Thursday, 06 May 2010 00:00 [ manilatimes.net ]
State-run Home Development Mutual Fund (Pag-IBIG Fund) said its loan take-out in the first quarter slowed because of technical difficulties at another government agency.
On the sidelines of a seminar, Jaime Fabiana, Pag-IBIG Fund chief executive officer, said the agency released P10.26 billion for housing loans in the first three months of the year, or 7 percent higher than last year’s P9.6 billion.
“The problem is really on the LRA because of the computer delay of documentation of loans,” Fabiana said, referring to the Land Registration Authority.
He said housing developers blame the defective system in transferring the title to the borrower and the signing of mortgage. “That was the feedback from the developers; that they could have delivered more,” he said.
Despite the first-quarter glitch, the official said the agency is on track to meeting its full-year goal of building 82,500 housing units and releasing P50.5 billion in loans, or a 10 percent growth year-on-year.
Last year, Pag-IBIG Fund released P45.6 billion in loans to help 75,000 members build their homes.
He said the average loan stood at P610,000, but the overseas Filipino worker market, which accounts for 17 percent of the total, averaged a loan takeout of P780,000.
Pag-IBIG Fund’s default rate has gone down from 52 percent in 2001 to 14 percent last year, he said.
Katrina Mennan A. Valdez