The Home Mutual Development Fund (Pag-ibig Fund) 7 officials will hold a public bidding for foreclosed properties in the region.
“There are 21 lots and 18 house and lot units available for bidding,” Sara Eloisa Javier, Pag-ibig Fund 7 marketing and claims division chief, said during the Agency of Government Information Officers (Agio) forum at Cebu Grand Hotel yesterday.
The properties are located in Bulacao, Cebu City and in the cities of Lapu-Lapu, Talisay, Tagbilaran and Dumaguete and in the towns of Liloan, Minglanilla, Consolacion and Minglanilla, Cebu. Lot areas range from 45 square meters to 900 square meters.
“Interested bidders (Pag-ibig members) should attend our pre-bidding conference on Dec.9 for the discussion of the mechanics of the bidding,” she said.
The foreclosed properties are the ones that are taken from “bad loans,” Dale Mark Antonio, Pag-ibig 7 analyst and information officer, said in an interview.
“They (members who availed themselves of loans) probably stopped paying either because they are not interested anymore or they moved out of the country,” he said.
Antonio said, though, that “bad loans” is a minor problem.
In the forum, Javier assured the security of Pag-ibig members’ funds.
“There is nothing to worry about. Pag-ibig has always been stable and efficient,” she said. “As of last year, Pag-ibig had a total asset of P163.6 billion and it is still growing,” she said.
In a document furnished to Sun.Star Cebu, Pag-ibig Fund’s total asset was P113.8 billion in 2000.
“The stability of our fund can be seen in our performance,” Javier said.
In 2004, Pag-ibig recorded a net income of P6.47 billion while it posted a net income of P4.02 billion in 2001.
“The Securities and Exchange Commission had listed Pag-ibig Fund among the Top 10 most profitable corporations in the country. And a private foundation (Philippine Ratings Corp.) also gave Pag-ibig a good rating,” Antonio said, adding that these indicate the agency’s efficient service.
He said Pag-ibig Fund is also “the most profitable tax-paying government corporation,” having paid P7.30 billion in taxes from 2001 to 2004. (ALC/SunStar Cebu)