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VP Noli offers foreclosed houses to workers at low rates, longer payment period
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VICE President Noli “Kabayan” De Castro today announced that the Housing and Urban Development Coordinating Council (HUDCC) is finalizing a program that will offer around 60,000 foreclosed housing units to government workers.
“Naisip ko ang programang ito dahil napansin ko na marami palang inventories ng foreclosed assets ang mga shelter agencies, government-owned and controlled corporations (GOCCs), at government financial institutions (GFIs). Marami sa mga ito ay dini-dispose on a “bulk sale or fire sale” scheme. Naisip ko bakit hindi muna natin i-offer sa ating mga kawani? (I thought about the program because I observed that shelter agencies, government-owned and controlled corporations (GOCCs), and government financial institutions (GFIs) have big inventories of foreclosed assets which are being disposed through a bulk or fire sale scheme. I figure why not offer these units to government employees first?)
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De Castro said that aside from the housing agencies, the Bangko Sentral ng Pilipinas (BSP), the Development Bank of the Philippines (DBP), the Land Bank of the Philippines (LBP), the Government Service Insurance System (GSIS), and the Social Security System (SSS) are participating in the program.
“Some GFIs and GOCCs give first priority and better terms to their employees… pinakiusapan ko sila na ibahagi naman natin ang opportunity sa ibang kawani. At ako naman ay nagagalak dahil nakuha naman natin ang suporta ng mga ito, he added. (I requested the GFIs and GOCCs to extend their preferential terms to other government employees as well. I’m happy that we were able to get their support for this program).
The housing units on sale will be on an “as is, where is” basis and buyers will enjoy reduced interest rate and longer repayment period.
The foreclosed houses form part of the agencies’ ROPOAs (real and other properties owned or acquired), assets that are automatically classified as non-performing.
The program will be launched during the October 2006 Housing Fair to coincide with the celebration of the National Shelter Month. The Fair will also showcase the housing projects of various developers, the socialized housing programs for the informal sectors, and the different cost-effective housing and construction technologies in the market today. (end)
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