Pag-IBIG sees higher loan take-up for con­do­mini­ums

Sun.Star Cagayan de Oro - - Business -

STATE-OWNED Home De­vel­op­ment Mu­tual Fund (Pag-IBIG) ex­pects a higher loan take-up in the con­do­minium seg­ment in the short or medium term as Filipinos em­brace an in­te­grated life­style.

Pag-IBIG Chief Ex­ec­u­tive Of­fi­cer Ac­mad Rizaldy Moti said take-up rate for con­do­minium res­i­den­tial loans is still low.

Only five per­cent of the to­tal Pag-IBIG mem­ber­base have availed them­sel ves of con­do­minium loan pack­ages, cit­ing the high cost of own­ing one com­pared to house-and-lot pack­ages.

He, how­ever, ex­pects changes to hap­pen, as more dwellers shift to buy­ing prop­er­ties close to where they work and ac­ces­si­ble to es­sen­tial fa­cil­i­ties like su­per­mar­kets, schools, and hos­pi­tals.

Moti said the traffic con­ges­tion in key cities could also push peo­ple to rent or own con­do­minium units, as house-and-lot prop­er­ties are be­ing erected out­side the city cen­ters.

The Pag-IBIG of­fi­cial said there are still lim­ited in­ven­to­ries of res­i­den­tial con­do­mini­ums that are priced within the P800,000 to P2 mil­lion bracket.

More­over, he said there are only few de­vel­op­ers that have en­listed their projects un­der Pag-IBIG’s fund­ing scheme.

“There’s still a lot of work to be done. But with the low in­ter­est rate be­ing of­fered by Pag-IBIG, th­ese de­vel­op­ers are now part­ner­ing with us,” said Moti, adding that the agency also of­fer in­cen­tives to de­vel­op­ers who part­ner with them.

Pag-IBIG has about 500 ac­tive de­vel­oper part­ners.

For­eign tourists try hats be­ing sold by ven­dors who will be af­fected by the clo­sure of Bo­ra­cay is­land due to the clean-up and re­ha­bil­i­ta­tion works start­ing April 26. The re­ha­bil­i­ta­tion works in­clude a drainage au­dit to probe the waste­water dis­charge in...

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