Saturday , June 23, 2018

Borrowers' loan takeout in Mindanao reaches P4.4B

AS OF August 2017, Pag-ibig Fund recorded a total of P4.4 billion housing loan takeout from 4,951 borrowers in Mindanao as loans for countryside housing are increasing in number.

Pag-ibig Fund chief executive officer Acmad Rizaldy Moti said they reached a total of P57.3 billion loan takeout for the entire Philippines last year. This has exceeded their 2016 loan takeout target of only P50.5 billion. Because of this, Moti said they also increased their 2017 loan takeout target from P55 billion to P65 billion.

Out of this number, Mindanao targets to reach a total takeout of P8.6 billion from 8,600 borrowers by the end of the year.

“We’ve seen a big increase in our takeout. The business for our regional operations used to be at 50 to 53 percent, now it’s hitting almost 60 to 65 percent. Take out is bigger now outside Metro Manila. We would want to make sure that Mindanao would also be one of the top-performing groups,” said Moti.

Vice president for the Home Lending Operations Vismin Group lawyer Marie Antoniette Diaz noted that the increase in the countryside housing loans, more particularly in Mindanao and Davao City is caused by the current boom of the business in the area. She also said that most of those that availed of the housing loans in the regions are purchasing their second homes already.

She added this influx can also be attributed to the limelight that Davao City is currently under with the president of the country coming from the city. Diaz, who is also originally from Davao, said a few years back there were a fewer condominium buildings in the city as compared to the present where a lot of condominium developers are sprouting everywhere in the city.

“For the next three to five years, we would want to maximize on our countryside projects because at the end of the day, if we just wait, if we are reactive, the unserved and underserved areas will never have subdivisions and houses. But if we are proactive, by seeking help of local government unit leaders who would want to provide quality housing at very affordable rates for their constituents, then we can generate,” Moti said.

He also added that from the projected loan takeout of at least P65 billion for 2017, he targets to have it increased by P80 billion to P100 billion within five years.