The Market Monitor Minding the Nation's Business
Pag-IBIG Fund Board of Trustees Chairman Chito M. Cruz said recently that more workers belonging to non-formal sector groups have availed themselves of housing units through Pag-IBIG Fund’s housing-loan programs.
In his report to the Fund stakeholders during the Pag-IBIG State of the Fund Address, Cruz said that, since 2013, more than 12,000 acquired properties with a loan value of P3.5 billion have been acquired by informal-sector workers through Pag-IBIG housing loans.
Cruz also reported that 185 househelp are now proud homeowners.
“Househelp have very low probability, if not nil, of being approved of a housing loan by private banks. With Pag-IBIG programs, owning a home is now possible for a kasambahay (househelp),” Pag-IBIG President Darlene Marie Berberabe said, adding that the unserved sectors of our society, when empowered, can contribute so much more.
Berberabe also announced the partnership between Pag-IBIG Fund and the Philippine Association of Detective and Protective Agency Operators Inc. (Padpao) for the development of an 822-unit housing project in Davao City for security guards.
Aside from househelp and security guards, drivers of public-utility vehicles have also availed themselves of the housing program of Pag-IBIG.
She explained that some acquired assets of the Fund went through improvements before being turned over to the driver-borrowers. The improvements were done by a Pag-IBIG-accredited contractor and is part of the agreement with the borrowers.
She said the availment of Pag-IBIG acquired properties by informal-sector workers has increased since 2013. From 1,652 units availed of by non-formal sector-workers in 2013, it climbed to 3,448 in 2014, then rose to 7,525 in 2015.
“We are now seeing the results of the innovative reforms and inclusive programs introduced over the past five years. More important, the non-formal-sector workers benefit from all these, allowing them to make the most out of their Pag-IBIG membership,” Berberabe said.