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HGC approves P18.6-b guaranty line applications

[ manilastandardtoday.com ] October 15, 2011

The board of directors of Home Guaranty Corp. approved nine separate guaranty line applications covering P18.59 billion worth of housing loans during its September meeting.

Banco de Oro Unibank Inc.’s application for a P10-billion retail guaranty line and P5 billion in developmental guaranty line was the highest amount approved this year.

Also approved were applications from United Coconut Planters Life Assurance Corp., HSBC Savings Bank (Philippines) Inc., 8990 Housing Development Corp., Tahanan Mutual Building and Loan Association Inc., Rural Bank of Cauayan Inc., Philippine Veterans Bank and 1st Macro Bank Inc.

Vice President Jejomar Binay, concurrently chairman of the Housing and Urban Development Coordinating Council and vice chairman of the HGC board, presided over the deliberations.

HGC president Manuel Sanchez said the latest batch of approved guaranty lines attested to the company’s thrust to expand its guaranty business and cover more housing loans in more places nationwide.

HGC so far has approved a total of P38.84-billion guaranty line applications this year. Sanchez said this was proof of the confidence of banks and other housing financing institutions on the HGC guaranty.

HGC, a key shelter agency under the Housing and Urban Development Coordinating Council, is mandated to provide risk guaranties and fiscal incentives for housing credits extended by financing institutions. HGC carries the unconditional guaranty of the Republic of the Philippines.
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