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Pag-IBIG sets more funds for housing

BY IRMA ISIP
[ Malaya.com.ph ] March 15, 2012

THE Home Development Mutual Fund (Pag-IBIG) is allocating more funds to housing loans as demand perks up.

Darlene Berberabe, chief executive officer of Pag-IBIG, said in an interview that the Fund is allocating P50 billion in 2012 for housing, enough to build 60,000 units that cost between P200,000 and P6 million each.

Berberabe said Pag-IBIG was slightly off target in 2011 when it allocated P40 billion but the takeout only amounted to P38.3 billion.

In 2011, the loans disbursed were able to build 55,000 housing units, below the 60,000 goal.

Berberabe attributed the lower numbers to the stricter requirements imposed by the Fund in the aftermath of the Globe Asiatique controversy.

"But despite the stiffer rules, we see a substantial growth this year. We are eyeing the same number of units because the target is the affordable segment of the market," Berberabe said.

She added that the market is beginning to perk up as developers which were on wait-and-see in 2011 as a result of the stricter requirements are now coming back.

She said appetite for housing should begin to translate now as development has a gestation of 2 to 3 years.

"Pag-IBIG Fund is very much alive," Berberabe said.

PagIBIG offers the most convenient terms and conditions with interest rates of as low as 6 percent and repayment period of as long as 30 years.

The Fund has an ongoing loan condonation and restructuring program for housing loan defaults beginning January.
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