The PAG-IBIG Fund sold P4.52 billion in acquired assets during the first half of 2017, a 16 percent rise from P3.9 billion recorded in the same period last year.
Of the 9,827 foreclosed properties sold, around 74 percent valued at P3.07 billion were located in the National Capital Region and also in Cavite, Bulacan, Rizal and Laguna.
Luzon deliver the highest sales increase of 33 percent at P698 million from P523 million, followed by the Visayas with a 26-percent increase to P296 million from P234 million.
The acquired assets are properties originally owned by fund members unable to pay back their loans. The fund allows borrowers the chance to undergo remediation and repurchase foreclosed properties. New buyers are tapped when remediation process fails.
The income from the sales financed socialized housing for low-income Pag-IBIG members.
“We continue to look for ways to provide ordinary earners with access to social protection which is being pushed by President Rodrigo Duterte,” Housing and Urban Development Coordinating Council Chairperson Eduardo D. Del Rosario said
“Low-income groups like drivers and security guards make up many of the buyers of Pag-IBIG’s acquired assets, enabling them to have their own homes at affordable prices and buyer-friendly loan terms,” he added.