Thursday, June 20, 2019

67 properties up for auction

PAG-IBIG Fund has urged both members and non-members to participate in the public auction for the disposition of its acquired properties, which will be conducted on April 23 at the Pag-ibig Fund WT Corporate Tower in Cebu Business Park, Cebu City.

There are 67 properties to be sold for April, with only one unit still occupied.

Interested bidders are encouraged to check the properties before making a propsal. The properties are located in Lapu-Lapu City, Liloan, Compostela, Danao City, Bogo City, Cebu City, Talisay City, Minglanilla and Carcar City.

Interested bidders are advised to consider the accessibility of the place, the house location, as well as the community in general.

The bidding is also open to non-members, but they can only pay for the property through cash. The purchase price should be paid within 30 calendar days or short-term installment. Payment terms should not exceed 12 months.

Rio Teves, vice president of the Pag-ibig Fund Members Services Operations VisMin Group, said there are some 2,000 acquired assets in Central Visayas.

As of the first quarter of 2019, Teves said they have released 1,093 units for the whole Visayas.

Based on their inventory, Teves said they have 3,000 acquired assets ready to be disposed for this year.

With the rising number of the acquired properties, Wilmer Lirazan, vice chairman of the Pag-ibig Fund Committee on Disposition of Acquired Assets, urged buyers to pay for the mortgages of their properties responsibly.

“Pag-ibig fund is not in the business of foreclosing and acquiring properties. Pag-ibig Fund is here to provide housing for its members. However, there are some members who do not do their part in paying their obligation,” explained Lirazan.

He said there are programs that members can avail themselves of if they find it difficult to pay their dues, such as the conversion to the full risk-based pricing program, where the member can pay at a lower amortization rate. For delinquent borrowers, Pag-ibig offers loan restructuring, penalty condonation, or a change in the plan of payments. (Jerra Mae Librea, Correspondent)


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