by Jenniffer B. Austria
[ manilastandardtoday.com ] September 11, 2011
Monthly takeout loans from Pag-IBIG fall 37% to P2.4 billion; developers blame stricter rules after Globe Asiatique fiasco
A group of subdivision and housing developers Friday asked government housing agencies to ease the requirements on loan applications, which have become stricter because of the Globe Asiatique Realty and Holdings Corp. fiasco.
Subdivision and Housing Developers Association president Manuel Crisostomo said in a briefing that monthly takeout loans from the Home Development Mutual Fund (Pag-IBIG Fund) had dropped 37 percent to P2.4 billion this year from P4 billion in 2009.
Crisostomo said thousands of loan applications, mostly from the middle-income sector, had been either delayed or disqualified.
“They clamped down on developers and new procedures were put in place, which resulted in delay in the processing of loans,” Crisostomo said.
The Justice Department has recommended the filing of syndicated estafa charges against Globe Asiatique Realty and Holdings Corp. president Delfin Lee and four other people for allegedly using fictitious buyers to obtain funds from the Pag-IBIG Fund.
“Many buyers that could qualify under the previous guidelines either have been asked to provide more proof of income and documents, the end of result is some are deprived to avail of their loans,” he added.
Crisostomo said other property developers that had complied with agency’s rules should not be penalized.
Pag-Ibig loans account for 65 percent of SHDA’s total business.
People that apply for Pag-Ibig loans are the low- and middle- income earners.
Crisostomo said the computerization of Land Registration Authority was also contributing to the delay in loan processing.
He said the computerization, which is aimed to streamline business processes and link all the Registries of Deeds nationwide, had extended transaction processes from several days to more than three months.
“This long and extended transaction time adds to the burden of every Filipino wishing to finally enjoy having their own homes. Instead of being able to move in to their homes immediately, these individuals have to pay their rent for their current homes instead of paying amortization for their own homes,” Crisostomo said.
SHDA said it planned to conduct dialogue with Pag-Ibig, LRA and the Housing and Urban Development Coordinating Council to resolved the issue.
“This is to ask for more rationalize housing policies and reforms within the process of for the benefit of the Filipino families, especially those who have been marginalized,” Crisostomo said.
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