Panayam kay Pag-IBIG Fund Chief Executive Officer Marilene Acosta kaugnay ng P77.3-B disbursed amount para sa house loans

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Panayam kay Pag-IBIG Fund Chief Executive Officer Marilene Acosta kaugnay ng P77.3-B disbursed amount para sa house loans  For more news, visit:  ►https://www.ptvnews.ph/  Subscribe to our DailyMotion Channel: ►http://www.dailymotion.com/peoples-television-incorporated  Subscribe to our YouTube channel: ►http://www.youtube.com/ptvphilippines  Like our Facebook pages: ►PTV: http://facebook.com/PTVph  ►Rise and Shine Pilipinas: https://www.facebook.com/riseandshinepilipinas  Follow us on Twitter:  ►http://twitter.com/PTVph  Follow us on Instagram: ►https://www.instagram.com/ptvph  Watch our livestream on:  ►http://ptvnews.ph/livestream/ ►https://www.dailymotion.com/PTVPhilippines  Watch our News Programs, every Mondays to Fridays  Rise and Shine Pilipinas - 6:00 - 8:00 am Bagong Pilipinas Ngayon - 12:00 - 1:00 pm Sentro Balita - 1:00 pm - 2:00 pm Ulat Bayan - 6:00 pm - 7:00 pm PTV News Tonight -  9:30 pm - 10:30 pm  Saturday & Sunday: ►Ulat Bayan Weekend - 6:15 pm - 7:00 pm

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00:00P77.3 billion pesos disbursed amount of Pag-ibig Housing Loan,

00:05our discussion is with Ma'am Marilynne Acosta,

00:09Chief Executive Officer of Pag-ibig Fund.

00:12Ma'am Marilynne, or as you said,

00:14Manangmalin, what do you want to call it?

00:16Good afternoon and welcome to Bagong Pilipinas.

00:19Good afternoon, Ms. Queng and Nina.

00:22Good afternoon to all of our viewers here in Bagong Pilipinas.

00:29Ma'am, first of all, how big is the total disbursed amount

00:33for the home loans of Pag-ibig from January to August this year?

00:37And how big is it now compared to last year?

00:41As you mentioned earlier,

00:43the disbursed housing loans as of August,

00:48that is for the period January to August,

00:51is already at P77 billion.

00:53In fact, as of September, it's at P88 billion.

00:58And we owe this to almost 55,000 Pag-ibig members.

01:06Okay.

01:07What are the reasons we can see

01:09for the increase of housing loan availment for Pag-ibig?

01:12And what is the good effect of this,

01:14not only to the government,

01:16but also to our Pag-ibig members?

01:19First of all, we know that our housing backlog is very big.

01:24So, through Pag-ibig Fund,

01:28we can help in solving the housing backlog.

01:38Why is it increasing?

01:39Because the housing loan of Pag-ibig Fund has a low interest rate.

01:44The loan term is long, it's 30 years.

01:47And it's easy to get a loan.

01:51You can also get a loan online.

01:53And if you're already in debt, of course, you have to pay.

01:56We also have a lot of online collection facilities.

02:00So, ma'am, what are the advantages that you can share

02:03to potential home buyers and Pag-ibig members

02:06who want to avail this housing loan of Pag-ibig?

02:09And how low is the interest rate?

02:12First, as I said earlier, the interest rate is low.

02:18It's low because the interest rate is low.

02:23And the term is long, maximum of 30 years.

02:27The interest rate, as low as for a 3-year fixing period,

02:32our regular housing is at 6.25%.

02:35But we have housing loans for minimum wage earners.

02:40That's what we call the Affordable Housing Loan Program.

02:43The interest rate is 3%.

02:47What our Pag-ibig members will buy is a Socialized Housing Package.

02:52So, these are your partners, D-SUD here?

02:55Yes.

02:57D-SUD and our partner developers are our partners.

03:03Okay, even other developers?

03:05Yes, we have a lot.

03:06We have almost 500 accredited partner developers.

03:10They are the ones who build houses.

03:13And Pag-ibig Fund is the one who lends to their buyers

03:17so that they can buy those houses.

03:20How much is the maximum that they can loan?

03:22Is it 6%?

03:24Does it have a certain amount?

03:26Or does it vary?

03:27The 6.25%, which is the 3-year fixing rate,

03:32is up to 6 million.

03:35As I said earlier, 3% is for the Socialized Housing Packages,

03:40and the horizontal limit is 850,000.

03:44This is the house and lot.

03:46For the vertical, the Socialized Package is up to 1.62 million.

03:55But the highest that we can...

03:57The highest that we can lend is 6 million for one Pag-ibig member.

04:05But of course, that depends on their capacity to pay.

04:09It depends on the minimum wage earner, the 3%.

04:12How many years will they pay?

04:1430 years.

04:1530 years?

04:16Yes.

04:17Okay.

