Pag-ibig assures partner developers are compliant
PAG-IBIG Fund assures their housing loan borrowers and members that their partner-developers are fully compliant of Pag-ibig Fund’s rules and regulations and that they are regularly monitored of any noncompliance or client complaint that may occur.
“Although the business of Pag-ibig Fund is into lending, we have also in place various checks and balances to ensure that the housing units that will be delivered for takeout or financing with Pag-ibig Fund are fully compliant with the building code among other things,” said Chief Executive Officer Acmad Rizaldy Moti.
He also said Pag-ibig Fund checks the units of their partner-developers that are being delivered to the members. In the event that a non-compliance incident is reported, Moti said there will be no takeout. They assess the units through the Quality Units Ratio (QUR) which may cause termination of the partner-developer’s accreditation if the QUR had been decreasing.
Moti said developers have a warranty of about 20 years for structural, building quality, and workmanship related concerns. However for typical complaints such as leaks and door closure problems, a warranty of a year is given.
“Our developers are obliged to address those problems even those drainage problems. We check those and we track them. We record them and they are being taken for and against the developers. If the quality of units would go down, the accreditation could suffer. It might be terminated causing him no financial line with Pag-ibig Fund anymore,” said Moti.
He said after the case with Globe Asiatique scam a few years ago, they had blacklisted a few other developers that are now prohibited to transact with Pag-ibig Fund. What remains now, according to Moti, are good partner-developers which they are trying hard to work hand in hand to continue the cooperation.
“Luckily, for Davao Region there has yet to be case of blacklisting. The developers are good. Most of our previous cases are in Central Luzon. Even if the clients were not able to complain, we can still track and monitor their collection efficiency. If there’s fraud, usually they don’t pay consistently. We can pinpoint the project and the developer,” he said.