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Pag-IBIG grants P71 billion for
workers' housing under GMA
More than 200,000 housing units constructed since 2001
THE Pag-IBIG Fund, the biggest single housing loan provider, has released a total of P71.07 billion in home loans for Filipino workers from 2001 to June 2006, covering 232, 675 housing units.
More than two-thirds or 78 percent of the loan release came from end-user financing which amounted to P56.08 billion -- P10.46 billion and P45.62 billion for socialized and low cost housing, respectively, financing a total of 156, 731 units.
Meanwhile, funding for institutional or loans of developers reached P14.99 billion equivalent to 75,944 units.
From 2001 to 2005, housing loan availments have increased by an unparalleled average of 36 percent per year.
“This increase resulted from an overhaul of our lending guidelines to make it easier for members to avail of our housing program. In fact, we reduced the interest rates again recently and provided more affordable loan packages,” said Vice President Noli “Kabayan” De Castro, concurrent chairman of the Pag-IBIG Fund Board of Trustees.
Atty. Romero F.S. Quimbo, President and CEO of the Fund, is optimistic that with the recent implementation of its new and more liberal housing loan program, as well as the introduction of an aggressive receivables financing scheme, the Fund will have a greater impact on the Philippine mortgage system.
With the growth in shelter financing, the Fund has played a vital role in pump-priming the economy. The Fund has brought about over P930 billion to the national economy through additional business activities from 2002 to 2005 with housing’s multiplier effect of 16.61 in the economy. The government corporation has also helped create more than one million jobs since 2002. Over the past five years, with its ever-growing annual net income, the Pag-IBIG Fund has become one of the most profitable Philippine corporations. (end) |
