The Market Monitor Minding the Nation's Business
By Riza Lozada
Listed firm 8990 Housing Development Corp. has been named the top developer in the country by the Home Development Mutual Fund (Pag-IBIG) in terms of take-out value.
HDMF Chairman Chito Cruz and President Darlene Berberabe gave out the award at SMX, Mall of Asia, last January 26.
8990 Holdings President and CEO Januario Jesus Atencio credited the company’s achievement to the strong partnerships of developers and the HDMF for making every Filipino’s dream of owning a house come true.
Atencio noted that the HDMF has been offering lower interest rates and lower insurance premiums, among others, that has resulted in a better housing finance environment for the mass housing market.
In his State of the Fund address, HUDCC and HDMF Chair Atty. Chito Cruz said: “Pag-Ibig is now a 397 billion corporation with a 43% growth in five years, and a gross income of 34.8 billion. The fund also registered a 70% increase in net income to 20.2 billion, and declared a dividend of 4.9%, the highest since 2011.” Cruz added that there was a 17% increase in housing takeouts amounting to 50 billion.
Atencio emphasized that, “the fund also achieved lower interest rates, lower insurance premiums, lower monthly amortizations that account for the successful performance of HDMF in 2015, and this has resulted in a better housing finance environment for the mass housing market.”
In the first three quarters of 2015, 8990 was able to beef up its landbank with the acquisi-tion of 25.4 hectares in Legones, Iloilo and 60.2 hectares in Cab-ug, Bacolod. This brought the total landbank of the company to 503 hectares as of that period.
8990 Holdings has em-barked on an P8 billion project in Tondo, Manila with Atencio along with chairmen Mariano Martinez and Luis Yu leading the groundbreaking in Decem-ber last year for the 8990 Deca Homes Manila in Vitas in Tondo.
The plan involves the con-struction of 13 residential build-ings with 13,212 housing units and 2,226 parking slots. It is also spending P300 million for development costs, including a full service 2 storey mall ten-tatively called the DECAmall.
Earnings of 8990 Holdings grew 11.8 percent to P3.16 bil-lion from January to September this year compared to P2.83 bil-lion in the same period last year. Gross revenues increased 13.1 percent to P7.06 billion from P6.24 billion.