Pag-IBIG says no slowdown in housing loan availment by Prix D. Banzon Davao City (16 May) -- With the current global financial crisis where many feared of slow down in the market for real estate, Pag-IBIG Fund noted even an increase in the availment of housing loan. OIC-Chief Executive Officer of Pag-IBIG Fund Jaime A. Fabiana said that for the first quarter this year about P9.7 billion were approved for housing loans compared to the 2008 figure of same period with only P7 billion. Fabiana was in Davao City for the Southern Mindanao Developers Forum held on Friday at Apo View Hotel. He was joined by Rafael Odes M. Abano III, senior vice president for Housing Operations Sector, Ophelia Dela Cerna, senior vice president, Provident Fund Operations, Juanito V. Eje, vice president, Wholesale Lending Group, Yolanda M. Akol, vice president, Loans Recovery Group and Jose W. Banzon, Jr. vice president for Southern Mindanao operations and the different branch managers of Southern Mindanao Group. The forum was attended by over a hundred participants from various real property developers in Southern Mindanao. He said with this figure it would indicate a 38 percent increase where he attributed this to the sustained interests of the buyers because of quality and affordable housing units. Fabiana meanwhile reported that with their asset level of P240 billion, they already surpassed that of the Social Security System when he and Secretary Romulo Neri compared figures during their recent meeting the Unified ID System. He said even with the apprehensions of the housing sector because of the economic crisis, all indicators with the Fund went up. As far as membership level is concerned, he said there was an increase during the first quarter this year with 150,000 new members and contribution increased also by 5 to 7 percent. "It is true that there were some who were out of the service because of closure of companies and retrenchment but there are also new members who come in," he said. With regards to Southern Mindanao, he said although there was a slow down in take out they would be hitting the mark by early second quarter with the entry of new projects like the Pag-IBIG City in Bago Gallera and other similar projects. He said Southern Mindanao in 2008 had an outstanding performance for housing loan with 30 percent take out and we are optimistic that more take out would come by that period. Fabiana however explained that several factors had affected the slow in take out considering that most developers just completed their projects and factors like weather condition could contribute to slippage that would slow down the work. He further said that with the new amendments in the housing guidelines where interest rates now at rock bottom, many Fund members had shown interest of availing housing loans with us. He said their housing loan portfolio last year of P38 billion was increased to P43 billion in 2009. "We are optimistic we could meet this target by end of 2009," he added. (PIA) [top] Courtesy from: Land Asia Institute Philippines