Pag-IBIG to re-assess Minglanilla lot value

CEBU, Philippines —  The Home Development Mutual Fund or PAG-IBIG Fund will be the agency to conduct the reappraisal of the market value of the Capitol-owned property in Barangay Tunghaan, Minglanilla, Cebu.

About 1.1 hectare of land that the Cebu Provincial Government owns is currently occupied by the homeowners of the Sugbo-GK Vilage.

Governor Gwendolyn Garcia met with Paulino Talacay, the business development manager of Pag-IBIG Fund, along with the officials of the home-owners association in Sugbo-GK Village, last Wednesday to discuss the reappraisal of the property.

During their meeting, Talacay said the agency will reappraise the value of the property based on the “current market value.”

According to the Capitol Information Office, the lot occupants will need to pay the Capitol their dues through the housing loan of Pag-IBIG.

“Such will have payment terms that span about 30 years, giving the concerned homeowners more leeway to pay their loans,” the Capitol said.

Sugbo-GK Village originally served as a relocation site developed by Gawad Kalinga.

In 2010 the Cebu provincial government agreed to sell the land to the homeowners at P1,250 per square meter through a government financing institution.

However, when Garcia got reelected as governor of Cebu Province, she learned that the occupants failed to comply with their dues to the province for years.

This has prompted the governor to scrap the old agreement between the Capitol and the homeowners that was signed more than a decade ago and come up with another agreement reflecting the current market value of the property in the area. — GAN (FREEMAN)