He said the Davao area is beating well in their target hitting 70 percent mark as of August 2006.
Olegario, before heading the Davao branch office was head of General Santos City, covers the whole of Davao City and Davao del Sur.
"Although the economic condition is a factor that is also to be considered, housing program remains bullish in the region," he said.
He said there has been a great impact when the Fund lowered the interest rates of housing loans.
He said housing loans of up to P300,000 only gets a six percent interest rate as against the previous scheme of nine percent.
"The three percent difference is already a big amount," he said.
Olegario, however, said that they need to monitor and remind the borrowers that they must not miss due date because there is an automatic application of the old scheme for interest rate.
"We apply shifting of interest rates when accounts are beyond due date," he said.
He added that they maintain a positive repayment rate where total collection as of August this year amounted to P300 million.
The sale of acquired assets also made good showing where total sales accounted to P55 million from January to August compared to the same period last year with only P42 million.
Olegario said most of those who join the bidding were from Cotabato and Northern Mindanao.
"I think with the government's move of relaxing some of its housing policies Fund members still not having their own home has now all the options of acquiring one," he said.
Ruelan Sagolili, head of mortgage loan division of Pag-IBIG Fund Davao said loans up to P700,000 has been extended to 30 years and interest rates are also reduced.
He cited as an example that a loan of P150,000 with a six percent interest rates payable in 30 years will have an amortization of only P2,248.
Maritess delos Reyes, head of collection, loans, recovery and mediation said the rate is really affordable and still you own a house compared to the prevailing rental rates in Davao City where the amount is between P2,000 to P3,000. (PIA 11/prixdbanzon)
