The Home Development Mutual Fund (Pag-IBIG Fund) and Gingoog City has initially turned over 21 units of new homes to beneficiaries of a program the two entities forged in 2015.
“Pag-IBIG Fund and the City Government of Gingoog forged a partnership in 2015 to facilitate the processing of housing loans of beneficiaries through Pag-IBIG’s Home Financing Program. Partnership with local government units [LGUs] is a sure way to reach the underserved sector of our society to make homeownership affordable and accessible for them,” said Pag- IBIG Acting Senior Vice President for Business Development Sector Benjamin Felix Jr.
Felix, Gingoog City Mayor Marie Guingona and National Housing Authority (NHA) Cagayan de Oro District 2 Manager Generoso Abellanosa led the recent turnover rites for beneficiaries of the Villa Veronica Resettlement Project located in Upper Malangka, Barangay San Juan.
Felix pointed out that initially, 21 recipients received the notices of housing loan approval and symbolic key from Pag-IBIG at the People’s Palace in Gingoog City. Under its memorandum of understanding with the Gingoog City, Pag-IBIG will extend individual housing loans to qualified beneficiaries while the LGU will promote Pag-IBIG’s housing programs to the beneficiaries and assist them with their loan applications.
The NHA provided a P26 million to develop the project site, which is owned by the Gingoog LGU. Out of the 415 units that will be built for the project, 247 units will be for city employees, public and private school teachers, policemen, and other government employees. A total of 168 units will be allocated for the relocation of informal settlers residing in the city’s danger areas.