By Iris C. Gonzales (The Philippine Star) Updated July 28, 2010 12:00 AM
MANILA, Philippines - The Social Security System (SSS) said yesterday that it has sold P83.22 million worth of acquired houses and lots to members and buyers. A total of 147 acquired real estate properties were sold to various buyers including members at easy payment terms, a ranking official said.
SSS Officer-in-Charge Horacio Templo said the properties were sold from January to June this year and 665 houses and lots all over the country still remain in the market.
“Interested buyers can purchase their own home from SSS with a minimal five percent downpayment and a low interest rate of six to nine percent under the Housing Fair 4 program, which will end in October,” Templo said.
The institution has been selling its acquired properties to help cut down the national housing backlog and turn idle assets into cash, which in turn will be used for SSS operations and members’ benefits.
Templo said that of the sold properties, SSS cluster offices in National Capital Region and Davao City accounted for about two-thirds. The fund sells its assets at fair market value price, with interest rates ranging from six percent for those worth P500,000 and below to nine percent for properties worth more.
Templo said SSS participates in housing fairs, which offer buyers ease of transaction and favorable terms such as a 10 percent discount for those paying in cash.
“The housing fair makes it possible for us to sell our properties through negotiated sale instead of public bidding, which is tedious for both SSS and the buyer,” he said.
SSS is among the participating state-run agencies of the yearlong Housing Fair 4 program spearheaded by the Housing and Urban Development Coordinating Council. The SSS sold over 300 acquired housing properties amounting to P160.33 million in 2009.
SSS has been beefing up its funds by selling its idle assets.
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