CITY OF SAN FERNANDO – A housing subdivision, recently cited by the United Nations and government officials for plotting the template for the blueprint of urban development in the country, was once again mentioned as the number one factor in the 92 percent growth rate of the housing loan takeout of Pag-IBIG Fund in Northern and Central Luzon.
“It’s unprecedented,” said newly appointed Pag-IBIG Fund CEO Jaime Fabiaña during an interview with journalists at the Developers’ Forum of the Pag-IBIG Fund Home Development Mutual Fund held at the Holiday Land function hall here yesterday (June 2).
Fabiaña, who gave the opening remarks during the forum, said the Xevera housing projects in Bacolor and Mabalacat in Pampanga has greatly contributed to the rise in their housing loan takeout.
“Saan ka makakakita ng subdivision na kumpleto?” Mayroon ng eskuwelahan, munisipyo, palengke at iba pa,” Fabiaña said.
When asked on why Vice President Noli De Castro who is also the chair of the Housing and Urban Development Coordinating Council (HUDCC) seems to be favoring Xevera, Fabiaña said the vice president gives his blessings to all housing development projects in the country and not just Xevera.
He said Pag-IBIG Fund has nearly cleansed its list of erring developers which had earlier caused troubles to house buyers and delinquent payers.
Fabiaña praised Xevera for a having a “buy-back” program of five years instead of only two years. He explained that Xevera is classified under window number one where processing is done much less because of its proven track-record and reputation.
Other developers, he said, fall under window number two where Pag-IBIG Fund takes full responsibility of the loan and not the developer. Pag-IBIG has no buy-back option.
This is the most common problem encountered by house buyers where they blame the developer, he said.
Under Pag-IBIG Fund, an interest rate of seven percent per anum is charged to the housing loan of not more than P750,000. A house and lot loan package which costs P751,000 up to P1 million is charged with only an 8.5 percent interest rate per anum which is two percent lower than before which was 10.5 percent, said Fabiaña.
Xevera housing units costs P750,000.
Developers from all over Central and Northern Luzon attended the forum which also tackled issues on the amendments on the various housing loan programs of the Home Development Mutual Fund (HDMF).
On hand to discuss the amendments on the various Institutional Loan Programs like Developmental Loan Program, LGU Developmental Loan program, Medium High Rise Building (MHRB)/Pag-IBIG city program, House Construction Financing Line and Housing Receivables Financing facility was Juanito V. Eje, vice president of the Wholesale Lending Group of Pag-IBIG.
Other speakers included Rafael Odes M. Abaño III, Senior Vice President of the Housing Operations Sector; Ophelia Dela Cerna, Senior Vice President Provident Fund Operations; Yolanda M. Akol, Vice President Loans recovery Group; and Tessie M. Gonzales, Deputy CEO Regional Operations Cluster who delivered the closing remarks.
Fabiaña was appointed OIC of Pag-IBIG in April after Atty. Romero F.S. Quimbo resigned. Fabiaña took his oath as president and CEO only last Monday.
Fabiaña confirmed that Quimbo resigned to seek a congressional seat in Marikina in next year’s polls.
“It’s unprecedented,” said newly appointed Pag-IBIG Fund CEO Jaime Fabiaña during an interview with journalists at the Developers’ Forum of the Pag-IBIG Fund Home Development Mutual Fund held at the Holiday Land function hall here yesterday (June 2).
Fabiaña, who gave the opening remarks during the forum, said the Xevera housing projects in Bacolor and Mabalacat in Pampanga has greatly contributed to the rise in their housing loan takeout.
“Saan ka makakakita ng subdivision na kumpleto?” Mayroon ng eskuwelahan, munisipyo, palengke at iba pa,” Fabiaña said.
When asked on why Vice President Noli De Castro who is also the chair of the Housing and Urban Development Coordinating Council (HUDCC) seems to be favoring Xevera, Fabiaña said the vice president gives his blessings to all housing development projects in the country and not just Xevera.
He said Pag-IBIG Fund has nearly cleansed its list of erring developers which had earlier caused troubles to house buyers and delinquent payers.
Fabiaña praised Xevera for a having a “buy-back” program of five years instead of only two years. He explained that Xevera is classified under window number one where processing is done much less because of its proven track-record and reputation.
Other developers, he said, fall under window number two where Pag-IBIG Fund takes full responsibility of the loan and not the developer. Pag-IBIG has no buy-back option.
This is the most common problem encountered by house buyers where they blame the developer, he said.
Under Pag-IBIG Fund, an interest rate of seven percent per anum is charged to the housing loan of not more than P750,000. A house and lot loan package which costs P751,000 up to P1 million is charged with only an 8.5 percent interest rate per anum which is two percent lower than before which was 10.5 percent, said Fabiaña.
Xevera housing units costs P750,000.
Developers from all over Central and Northern Luzon attended the forum which also tackled issues on the amendments on the various housing loan programs of the Home Development Mutual Fund (HDMF).
On hand to discuss the amendments on the various Institutional Loan Programs like Developmental Loan Program, LGU Developmental Loan program, Medium High Rise Building (MHRB)/Pag-IBIG city program, House Construction Financing Line and Housing Receivables Financing facility was Juanito V. Eje, vice president of the Wholesale Lending Group of Pag-IBIG.
Other speakers included Rafael Odes M. Abaño III, Senior Vice President of the Housing Operations Sector; Ophelia Dela Cerna, Senior Vice President Provident Fund Operations; Yolanda M. Akol, Vice President Loans recovery Group; and Tessie M. Gonzales, Deputy CEO Regional Operations Cluster who delivered the closing remarks.
Fabiaña was appointed OIC of Pag-IBIG in April after Atty. Romero F.S. Quimbo resigned. Fabiaña took his oath as president and CEO only last Monday.
Fabiaña confirmed that Quimbo resigned to seek a congressional seat in Marikina in next year’s polls.
