Pag-IBIG to help in 93-1 lot payments

CEBU, Philippines — Occupants of the 93-1 lots, along with other occupants of Cebu Province-owned lots, are expected to finally see the light at the end of the tunnel as the Cebu Provincial Government threshes out some issues with their payment with the Pag-IBIG Fund.

Governor Gwen Garcia met with officials of Pag-IBIG led by CEO Marilene Acosta and Deputy CEO Robert John Cosico last Monday at the Capitol to address the long-standing issues surrounding the payment process for 93-1 lots in Cebu City, according to the Cebu Provincial Government’s news arm, Sugbo News.

The meeting was centered on implementing a proposed “kaliwaan system”, a streamlined mechanism aimed at ensuring a simultaneous exchange between the Cebu Provincial Government and the Pag-IBIG Fund.

Under the kaliwaan system, the Capitol will prepare the deed of sale of Capitol properties, including 93-1 lots, occupied by Cebu City residents while the Pag-IBIG Fund will process the loan checks.

The checks will only be released as payment to the Capitol for the lots once the Capitol submits the signed deed of sale in favor of the occupants, ensuring compliance and mutual accountability.

“We will process the check once the deed of sale is ready. The province holds the deed of sale, while we hold the check. There’s an exchange because we are also prevented from issuing the check without the security of the loan,” explained Acosta.

Pag-IBIG requires collateral before releasing loan checks.

“The collateral is the property that the Pag-IBIG member is buying, so we need to hold it before we release the check,” she added.

This system is expected to simplify transactions while safeguarding the interests of both the Capitol and Pag- IBIG for the benefit occupants of various Capitol properties including the 93-1 lots, Old Philippine Railway Residents Association (OPRRA), Kalunasan, and Apas in Cebu City, as well as the Gawad Kalinga site in Minglanilla.

Governor Gwen Garcia and her nephew, Cebu City Mayor Raymond Garcia welcomed this development, as this would allow the Capitol to be properly compensated for its properties.

"Maayo kaayo ni nga development. Naa nay kahayag ang problema. Naa nay solutions sa atong 93-1 beneficiaries," Mayor Garcia said via the city's PIO.

Initially, Pag-IBIG required the Capitol to sign a deed of sale before releasing funds to the Capitol which has delayed the transactions.

"Nindot kaayo nga balita kay nag-abot na g’yud ang akong mga ideas ug nga na na g’yud tay solutions sa mao nga mga problema," Mayor Garcia added.

During the 2024 Asia Pacific Investors Cooperation Summit in Hong Kong last November 14, Governor Garcia secured a commitment from Cosico, who was her co-speaker at the summit, to help Cebu City residents overcome these challenges in their dealing with Pag-IBIG.

If implemented, the residents of OPRRA are also expected to benefit first, as 49 of them already have Pag-IBIG-approved documents.

Capitol’s partnership with Pag-IBIG Fund allows residents to apply for loans with favorable terms, including repayment periods of up to 30 years. — (FREEMAN)