In a recent announcement, the Home Mutual Development Fund, known as Pag-IBIG, revealed that it has more than 400 acquired assets available for purchase in Western Visayas. This opportunity was highlighted by Wilmer Lirazan, the department head III of Pag-IBIG’s Bacolod business housing center, during the Kapihan sa Bagong Pilipinas forum held in Iloilo City on November 12, 2024. Lirazan emphasized that these assets, spread across Capiz, Iloilo, Antique, Aklan, and Negros Occidental, represent a swift pathway to homeownership.
These properties are the result of foreclosures due to non-payment and subsequent failure to engage in loan restructuring or other payment programs. Pag-IBIG sells these assets on an ‘as-is-where-is’ basis, with Lirazan assuring that the appraisal of these properties is conducted fairly and reasonably. He noted that these homes are ready for immediate occupancy, with new listings added weekly.
To facilitate the buying process, Pag-IBIG is promoting its online public auction (OPA) system. Interested buyers can register from home to obtain a buyer’s identification and can then select properties to bid on. Successful bidders are required to make a five percent downpayment, with the remaining balance payable through cash, a one-year installment plan, or a housing loan.
From July 2022 to September 30 of this year, Pag-IBIG has disbursed over PHP13.28 billion in end-user financing loans and PHP716.3 million in socialized housing loans in Western Visayas. Gina Lanceta, manager of the Pag-IBIG Fund Mandurriao branch, encouraged employers to utilize the virtual Pag-IBIG interface for seamless online transactions. She also stressed the importance of enrolling job order workers with Pag-IBIG, as the fund covers a wide range of workers including self-employed individuals, those with informal incomes, overseas Filipino workers, and village officials.