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Pag-IBIG takes over GSIS housing

 

Manila, Philippines –The Home Development Mutual Fund (HDMF) or Pag-IBIG is now in charge of the housing loan program for more than 1.7 million Government Service Insurance System (GSIS) members, Vice President Jejomar C. Binay said.

In a speech during the 5th Philippine Housing Finance Forum in Makati City last Thursday, Binay, board chairman of Pag-IBIG, said the agency has reached an agreement with GSIS on a credit facility that allows Pag-IBIG to administer the GSIS’ P5-billion fund for housing.

The GSIS last May announced that it would cease its housing loan operations and would transfer to the Pag-IBIG the processing of loan applications of its members.

Atty. Darlene Marie Berberabe, Pag-IBIG chief executive officer, assured that Pag-IBIG has the capability and ability to meet the challenge posed by the GSIS.

Berberabe noted that “housing provision is one of Pag-IBIG’s mandates, with savings generation being the other one.”

“And after 30 years in the business, our mortgage accounts comprise 45 percent of the entire industry’s loan portfolio, making us the country’s premier housing fund,” Berberabe said.

Binay said that the National Housing Authority (NHA) is now processing eight projects to be funded this year, and 32 more in 2012, intended to benefit more than 21,000 families.

“Housing agencies are also reviewing their policies in end-buyer financing, developmental financing, the guaranty system, and the secondary mortgage market in order to make more funds available for housing,” he added.

The Vice President announced that the Housing and Urban Development Coordinating Council (HUDCC) is now implementing a national resettlement policy framework aimed at establishing common procedures and guidelines for agencies involved in resettlement of informal settlers.

He said that the HUDCC has revised the guidelines of the Community Mortgage Program (CMP) of the Socialized Housing Finance Corporation (SHFC) in order to accelerate the “secure tenure” to informal settlers and protect them from unscrupulous operators. (JC Bello Ruiz)

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