DAVAO CITY — The Home Development Mutual Fund, otherwise known as Pag-IBIG Fund, aims a P100 billion housing portfolio in the next five years.
This was disclosed Thursday by the Fund’s chief executive officer Rizaldy Acmad Moti, saying the target could fund 100,000 houses yearly. The Fund has a take-out target of P65 billion this year.
Moti said the Fund would want to maximize countryside projects in tie up with the local government units, the institutions and similar groups.
“These are the areas that are underserved and unserved and will never have subdivisions,” he said.
This is basically the reason that prompted the Fund to seek for the support of the local government leaders who would want to provide quality housing at affordable rates to their constituents.
This has already drew the interest of the Tawi-Tawi LGU after seeing the projects in other areas with affordable rates and bigger in area.
In Mindanao, Moti said, there are already existing projects under the program which was launched in 2011-2012 citing for instance the Dole Philippines project for their employees.
Dole donated the land for the housing projects of their employees. Another is the Dangkagan LGU in Bukidnon and another LGU in Compostela Valley Province, LGU Gingoog City in Misamis Oriental, just to name a few, he said.
The Fund is also pushing for an increase in the number of housing borrowers in Mindanao with an aim for the island to become the frontrunner of delivering more housing to members.
Moti said he is optimistic about meeting this year’s target of P8.6 billion, noting that there is a surge of housing needs especially in Northern Mindanao.
He said that in Iligan and Cagayan de Oro areas, there is a huge spike in the take out of loans given huge demand for housing.
With the Marawi incident, Moti said the moneyed Maranaos are moving in these areas where they could build new homes.
As to the Pag-IBIG members in Marawi, Moti said the Fund is in talks with the local government unit and the Marawi State University for housing projects of their employees in the area.
Although the government is doing a rehabilitation project spearheaded by the Housing Urban Development Coordinating Council (HUDCC), the Fund will complement by offering housing projects to the 3,000 members of both the Marawi LGU and the MSU employees.
On the other hand, Moti said that with the convergence of the housing agencies of the government, the Fund is closely coordinating with the Land Registration Authority and the Housing Land Use Regulatory Board for faster processing of documents from two to three years to less than five months.