MALAYBALAY CITY (Bukidnon News/29 August) The Home Development Mutual Fund (Pag-Ibig Fund) has portfolio of a total of P468 million outstanding loans to members in Bukidnon this year as it opened its full service branch Thursday, seven years after opening an extension office here.
Lawyer Darlene Marie B. Berberabe, Pagibig Fund chief executive officer, said the Malaybalay Branch is the 49th branch of the fund in the country – part of their campaign for bigger, faster, and better fund services.
Bukidnon’s portfolio goes to short term loans at P378 million and around P90 million for housing loans, said Ferdinand Saniel, manager of Cagayan de Oro branch, from which Malaybalay was carved out. In the 1990s, Pagibig opened a one-person service desk at the Provincial Capitol every Thursday.
Berberabe added that this year they targeted to make operational a total of 83 branches nationwide in an effort to be more accessible to their 12.7 million members.
She added their partnerships with the banking sector and telecommunication companies to make payments easier and faster.
She noted that the maximum loanable amount is now P6 million from P3 million last year, adding they were able to do it without increasing the contribution. Berberabe said there were also able to cut the interest rate from 11.5 percent to 7.98 percent.
She said minimum wage income earners can avail of the loans also down to 4.5 percent.
Berberabe said Mindanao accounts for P6.7 billion of its P46 billion housing loan exposure and about P5.5 billion of its short term loan portfolio.
Saniel told MindaNews Bukidnon now has a total of 60,000 members. Malaybalay branch’s membership is now as big as that in Iligan City.
He cited that the membership could triple with the conversion of the extension office into a branch, which cuts the process of loan application to release of checks from five days to one day, Saniel added. The branch actually started operation two weeks earlier.
He cited that aside from advantages of a nearer branch office, Pagibig Fund is already negotiating with partners for membership discounts among establishments like groceries.
He said the rising trend of housing loans, both institutional and retail, in the province shows that realty development in the province is bullish.
He cited that both institutional retail loans have an increasing trend based on rate of applications for loans. He said the growth of the housing industry goes with the bullish economy of Bukidnon.
Saniel noted that Pag-ibig Fund has approved P15 million for the Provincial Government to build the 190 unit-Phase 4 housing project. He clarified that the amount is not included in the P90 million portfolio he earlier cited.
Lydia Fortaleza, Malaybalay branch officer in charge, said loan applications in the branch average from eight to 12 applications a month.
She added that they are looking at opening service desks in Valencia City and Manolo Fortich to be more accessible to members there. (Walter I. Balane/Bukidnon News)