PAG-IBIG Fund Visayas targets to release P11 billion of housing loans in 2019, after it logged a lower takeout of three percent last year.
In 2018, the Visayas cluster, which is composed of Cebu and Bacolod hubs released P9.096 billion of housing loans lower than the P9.34 billion recorded in 2017.
Pag-ibig Fund Chief Executive Officer Acmad Rizaldy Moti said the problem is not with Cebu but in Eastern Visayas as some of the projects by big developers there did not materialize.
He cited issues with the land titles as among the reasons faced by the 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 of the target,” he said.
Pag-Ibig Fund only approves housing loans of projects that are already completed. KOC