Housing Fund

Pag-IBIG to pour P4-B housing budget in Mindanao for 2008

Davao City, Phils (10 November) -- Pag-IBIG Fund will pour in P4 billion housing budget in Southern Philippines for 2008.

This was bared by Pag-IBIG Deputy chief executive officer Jaime A. Fabiana to businessmen in a recent forum during the Davao Trade Expo held in Davao City.

Fabiana said the allocation will also include P3 billion for institutional loans and corporatewide budget of the Fund for housing next year is pegged at P25 billion.

The businesses especially those engaged in real estate projects are encouraged to avail of the resources even as Fabiana said that the Fund is optimistic of a bright prospect for the real property industry next year saying that the performance of the industry is good as the market continue to be bullish.

The Pag-IBIG Fund undertakes institutional loans where it covers five programs that developers and housing projects proponents may avail of.
These include Development Loan Program, the Pag-IBIG City, Housing Construction Financing Line, Housing Receivable Financing Facility, the LGU Development Loan Program.

Meanwhile Fabiana said the Fund is aiming over a hundred percent increase in net income this year as against the P7.7 billion 2006. The satisfaction guaranteed service to their clients had consistently been maintained making them among Business World top 10 corporations. Other rated corporations are the National Power Corporation, Smart Communications, Inc., PLDT, Pilipino Telephone Corp., Chevron Malampaya Corp., PNOC Energy Development Corporation, Globe Telecom, Inc., Bank of the Philippine Islands and Ayala Corporation.