Pag-ibig ready to fund housing needs

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Thursday, December 15, 2011

TACLOBAN CITY - The Home Development Mutual Fund or Pag-ibig Fund said it is ready to finance housing loans of local government units (LGUs) to push through to respond to housing needs in the locality.

Paulino Talacay, Pag-Ibig Fund Tacloban manager, said they have enough budget to aid LGUs in their housing program, which will go full swing next year.

“The amount that will allocate for LGUs will depend on the needs of cities and municipalities. We will have a separate fund for that,” Talacay said during the first housing fair held at Robinsons Place Thursday.


LGUs can borrow a maximum amount of P20 million per phase for horizontal development, while P40 million for vertical development with collateral either an Original Certificate of Title or Transfer Certificate of title where the housing project will be constructed under the name of LGU.

“The LGUs need to avail (themselves) of the program with pressing needs of constructing housing projects for poor constituents,” Talacay added.

For this year alone, Pag-ibig Fund has invested P200 million for all housing program in Eastern Visayas. The budget is expected to increase next year with LGU requests.
Talacay said they have been promoting the Pag-ibig Group Housing Loan Program after the Pabahay Caravan last July 2011 led by Housing and Urban Development Coordinating Council chairman (HUDCC) and Vice President Jejomar Binay.
Leo Larraga, Pagibig Fund Tacloban head of marketing and enforcement division, said currently only the Basey LGU in Samar has ventured into housing projects intended for LGU workers and their constituents.
Other LGUs that expressed interest to engage in housing program are Catarman, Northern Samar and Carigara, Leyte.
“With the LGU Pabahay Caravan, and the plan of Vice President Binay, we will fully implement this initiative next year. This will make housing more affordable to every Filipino in such a way that the housing interest will go as low as three percent,” said Larraga.
He added that the Pag-ibig Group Housing Loan Program is open to registered cooperatives and associations but the focus is on local government units considering their access to the poor.
Kevin Siosana, Pag-ibig Fund information officer, said all housing projects in the region are now accredited by their office except Camella Leyte.
Siosana added that these projects developed by private firms are located in Hilongos, Dulag, MacArthur, Mayuorga, Palo, Tacloban City, and Ormoc City in Leyte; Calbayog City, Catbalogan City, and Paranas in Samar; Catarman in Northern Samar;  Maasin City and Sogod in Southern Leyte. (Leyte Samar Daily Express)

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