HOME Development Mutual Fund (Pag-Ibig Fund) reported that it is now 88 percent of its annual housing loan takeout target of P8.4 billion for Mindanao as of September 2019.
In the Mindanao Performance Report from January to September 2019, housing loans have already reached P7.413 billion for Mindanao, with a total of 7,747 units financed. For corporate, it recorded P66.467 billion loan value with 73,750 number of housing units financed.
Lawyer Marie Antoinette Diaz, vice president for Visayas and Mindanao Housing Loans Operations, said during the Kapehan sa PIA Monday, November 25, at Pinnacle Hotel that every year, they continue to increase their target to address the housing backlog in Mindanao.
"There is an increase because of the backlog, we have to do our part kasi kulang pa, but you know, there's also a certain limit because you have to look at our manpower and then the financing also of Pag-Ibig," she said.
Davao remains the top borrower with P3.8 billion, with 4,255 number of financed housing units. Davao is followed by Cagayan de Oro City at P2.557 billion with 2,678 units, and General Santos City at P1.157 billion with 1,496 units.
"Davao is still much bigger than Cagayan de Oro especially now we also have condominiums and we are also lending to our condominium borrowers," she said.
Diaz said they are now stepping up initiatives to be able to achieve their target.
With the increasing loan demand from members and with the new features of Pag-Ibig Fund, she is optimistic that they will hit their goal in 2019 particularly for Davao City and Cagayan de Oro City.