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Wednesday, January 14, 2004
P447M in Pag-ibig Fund 7 loans finance 1,434 housing units in CV
By Cherry T. Lim
THE Home Development Mutual Fund (HDMF), more popularly known as the Pag-ibig Fund, gave out P446.97 million in housing loans to its members in Central Visayas in the first 11 months of 2003, representing a 31 percent increase from the same period a year ago.
Vicky dela Peña, regional manager for the Pag-ibig Fund Cebu Regional Office, told Sun.Star the loans funded 1,434 housing units last year.
From January to November 2002, just P340.51 million in housing loans was released to fund a total of 1,157 units in the region.
The Pag-ibig Fund 7’s target was to release a total of P464.10 million to fund the building of 1,727 units for the whole of 2003.
The December figures are still being collated, so Dela Peña could not ascertain whether the full-year target had been met.
Central Visayas groups Cebu, Bohol, Negros Oriental and Siquijor.
The Pag-ibig official said the fund also gives loans to developers and local government units (LGU).
Last year, it approved one project, that of Urban Basic Housing Corp. in Minglanilla, Cebu.
The development, called “Pag-ibig City,” will have a total of 2,600 units.
Dela Peña said each unit will cost “less than P500,000.” Some model units are on display at the SM City Cebu parking lot.
Although it is already lending to the developer, the Pag-ibig Fund will also give loans to buyers of the houses.
She said the Bais local government in Negros had also applied for a loan from the Pag-ibig Fund under the fund’s Group Land Acquisition and Development program.
“We have recommended it to senior management for approval.”
Dela Peña revealed that the interest rates of the Pag-ibig Fund for developers and LGUs was about the same as the rates offered by banks, which is why other developers prefer to go to the banks, where they have contacts who can give them special rates.
She added that the Pag-ibig Fund was stricter in screening potential borrowers.
(January 14, 2004 issue)
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