CEBU, Philippines — The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is currently in talks with the Cebu Provincial Government for a possible housing project.
This was announced by Pag-IBIG Fund chief executive officer Acmad Rizaldy P. Moti in his recent visit to Cebu while the agency is intensifying its campaign to promote development of affordable housing projects.
Moti said that the fund is now discussing a possible joint venture with Governor Hilario Davide III to build housing projects somewhere in Busay, in Nivel Hills.
This is in line with Pag-IBIG’s intensified housing program for local government units (LGUs) and cooperatives.
Moti said Pag-IBIG will make use of its strong loan collections and liquidity to fund housing projects that will benefit the masses.
He added that the fund will be prioritizing government organizations to provide affordable decent housing units to government employees.
"We want Pag-IBIG to be more socially responsive," added Moti.
Meanwhile, Pag-IBIG Fund Visayas posted a total loan value takeout of P4.29 billion during the first half of 2017 up by 53 percent versus last year’s P2.81 billion reflecting the continued economic boom in the region. This benefited 4,246 members in regions 6,7 and 8.
In a report, Pag-IBIG Fund Visayas posted a 17 percent growth in loan value takeout was recorded from January to June amounting to P28.83 billion from P24.74 billion during the same period in 2016.
As of June 2017, Pag-IBIG Fund’s collection efficiency reached 90.2 percent corporate-wide, and 87.44 percent in Visayas. Its non-performing loans ratio went down to a single-digit level of 9.8 percent for the whole agency and 12.56 percent in Visayas. (FREEMAN)