquired properties because of its affordability.

He said Pag-IBIG is taking extra effort to make borrowers understand that defaulting of their loan payment would cause them trouble especially if their arrears continue to pile up.

He said they are mandated to protect the Fund's resources which is own by the members.

There are about 2,000 foreclosed units in Davao City and 90 percent of these units have illegal occupants.

However, he said through their consistent advocacy in reaching out to illegal occupants who are briefed thoroughly on their status, many agree to vacate the units although others do not comply which is the reason why the law is being applied to those who resist or refuse to vacate the housing units which are now assumed by new owners.

He said since the units are sold "as is where is" basis (occupied or not), the buyer is the one who will negotiate with the illegal occupant to vacate the house.

These acquired units as sold under the "Magaang Pabahay, Disenteng Buhay" Program under Pag-IBIG Fund Circular No. 241 where they provide Fund members the opportunity to acquire decent and affordable housing for their families.

He said there were persistent clamor among the members, so the program continue up to this time.

He said all Acquired Assets of Pag-IBIG Fund including occupied units is open for sale to the public on a first come, first served basis. Cash buyers will be given 20% discount and 15% discount for purchases made through Pag-IBIG Fund Housing Loan. An additional 5% litigation discount (if applicable) is also given. Loan interest up to Php 2 Million is 6%, if loan payment is made on or before due date, 8% if loan payment was made after due date.

Amortization is as low as Php 1,799.00 per month (exclusive of insurances) for a Php 300,000.00 loan payable in 30 years. The program is on the 3rd year promotional period, which started sometime last October 26, 2006.

Meanwhile Olegario said that with the reduced interest rates, many Fund members want to avail of the program and what is good with the Magaang Pabahay, Disenteng Buhay Program is that these units are not subject to bidding because of a ruling issued by Malacanang.

"These acquired assets can be accessed at our Acquired Asset Division at Pryce Tower at JP Laurel Avenue where interested buyers are provided with a list of these units available for sale," he said.

And in support to those buyers whose units are occupied by illegal occupants, aside from the ligitation discount of 5 percent, the Fund will also come in as co-petitioner for the eviction of the illegal occupant, he said.

But Olegario emphasized however that as much as possible they want their home buyers to become legitimate owner of the property that is why with one month default they issue notices right away so that the borrower could update immediately their account.

He said with up to date payment, the borrower could avail of the Good Payor Incentive which he or she could apply to their monthly amortization. (PIA) [top]

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