[ Manila Bulletin Online ] May 6, 2008
By MELODY M. AGUIBA
Housing loan receivables totaling to R12.8 billion are planned to be sold off by the Social Security System (SSS) through real estate markets or to a special purpose vehicle (SPV) in an aim to liquefy more assets.
While still giving its delinquent members a chance to pay or restructure their housing loans, SSS also has options of disposing of the non-performing loans (NPL) as a way of generating cash for future investments.
The pension fund is eyeing to foreclose the loans after it grants borrowers a fixed period to settle their account.
Of the P12.8-billion delinquent housing loans, P1.3 billion represents principal; P2.4 billion, regular interest; and P7.1 billion penalty.
SSS may be able to sell the NPLs at a higher price if it is able to sell the units to interested individual real estate buyers. But it may also opt to sell the NPLs through a special purpose vehicle (SPV) which may turn its asset into cash faster.
"The buyer can get it at a discount from us, but we also benefit because we’re looking at outright cash so SSS can already reinvest the proceeds," said an SSS official.
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