Pag-Ibig's P56.84-M assets for re-sale

Tuesday, January 11, 2011

SOME P56.84 million worth of assets acquired by the Home and Development Mutual Fund (HDMF), or Pag-Ibig Fund in Eastern Visayas are ready for re-sale this 2011.

Jose Clarin, officer-in-charge of HDMF Tacloban Branch, said the acquired assets, which include lots and housing units, are being offered by the fund through its "Magaang Pabahay Disenteng Buhay Program" with discounts.

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"We offer 20 percent discount when the purchase is done in cash and 15 percent discount through HDMF loan program. Additional five percent litigation discount is given for occupied units. The disposition is done by the fund's committee on disposition of acquired assets," Clarin said.

He added that their agency has implemented mechanisms that would speed up the disposal of the housing units and lots by factoring in the deterioration of the units.

Based on their list of acquired assets for sale, value had gone down for some houses to almost half, or about P300,000 from its original selling price of P700,000.

House types vary from duplex, single detached and row houses located mostly in big subdivisions in the cities of Tacloban and Ormoc, as well as in the towns of Palo, Javier, Mahaplag, Alangalang and Tanauan, all in Leyte; Naval, Biliran; Maasin City, Southern Leyte; Jiabong and Paranas, both in Samar; and Catarman, Northern Samar.

David Babiano, HDMF-Tacloban chief of acquired assets section, said disposition of housing units and lots was conducted through bidding, thus delaying the process.

"We set an appraised value of the units and the buyer will have to agree with the price of the unit applied for. This allowed us to speed up the sale of acquired units," Babiano said.

While discounts are offered to new buyers, Babiano said former owners are also given the option to buy their units by asking their relatives who could obtain loans from the Pag-Ibig Fund.

The HDMF in the region, meanwhile, has urged local government units to avail of loan programs for socialized housing projects.

Clarin said they are ready to assist local government units to benefit its developmental loan project available all throughout the year.

"We are mandated to implement housing program with low loan value to our fund members. The houses will be constructed by the local government unit, the value of which could be either P200,000 or P300,000 depending on the type of house they choose," Clarin said.

At present, the agency has an existing partnership with the local government unit of Basey, Samar where it approved its P8 million developmental loan project application late last year.

"Basey town has an existing subdivision and development of 100 units is ongoing. The units will be ready for occupancy by March this year," Clarin said.

He said they have also started to identify other local government units such as Isabel, Leyte; Naval, Biliran; Calbayog City in Western Samar; and Catarman, Northern Samar. (Leyte Samar Daily Express)