04:18But it's funny because they said, for example,

04:21this up to 6 million loan,

04:23for example, a husband,

04:25and your husband wants to do something else,

04:28is that allowed?

04:30Or your house will be near?

04:326 million for one person?

04:33Yes, is that allowed?

04:346 million for one person?

04:36On a case-to-case basis, we can allow it.

04:39Because one member is entitled to 6 million.

04:42So if they are married, they can take 6 million.

04:45The determinant there is their capacity to pay.

04:55Yes.

04:56And is that only allowed for one house?

04:59Or it will be 12 million already?

05:02As long as it's a couple or a parent-child,

05:04they can take 6 million maximum,

05:07so it can be 12 million.

05:10Although, what I always say is,

05:12why can't we broadcast that it's allowed?

05:17Because Pag-ibig fan, we cater to the low-income earners.

05:22Those who loan 6 million,

05:25we have a lot of banks,

05:27financial institutions,

05:28that lend more than 6 million.

05:32Ah, yes, yes.

05:33But the interest is higher,

05:35or is it competitive?

05:37It's competitive.

05:38Yes.

05:39It's just that we have the longest term,

05:4230 years.

05:43Yes, it's that term.

05:44Okay.

05:45Well, aside from those mentioned,

05:46why do you consider it borrower-friendly,

05:50if you compare it to a bank?

05:55Aside from what you said,

05:56the payment terms are longer.

05:58It's borrower-friendly,

06:00lower interest rate,

06:01and it's easier because

06:03a lot of our Pag-ibig members,

06:05when they go to the bank,

06:07there are minimum requirements in the bank,

06:09like minimum income of 30,000 or 50,000.

06:13Whereas in Pag-ibig fan,

06:15even if your salary is only 10,000,

06:17we compute how much you can really borrow

06:21based on your salary.

06:24Secondly, if the term is longer,

06:27the amortization is lower.

06:29Although, we say,

06:31even if you get the 30 years,

06:33if after 5 years,

06:35you're lucky,

06:37you can pay,

06:38you won the lotto,

06:39you want to pay after 5 years,

06:41you pay,

06:42and what you'll pay is

06:44the interest until the end,

06:46until your full payment.

06:49Plus,

06:50the Pag-ibig members,

06:52they have savings in Pag-ibig.

06:55So, because they are savers in Pag-ibig fan,

06:58we give yearly dividends.

07:01So, whatever we earn

07:03in the interest of their housing loan,

07:05we actually return it to them

07:09in the form of dividends.

07:10It's not in other financial institutions.

07:13Right?

07:14So, that's the advantage.

07:16They save with Pag-ibig fan,

07:18and then they get back

07:20the interest rate

07:22in the form of dividends.

07:23But, can you use that dividend

07:25to pay for the house loan?

07:27No, because

07:28one of the advantages of Pag-ibig fan

07:30is that our Filipino workers

07:33need to have savings

07:34so that when the time comes,

07:36they can get it for their future.

07:41Retirement.

07:42Retirement.

07:43They can loan,

07:45but they cannot get it

07:48right away.

07:49Because we have

07:50what we call membership maturity.

07:52So, is it possible

07:53that you have a housing loan

07:55and you will also loan

07:56your savings?

07:57It's possible.

07:58The loan against savings,

08:00we call it short-term loan.

08:02Or, generally,

08:04it's like a salary loan.

08:06But, what you owe there

08:08is 80% of your savings.

08:10At the same time,

08:12if you are updated here,

08:14of course, you need to be updated.

08:17If you are updated

08:18on your short-term loan,

08:19you will also be able to loan

08:20on your housing loan.

08:21How many percent is it?

08:23Our short-term loan

08:25is at 10.5% interest.

08:27It's a bit high.

08:28But, it's the same.

08:29We also return the dividend,

08:31the interest.

08:33So, in 2023,

08:35the dividend that we gave

08:36was at 6.5%.

08:38So, even if the interest

08:39that we charged was 10.5%,

08:41it came out as 10.5 minus 6.5.

08:45So, the interest was only 4%.

08:47How long is the payment?

08:49Will the buyer say

08:51that I can pay this

08:53in 2 years or months?

08:55The short-term loan,

08:57at the option of the member,

08:59you can pay it in 2 years or 3 years.

09:01Okay.

09:03Ma'am, we will also ask for an update

09:05on other loan programs of Pag-ibig Fund.

09:09Actually,

09:10we only have 2 loan programs

09:12for members.

09:13This is what we call the short-term loan

09:15and this is the housing loan.

09:17But, I would like to discuss

09:19what are the other benefits

09:21that they have.

09:23First,

09:25the most popular program

09:27that we want to avail

09:29all members

09:31is the 4PH program.

09:33This is the flagship program

09:35of our administration

09:37in collaboration

09:39with our Department of Housing

09:42and Urban Development.

