Friday, March 13, 2009
Pag-IBIG Fund works on long-haul program
Lawyer Romero Federico S. Quimbo, chief executive officer of Pag-IBIG Fund told developers during the recent Mindanao Developers Forum held in Davao City that in support to the long haul program the Fund has earmarked a bigger loan facility this year amounting to P50.50 billion.
Close to 200 participants joined the Mindanao Developers Forum coming from Regions IX, X, XI, XII and XIII.
Quimbo said that Pag-IBIG Fund has enough money for the program and developers can access the fund depending on the kind of program they would avail.
He stressed however that they want to implement lending program that is sustainable yet find ways to make it easier for the developers to access the funds saying that “we want our business sustainable and your (developers) business sustainable too”.
He told the home builders that they need to meet half-way to develop the housing program and the Fund wants to partner with people who are in for the long haul. They invite private sector to come in and invest as they partner with them in delivering homes to the members.
Quimbo said the Fund does not get any subsidy from government and they are the company that must make money because they need to give back to the members in form of dividends out of the money that they use for programs like housing loan.
“If we do not give back in return, the members would think that we are only using their money. We need to give something back to them who are funding the loans to developers,” he said.
He reminded developers that it is the Fund members’ money that they are using through the development loans and Pag-IBIG Fund needs to take care of their fund that is why they see to it that guidelines are followed.
He said out of the 7.5 millon members of the Fund only 10 percent avail of housing loans while the remaining 90 percent has not availed of the program yet contributes to the funds housing loan program.
The housing loan window this year is 53 percent higher than in 2008 of only P34.03 billion. The 2009 will have P43 billion for end-users loan and P7 billion for institutional loan.
He said for a period of ten years the housing loan program allocation in 2001 was only at P3.82 billion followed by P5.40 billion in 2002, P9.32 billion in 2004, P15.30 billion in 2005, P16.10 billion, 2006, and P22.59 billion in 2007.
Quimbo said despite the increased growth they maintain the same budget in 2007 and 2008 of 5 percent as against their revenue of 45 percent.
He said the growth for the past years was at P1.3 billion, but it was only last year they were able to hit P38 billion.
Wednesday, February 4, 2009
Pag-IBIG Fund Extension Office @ the mall
Accessible and convenient, Pag-IBIG members of South Cotabato and Sultan Kudarat have better way of transacting business because services are brought to them while doing other transactions inside the mall.
The only extension office in the south that is mall based, Pag-IBIG Fund Southern Mindanao opened its newest extension office last January in Koronadal City.
The Pag-IBIG Fund Extension Office of Koronadal City is housed at Fitmart Mall in Marbel, Koronadal City. It accepts among others payment of multi-purpose loans and housing loans. It will also conduct housing loan seminar. Schedule of the seminar is still being worked out.
The extension office is under the care of Manager Rodrigo Suemith.
Leading the inauguration ceremony were Governor Daisy Avance-Fuentes, Deputy Chief Executive Officer for Operations Tess Gonzales, Vice President for Southern Mindanao Group Jose W. Banzon, Jr. together with other officers and staff of Pag-IBIG Fund other officials of private and government offices while Fr. Bonifacio Ampayas officiated the blessing of the new office.
Saturday, January 31, 2009
Please Check this .... the acquired assets - FIRST COME, FIRST SERVED BASIS !
“Magaang Pabahay, Disenteng Buhay Program”
- Check on the list of the Fund’s available acquired assets for sale
- Secure, accomplish and submit two (2) copies of Reservation Form
- Receive duplicate copy of the Reservation Form duly signed by the Fund’s authorized representative. You will be given a priority number and take note of that priority number.
- Confirm your offer to purchase and pay the 5 percent downpayment within 5 days from date of reservation. Otherwise, the reservation shall be cancelled.
- The remaining 95 percent shall be paid either thru cash or Pag-IBIG Housing Loan.
Documentary requirements for purchase made through Pag-IBIG Housing Loan
- Housing Loan Processing Fee of P3,000.00
- Income Tax Return/ W2
- Certificate of Employment & Compensation (duly notarized)
- Latest (1) month Payslip (duly certified by the employer)
- Audited Financial Statement for Self-employed
- Latest Employment Contract for OFWs
- Photocopy of TIN Card & Cedula
- Member’s Status Verification Slip (MSVS)
About 5,000 Pag-IBIG Acquired Housing Units are up for sale of discounted rates from 15 percent to 25 percent discount.
