Pag-IBIG fund asked to simplify loan process for 93-1 residents

CEBU, Philippines — Cebu Governor Gwendolyn Garcia wants to meet with Pag-IBIG Fund officials to discuss means to simplify the process and help the residents under the 93-1 expedite their housing loan application.

This came after only 430 out of the 3,223 homeowners that signified intent to buy the 93-1 lots they are occupying from the Capitol through the financing scheme of Pag-IBIG Fund were able to complete all requirements on the deadline set as reported by the Provincial news network.

This was revealed during another meeting called by Gov. Gwen Garcia with the 93-1 occupants alongside Cebu City acting Mayor Raymond Garcia, lawyer Ronald Anthony Librando, head of the City’s Department for the Welfare of the Urban Poor (DWUP), and PAG-IBIG Fund Visayas head Paulino Talacayat the Capitol Social Hall.

The residents involved said they encountered some issues during the process, such as the unapproved subdivision plans by DENR and other documents required by Pag-IBIG.

Gov. Garcia appreciated the efforts made by the occupants that paved the way for her wanting to meet with Pag-IBIG officials to discuss means to simplify the process and help the residents expedite their housing loan application.

The 93-1 properties are Capitol-owned lots in Cebu City that cover a total of 51 hectares.

These lots are found in the Barangays Busay, Luz, Lahug, Mabolo, Apas, Lorega, Kasambagan, Capitol Site, Tejero, Kamputhaw, and Kalunasan.

Through Provincial Ordinance No. 93-1 passed by the Provincial Board in 1993, the Capitol has allowed these properties to be sold to the residents at fair market value in order to give them a chance to legally own the land on which they built their homes.

Gov. Garcia then tapped Pag-IBIG Fund to give them loans with liberal paying terms to ensure its commitment.

Pag-IBIG Fund will have to pay the Capitol upfront for the price of the properties while the beneficiaries will pay Pag-IBIG on paying terms that may be extended to as long as 30 years accordingly. (CEBU NEWS)