PAG-IBIG TO RELEASE P65B FOR HOUSING
One of government’s main housing agencies already has a network of some 400 developers nationwide, but an official says there’s room for more developers to get accredited
The Home Development Mutual Fund (Pag-IBIG Fund) has booked P65 billion for housing loans this year, an increase of 15 percent from last year.
In his meeting with Visayas-based developers in Cebu City last Friday, Pag-IBIG Fund OIC Chief Executive Officer Acmad Rizaldy Moti said he is optimistic about hitting this year’s target based on first quarter results.
Moti said his office has ex- tended housing loans amounting to P14.4 billion in the first three months of 2017, or 27 percent higher than in the same period in 2016.
Last year, Pag-IBIG Fund delivered a record-high P57.3 billion in housing loan takeouts, the first time for the fund to hit the P50-billion mark, and surpassing the 2016 target by 13 percent or P6.8 billion.
More developers needed
In the Visayas, the fund released P6.7 billion in housing loans last year, the highest record for the region.
“Our business depends on the growth of the developers, and the quality accounts (home buyers) that they are giving us,” said Moti.
Currently, Pag-IBIG Fund has a network of over 400 developers nationwide.
Moti invited developers who have not yet been affiliated with the fund to become Pag IBIG-accredited developers.
One of the benefits of being an accredited developer is access to development loans of up to P250 million for subdivision projects, and up to P500 million for condominium development.
In return, these developers can extend their units to home buyers through Pag-IBIG financing, subject to an interest rate of 5.5 percent per annum under a yearly repricing scheme.
The Pag-IBIG Fund has 17.3 million members to date.