Could be availed through
Cash Sale or
Housing Loan
> 6 percent interest rate > 30 years loan term
> 5 percent downpayment of discounted selling price
Location – > Davao City, Tagum City, Samal City, Panabo City, General Santos City
Koronadal City, Cotabato City, Kidapawan City, Tacurong City
Ø Compostela Valley Province, Davao del Norte, Davao Oriental,
Ø Davao del Sur, South Cotabato, Sarangani, North Cotabato,
Ø Maguindanao, Sultan Kudarat
For those of you who are interested please visit or call the following
Acquired Assets Unit of Pag-IBIG Fund
DAVAO CITY
2F Pryce Tower Condominium
JP Laurel Avenue, Davao City
Tel. No. (082) 224-4733
TAGUM BRANCH
2F Ramos Bldg.,
Arellano St., Tagum City
Tel. No. (084) 400-4698
GENERAL SANTOS BRANCH
2F RD Bldg.
Santiago Blvd., General Santos City
Tel. No (083) 552-7632
COTABATO BRANCH
6F CYM Bldg.
Don Rufino Alonzo St., Cotabato City
Tel. No. (064) 421-6946
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Schedule of loan counseling session @ Pag-IBIG Fund Offices
The loan counseling session is a requirement for housing loan appliction.
Schedule :
Davao City
Every Friday
Am session - 9:00 am to 12 Noon
PM session - 2:00 pm to 5:00 pm
Other schedule
Every first and third Saturdays of the month
9:00 AM to 12 Noon only
Venue : Pag-IBIG Fund Davao City Office at Pryce Tower, J P Laurel Avenue
Seminar Room, third floor
Tagum City
Every Friday
2:00 PM to 4:00 PM only
Venue : Pag-IBIG Tagum City Office conference room
General Santos City
Every Friday
8am - 12 noon
Venue - training room at Pag-IBIG Office
3rd floor at RDRDC Building, Santiago Blvd, General Santos City.
Cotabato City
Every Saturday 9:00 am - 12 noon
Venue - training room at Pag-IBIG Office
6F CYM Bldg., Don Rufino Alonzo St., Cotabato City
Kidapawan City extension office
Every Friday -
morning session - 10:00am
afternoon session - 3:00pm
Venue - training room Pag-IBIG Fund Office
2F Zepol Bldg., National Highway, Kidapawan City
Wednesday, January 21, 2009
Housing loan ..... new and affordable
WHEN YOU APPLY FOR A HOUSING LOAN TAKE NOTE OF THIS PLEASE !
Eligibility requirements
- A Pag-IBIG member for at least 24 months and has remitted 24 monthly contributions
- Not more than 70 years old at loan maturity and must be insurable
- Has no outstanding Pag-IBIG housing loan either as principal or as co-borrower
- Has legal capacity to acquire and encumber real property
- Has passed satisfactory background/credit and employment/business checks
- Has no Pag-IBIG multi-purpose loan in arrears at the time of application
- Has no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to dacion en pago
Schedule of Loans
Monthly Member’s Contribution Loan Entitlement
200 Up to P500,000
250 Over P500,000 to P600,000
300 Over P600,000 to P700,000
350 Over P700,000 to P800,000
400 Over P800,000 to P900,000
450 Over P900,000 to P1M
500 Over P1M to P1.1M
550 Over P1.1M to P1.2M
600 Over P1.2M to P1.3M
650 Over P1.3M to P1.4M
700 Over P1.4M to P1.5M
750 Over P1.5M to P1.6M
800 Over P1.6M to P1.7M
850 Over P1.7M to P1.8M
900 Over P1.8M to P1.9M
950 Over P1.9M to P2M
Processing Fee P3,000.00
Pay P1,000.00 upon filing
Pay balance of P2,000.00 upon loan take-out
AFFORDABLE MONTHLY AMORTIZATIONS (comparative from old to new rate)
Loan Package Monthly Payment Savings
P300,000 P1,798.65 (before P2,413.87) P 615.22
P500,000 P3,326.51 (before P4,38.86) P1,061.35
HAVE YOU THOUGHT OF THIS ? - for those of you still renting a house probably your rental is higher than this amortization rate. REMEMBER : RENTING IS NOT OWNING THE HOUSE. HURRY ! You still have enough time before you reach the age of 70, by then you will no longer qualify … Your time is now so grab this !
