Pag-IBIG Fund reaches out to BPO companies

CEBU, Philippines - Pag-IBIG Fund or the Home Development Mutual Fund (HDMF) is expanding its partnership with Business Process Outsourcing (BPO) companies in Cebu through housing loan offers, among others.

Rio R. Teves, Pag-IBIG Fund manager for Cebu Housing Business Center said that the agency, in coordination with partner developers is holding a mini housing fair in the offices of BPO companies, to draw awareness on existing housing products that are available for Pag-ibig members.

"We are going directly to the borrowers," said Teves adding that in this way, developers too will be able to connect directly to buyers, without having to pay for brokers' commission.

Last year, Pag-IBIG Cebu reached out to five BPO companies. Teves said the program was also extended to other economic zone companies such as Mitsumi and Mactan Export Zone.

The BPO sector in Cebu employs close to 200 thousand employees. MEPZ locators employ about 45 thousand. Other industries being eyed for the program are the hospitality sector and other large employers.

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

The P65 billion target this year is P10 billion higher than how much it released to members last year amounting to P55 billion.

Pag-IBIG Fund officer-in-charge and chief executive officer Acmed Rizaldy P. Moti earlier said the agency is hitting a P65 billion of loanable amount this year, urging members to take advantage of its credit facilities, especially for residential ownership.

According to Moti Pag-IBIG at present has very low loan take out, particularly housing loans among members.

In 2016, the Visayas office recorded a P6 billion amount of take out loans to members, "the first time the home lending in the Visayas hit the P6 billion mark," reported Pag-IBIG Fund department manager III of business development department  in the Visayas Rio R. Teves.

The boom in the real estate sector in the Visayas region and active participation of developers accredited with the agency, are two of the primary drivers of achieving the high performance, Teves said.