PAG-IBIG Fund nears hitting its target of reaching P9 billion housing loan takeout for Mindanao this year.
Fermin Sta. Teresa, Jr., Pag-IBIG Fund Senior Vice President for Home Lending Operations told reporters on Thursday, September 26, that Mindanao has already generated P6 billion in housing loan takeout as of September 2019.
He said housing producing areas in Mindanao are Davao, Gensan, Cagayan de Oro.
“We are optimistic that we will hit the target. Last year, we grew around 13 percent to P7 billion as compared the previous year (2017). We believe that we can hit or surpass the target because more developers are coming in joining Pag-IBIG housing project,” he said on the sidelines of the Tripartite Memorandum of Understanding signing for the Ateneo de Davao University housing project at the dusitD2 Hotel, Davao City.
The state-run office set P85 billion target for nationwide housing loan takeout.
He added that there are around 150 developers in Mindanao, engaging with Pag-Ibig Fund’s takeout facility. The nationwide record for developers involved with Pag-Ibig Fund is at 650.
From January to June of this year, Pag-IBIG Fund achieved record-highs of P37.07 billion in home loan releases which benefitted 41,797 members who now have their own homes, P23 .4 billion in members savings collections, P263 billion in short term loans to help 652,970 members with their financial needs and P30.4 billion in total housing loan payment collections leading to an impressive 90.6% performing loans ratio. The agency posted a P16.04 billion net income for the first half of 2019, surpassing its target for the period.
“We are also very happy to inform you that aside from housing, we always surpassed our net income target. This income will be benefited by all the members, whatever income we generate, it will be distributed to our members in forms of dividend earnings,” he said.
Meanwhile, Pag-Ibig Fund recognizes top employers, developers in Mindanao in the final leg of its Stakeholders’ Accomplishment Report (StAR) for the hrst half of 2019
The Pag-Ibig Fund Star is the agency’s semi-annual event conducted in different regions to recognize top performing developers and employers in each area for their contributions to the continued success and growth of the Fund.
The Fund’s top developer award for Mindanao was given to 8990 Housing Development Corporation, followed by VCDU Realty Corporation, Malate Construction & Development Corporation, Johndorf Ventures Corporation, Urbaneast Developments, Inc., Prestige Homes & Realty Development Corporation, Bria Homes, Inc., Gensan VSM Realty Corporation, Primeland Properties, Inc., and Prima Casa Land & Houses, Inc.
Named top employers in the government sector were the Provincial Government of Bukidnon, the City Government of Cagayan de Oro and Mindanao State University, while Tagum Agricultural Development Company, Inc. or TADECO, T-Nalak Labor Service Cooperative and General Services Multi-Purpose Cooperative were named top employers in the private sector.