INTEREST RATES (Comparative from old to new rates)
Amount New Interest Rates
Up to P300,000 6% (before 9 %)
Over P300,000 to P750,000 10% 7% (before 10%)
Over P750,000 to P2 M 10.5% (before 11-12%)
Visit or call these Pag-IBIG Branch Offices for details
Davao Branch HOUSING DIVISION
2F Pryce Tower Condominium
JP Laurel Avenue, Davao City
Tel No. (082) 2241793
Tagum Branch HOUSING DIVISION
2F Ramos Bldg., Arellano Street, Tagum City
Tel. No. (084) 4004700
General Santos Branch HOUSING DIVISION
2F RD Bldg., Santiago Blvd. General Santos City
Tel. No. (083) 5545468
Cotabato Branch HOUSING DIVISION
6F CYM Bldg., Don Rufino Alonzo St., Cotabato City
Tel. No. (064) 4216946
The Pag-IBIG Housing Loan Program can either be for
Ø Construction of a Residential Unit
Ø Lot Purchase
Ø Purchase of a Residential Unit
Ø Lot Purchase and House Construction
Ø Home Improvement
Ø Refinancing
Ø Combination of Loan Purposes
Repayment Period
Maximum of 30 years
Biz reg fees cut by half
The government is finding ways to lessen cost of doing business given the economic downtrend that hit across countries.
In Davao, entrepreneurs can benefit of the reduced fees for business name registation (BNR) as the Department of Trade and Industry (DTI XI) starts to implement this year.
DTI XI regional director Marizon Loreto said the Department of Trade and Industry (DTI) has ordered the temporary reduction of business name registration (BNR) fee by 50 percent effective January 12 of this year.
The temporary cutback will be implemented for six months, she said.
Department Administrative Order 09-01, series of 2009 has been signed and issued by Trade Secretary Peter B. Favila last January 12 with the aim to promote the opening of new entrepreneurs in order to encourage business activities and generate employment.
DAO 09-01 series of 2009 states that "All those applying for a new business name or renewing an existing business name shall be charged a registration fee of One Hundred Fifty pesos (PhP150.00), an amount 50 percent lower than the original fee of P300.00."
She said however, that the temporary rate reduction is only applicable to sole proprietors.
The DAO reiterated that only sole proprietors are covered since entrepreneurs who are into partnerships and corporations are excluded from the coverage of Act 3883 or the Business Name Laws with the issuance of DAO No. 11, series of 2008.
"We shall not forget that only the BNR fee which has been reduced by 50 percent. Therefore, all the other fees and charges stipulated under Section 5, Article III of DAO No. 6, series of 1999 shall continue to take effect," Loreto said.
Loreto stressed that after six months, the BNR fee shall go back to its original level which is P300 for the period of five years.
Friday, January 16, 2009
Davao City got highest in new registered corporation/partnership for 2008
SEC Davao head Atty. Javey Francisco said the city cornered 314 new businesses of the 464 corporations that registered with their office last year around Mindanao.
General Santos City followed next with 36 then Tagum City with 18. Fourth in the row were Mati City, Koronadal City and South Cotabato with nine new registered corporations each. Cotabato City ranked fifth with eignt while Davao del Norte on the seventh with six. Panabo City and Digos City came next with six new registered corporations and partnerships. Davaod del Sur had five while Davao Oriental, Surigao del Sur and Mati City with four each and Agusan del Sur, 3. The Compostela Valley Province and the cities of Malaybalay, Bislig and Butuan had two each. Only one new corporations registered in the Island Garden City of Samal, North Cotabato, Lanao del Sur, Surigao City, Midsayap and Cagayan de Oro City.
Francisco said the 464 corporations had a paid-up capital of P215.4 million which came lower by 38 percent or P134 million compared to the P349.8 million in 2007.
He said of the new corporations last year, Davao City's businesses for paid-up capital accounted to P124.6 million while General Santos City at P27.4 million and Tagum City, P21.5 million.
Meanwhile Francisco said with regards to foreign direct investments (FDI) of 80 new businesses with paid up capital of P15.177 million, Davao City still got high with 67 corporation and paid up capital of P11.4 million.
General Santos City had 3 of P1.1 million, Davao Oriental, 2, P1.036 million, Koronadal City, 2, P1.250 million.
He said according to nationalities, the Chinese top the list followed by Korean and Dutch.