MANILA, Philippines - The lending programs of state-run Home Development Mutual Fund (Pag-IBIG Fund) have been gaining much-needed support from the country’s leading real estate companies.
Led by members of the Subdivision and Housing Developers Association (SHDA), a technical working group is collaborating with Pag-IBIG for the End-User Home Financing Program and Affordable Housing Loan Program.
“Through its close collaboration with Pag-IBIG, SHDA aims to address housing backlog issues such as affordability and accessible end-user financing. This is in line with the Philippine Housing Roadmap’s requirement for a comprehensive government housing subsidy for specific segments, with the Pag-IBIG Fund among the key government agency players,†said Ricky Celis, SHDA president.
According to Pag-IBIG, the top 10 developers who have actively partnered with the fund as of May this year are Cumberland Development Group, Barklane Realty Corporation, Homemark Inc., Ambition Land Inc., Phinma Property Holdings Corp., Acerhomes Development Corp., PA Alvarez Properties and Development Corp., DDC Land Inc., Borland Development Corp. and Axeia Development Corp.
“We welcome every opportunity to work closely with Pag-IBIG, and raise the public’s awareness on the benefits of being the fund’s member and partner,†Celis added.
Pag-IBIG reported that loan take-outs from January to April this year had reached P6.4 billion. The amount represents housing loans for the National Capital Region alone, with April loans reaching P1.46 billion.
Atty. Darlene Marie B. Berberabe, president and CEO of Pag-IBIG Fund, shared these findings at the recent 2nd SHDA Business Forum. SHDA hosts the quarterly forum to bring public and private sector organizations together in solving the housing backlog.
At the forum, Pag-IBIG also announced that through a special arrangement with the Land Registration Authority (LRA), borrowers will now find it easier to track and monitor their transactions. “Soon, improved LRA systems will process the sale and mortgage simultaneously, assigning a unique entry number for each transaction. This will result in faster releasing of annotated or new titles,†said Berberabe.
Pag-IBIG has also allocated a P15-billion fund for special loan packages for Super Typhoon Yolanda survivors. Housing loan borrowers can avail of interest-free home rehabilitation or reconstruction loans. A six-month moratorium on amortization payments for existing housing loans and short-term loans of affected members has been extended.
Pag-IBIG announced that its Developmental Loan Program for Socialized Housing Projects is also underway. The loan goes to the development of residential subdivisions for socialized housing projects on a lot jointly determined by the LGU and Pag-IBIG Fund. Some 22 project sites have already been identified across Leyte, Capiz, Cebu, Negros Occidental, Iloilo and Eastern Samar.