STATE-RUN Pag-IBIG Fund is in talks with the Cebu Provincial Government for a possible housing venture.
In his recent visit to Cebu, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti disclosed that the agency is in discussion with Gov. Hilario Davide III to build a housing project in Nivel Hills, Busay, Cebu City.
This initiative, Moti said, is part of Pag-IBIG’s intensified program in providing housing funding to big employers, local government units (LGUs), and cooperatives for Pag-IBIG members to own high-quality but affordable housing.
“We need to create the same housing opportunities for the unserved and undeserved areas in the country,” said Moti.
He noted that the strategy opens up housing opportunities in areas that are not yet included in the plans for housing development of private developers in the next five to 10 years.
The official said the agency is going to use its strong collection record for loans and its liquidity to fund these projects.
“We want Pag-IBIG to be more socially responsive,” said Moti.
Pag-IBIG Fund announced that it released P6.01 billion worth of housing loans in August alone, the highest non-December monthly takeout in its 36-year history.
The housing loans helped 7,239 families acquire their own homes, the agency said in a statement.
“The Fund’s performance in August this year is remarkable, given that said month is usually low in terms of housing loan takeout,” said Moti.
The loan takeout recorded in August is also the third highest in Pag-IBIG history, after P7.04 billion in December 2016 and P6.42 billion in December 2015.
From 2011 to 2016, December has always been the month with the highest housing loan takeout.
Deputy Chief Executive Officer for Home Lending Operations Marilene Acosta attributed the high takeout in August to Pag-IBIG’s low interest rates. She added the agency has also made housing loan transactions faster.
Processing time has been reduced from 27 days to 20 days, while application requirements decreased by half from 14 to seven documents.
Moti also said that Pag-IBIG is on track to reach its yearend target of P65 billion worth of housing loan takeouts.