Pag-IBIG’s acquired assets go on sale to group buyers

SEVERAL groups and employers were encouraged to avail of affordable shelter financing program for their employees through the bulk and group sale of Pag-IBIG Fund’s acquired assets.

During its recent virtual Fourth Kapihan event, titled “Own a Home for Less: Pag-Ibig Fund Acquired Assets for Bulk Sale,” the Subdivision and Housing Developers Association Inc. (SHDA), together with the Fund, made this call to enable more Filipino workers to purchase a dwelling place and at, the same time, help address the housing backlog in the country.

“For over 50 years, SHDA has remained steadfast, not only in articulating the advocacy of the housing industry but also in championing the welfare of the member developers and providing its members more opportunities,” SHDA National President May Rodriguez said, while citing their strong partnership with Pag-IBIG to provide affordable home financing to the people.

For their part, Marilene C. Acosta, deputy chief executive officer of home lending operations cluster at Pag-IBIG Fund, underscored their thrust of ensuring that the housing loan programs consider all stakeholders involved and they cater to both the demand and supply of the housing sector.

“This is why we manage the Pag-IBIG Fund prudently to keep our interest rates low and our home loans affordable. This is also why we have inclusive programs that cater to all Philippine workers, including the socialized housing market,” she said.

At the webinar, they discussed how members, through their employers, could avail of the Funds’ Real and Other Properties Acquired (ROPA) that are up for grabs at discounted rates upon approval of their loans.

For regular bulk sales, buyers must purchase at least P10 million worth of properties under the Negotiated Sale only, while for buyer-initiated bulk sale (BIBS), ROPA may be in different stages for disposal, which are first and second Public Auction or Negotiated Sale.

The discount rates are as follows: 40 percent for approved P10 million to P50 million worth of properties; 42 percent, over P50 million to P100 million; and 45 percent, more than P100 million for both regular bulk sale and BIBS.

If the buyers fail to secure properties worth P10 million in their first try, they can still bid or submit another request for three consecutive attempts within five successive postings of properties to meet the ceiling prices set by Pag-IBIG to qualify for the discounts.

The Fund only approves cash payments or short-term installments and requires a fee of 5 percent of the net selling price. On top of the down payment, a P5,000 cash bank per property for short-term installments is required.

Once it approves the properties under regular bulk or BIBS, the members of employees, associations, or cooperatives will sign a memorandum of agreement with Pag-IBIG stating the properties sold and the terms of payment, including the qualified discount.

Both the group of housing developers and the Fund encourage cooperatives to extend their services to their employees to access the government’s affordable housing. -30-