Pag-Ibig to give more benefits to developers

CEBU, Philippines - Property developers will soon get more benefits from the Home Development Mutual Fund, or more popularly known as the Pag-IBIG Fund.

This as newly appointed head Acmed Rizaldy P. Moti vowed to extend more benefits to the agency's partner developers.

Moti said the move is part of Pag-IBIG's efforts to lure more property developers to enlist as accredited partners so that Filipinos will have wider choices when they purchase houses.

"We are considering extending additional benefits to partner developers," said Moti in an interview.

At present, Pag-IBIG has 500 active developer partners. Moti said the agency is looking at doubling the number of partners, specifically that the market is consistently on the high track.

Likewise, more programs that are geared to attract developers to borrow with the agency will be introduced soon.

At present, Pag-IBIG is offering a maximum loanable amount of P250 million for subdivision project and P500 million for condominium developments.

With more developers enrolling with Pag-IBIG, more members will be attracted to get home loans with the agency.

Moti mentioned that of the 17.3 million members, 95  to 96 percent of the members are pure savers, which means that these members are not availing housing loans and other facilities from the agency.

At least P65 billion is allocated for loan facilities this year, including already credit access to developers.

Pag-IBIG  is currently offering 4.5 percent interest rates in the first ten years. This rate is lower than that of the average industry rate.

According to Moti, the hyper-active stance of the state-run home mutual fund to attract more borrowers is driven by the fact that a huge percentage of Filipinos are still renting.

Under his leadership, Pag-IBIG  commits to convince more Filipinos to own houses rather than rent. (FREEMAN)