PAG-IBIG Fund Visayas targets to release P11 billion in housing loans in 2019, after it logged a decline in takeout of three percent last year.
In 2018, the Visayas cluster, which is composed of the Cebu and Bacolod hubs, released P9.096 billion in housing loans, lower than the P9.34 billion recorded in 2017.
Pag-ibig Fund Chief Executive Officer (CEO) Acmad Rizaldy Moti said the problem is not in Cebu, but in Eastern Visayas, as some of the projects by big developers there did not materialize.
He cited issues with land titles as among the problems faced by developers.
“It is only a slight drop in terms of the amount,” said Moti, at the sidelines of the Pag-Ibig Fund Stakeholders Accomplishment Report (Star) Awards on Tuesday, April 30.
But Moti said they are confident the Visayas housing loan takeout this year will rebound, as the developers committed to deliver the postponed projects this year.
“We are also encouraging the Cebu-based developers to handle the slack in the target,” he said.
Pag-ibig Fund only approves housing loans of projects that are already completed.
“We do this because we also want to protect the funds of our members,” said Rio Teves, department manager III of Pag-Ibig Fund Visayas’ business development department.
The decline in housing loan takeout last year also reflected a lower number of housing units delivered.
In 2018, Pag-ibig Fund Visayas delivered 8,307 housing units, down by six percent from 8,815 recorded in 2017.
“We implore our stakeholders here to make 2019 a banner year for Visayas just like in 2017,” said Marilene Acosta, deputy CEO of Pag-Ibig Fund’s home lending operations cluster.
Pag-ibig Fund recorded home loan takeout of P75.31 billion in 2018, up by 16 percent from P65.1 billion. This benefited some 90,375 borrowers.
Last year, the agency collected some P40.27 billion from members’ savings, an increase of 11 percent in 2017.
During the Pag-Ibig Fund Star event for Visayas, 8990 Housing Development Corp. topped all developers in the region in terms of loan takeout value.
Other developers recognized were Johndorf Ventures Corp., Prohomes Development Corp., 77 Living Spaces Inc., Pueblo de Oro Development Corp., Cebu Landmasters Inc., Kenrich Development Corp., Prima Casa Land and Houses, Deo Homes Properties Development Corp., Saekyung Realty and Development Corp. and Bacolod South Homes Corp.
Special citations were also given to Johndorf Ventures Corp. for best in conversion and CLI for best in performing loans ratio and best in performing accounts ratio.