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VP Binay unveils rent-to-own housing program for drivers, operators

12/02/2011 [ ]

Vice President and Chairman of the Pag-IBIG Fund Board of Trustees Jejomar Binay has unveiled Pag-IBIG’s innovative “rent-to-own program” for public utility drivers and operators.

The program is part of a memorandum of understanding (MoU) signed between the Pag-IBIG Fund and seven transport groups at the Coconut Palace.

Binay said that the agreement between the transport groups and Pag-IBIG will provide a framework for housing programs for the sector, foremost of which was the rent-to-own program.

Under the program, the monthly rental paid for a house selected from Pag-IBIG will be used as a downpayment in case the lessee decides to buy the house. The program is expected to benefit some 200,000 drivers and operators.

The MoU was also signed between Pag-IBIG and the Department of Education for a Home-Matching and End-User Housing Loan program.

Pag-IBIG will regularly provide DepEd with housing inventories. Meanwhile, the DepEd will provide Pag-IBIG with the list of DepEd employees and teachers who have no housing unit with their corresponding net disposable income. Teachers with no housing unit may then avail of the End-User Housing Loan to buy the house.

Pag-IBIG will also conduct housing loan counseling to prospective member-borrowers and assist in the initial housing loan documentation. The DepEd will then enter into a Collection Servicing Agreement with Pag-IBIG, through a monthly salary deduction scheme.

The seven transport groups that signed the MoU include 1-United Transport Koalisyon; Liga ng Transportasyon at Operators sa Pilipinas Inc.; Federation of Jeepney Operators and Drivers Association of the Philippines; Alliance of Transport Operators and Drivers Association of the Philippines; Alliance of Concerned Transport Organizations; Pangkalahatang Sanggunian Manila and Suburbs Drivers Association; and Public Transport Workers Foundation.

According to the Vice President, the MoU with the transport groups is instrumental in widening Pag-IBIG’s membership base and disseminating knowledge on Pag-IBIG’s programs, especially that of saving.

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