09:44Pag-ibig Fund,

09:46as one of the key shelter agencies,

09:48we are taking the lead

09:50to start and implement

09:52this Pambansang Pabahay

09:54for the Filipino program.

09:56Okay.

09:58You also have MP2, don't you?

10:00Yes, we do.

10:02MP2 is quite popular.

10:04For those who don't know

10:06and are very curious about this,

10:08why are there so many people

10:11because our mandate

10:13is savings and housing.

10:15There are 2 types of savings.

10:17Regular savings

10:19which is the mandatory.

10:21This is what is reduced

10:23in the salary of workers

10:25to 200 pesos now.

10:27Last year, it was 100 pesos

10:29but now it is 200 pesos

10:31plus 200 for the employer counterpart.

10:33That makes the savings 400.

10:35Now, there is what we call

10:37MP2.

10:40Voluntary savings.

10:42This is a minimum of 500 pesos.

10:44Any Pag-ibig member

10:46can save

10:48500 pesos monthly

10:50or yearly

10:52but

10:54not less than 500 pesos.

10:58Its maturity is 5 years.

11:00It is like

11:02a time deposit.

11:04How much is it after 5 years?

11:07It depends.

11:09If you are 500 for 5 years,

11:11times 60,

11:1330.

11:15Since there is a dividend,

11:17the minimum is 35,000 more or less.

11:19You have it after.

11:21You can save it one time.

11:23You can save it one time,

11:25monthly,

11:27or since we have

11:29collection facilities,

11:31like online payment,

11:33if someone receives a bonus,

11:35that is what I am saying.

11:37If you have a tip so you won't have to pay,

11:39GCash it first.

11:41GCash it first.

11:43GCash it first.

11:45We have a lot of online facilities.

11:47You don't have to go to our office to collect

11:49and drop the 500 pesos.

11:51Oh, that's very convenient.

11:53It's very convenient.

11:55At least, instead of being tempted

11:57to buy things

11:59in online shopping,

12:01that you don't need,

12:04at least you saved it

12:06in Pag-ibig Fund.

12:08For those who want to become a member,

12:10there are some who are not yet a member of Pag-ibig.

12:12How can they become a member?

12:14It's easy.

12:16They can register online

12:18because

12:20we are digital.

12:22Just go to our website

12:24and you will see

12:26our virtual services.

12:30Just fill it out.

12:33If I don't have a job,

12:35can I become a member?

12:37I am not a regular employee.

12:39Even if you are not a regular employee,

12:41as long as you receive at least

12:431,000 pesos a month,

12:45you are covered by Pag-ibig Fund.

12:47If you are a voluntary saver,

12:49for example, you don't have a job,

12:51but you have money,

12:53you can still become a member.

12:55But of course, if you are going to loan,

12:57we will look for a way to pay.

12:59As a member saver,

13:02you can,

13:04but to become a member borrower,

13:06you need to have a source of income.

13:08Do you need to have a source of income?

13:10For example, if you are going to loan,

13:12do you have at least this amount

13:14or this number of months?

13:18Even if this is an STL

13:20or a housing loan,

13:22you need to have 24 monthly

13:24contributions

13:26from Pag-ibig Fund.

13:28The only difference

13:30between STL and Pag-ibig Fund

13:32is that you need to have a 24-month residency.

13:34Meaning, you are a member for 24 months.

13:36As for housing,

13:38for example, you see something

13:40that you really want to buy,

13:42and if you are just about to register,

13:44we allow the worker

13:46to pay a lump sum payment.

13:48So, he already paid

13:50for 24 months,

13:52and immediately,

13:54he can get a housing loan.

13:56How about those who are worried

13:59that their Pag-ibig was cut

14:01and they were not able to pay

14:03for months or even years?

14:05Can they continue

14:07and is there a penalty

14:09if they were not able to pay

14:11for a long period of time?

14:13Those who became inactive members,

14:15they don't need to pay

14:17the lump sum payment

14:19because if they don't have

14:21a job

14:23or they don't know

14:25that they can continue,

14:28they can just go back

14:30to our website

14:32to reactivate

14:34and pay again.

14:36So, no need to pay

14:38for the gap.

14:40So, at least,

14:42they won't worry

14:44about hindrances

14:46or they won't continue

14:48because they became inactive

14:50because they didn't pay for a long period of time.

14:52But you can continue

14:54if you want.

14:57Yes.

14:59Because if you have an employer,

15:01we will chase the employer.

15:03Ah, yes.

15:05During that time,

15:07it's not the member's fault

15:09but his employer.

15:11So, he won't be able to avail

15:13for example,

15:15STL or MPT.

15:17If our workers can show

15:19that their salary was reduced

15:21but the employer

15:23didn't remit it,

15:25we will still allow

15:27him to avail the benefit.

15:29But,

15:31as I said, we will chase the employer

15:33to remit

15:35what was reduced.

15:37Even the deprived dividend

15:39because if the employer remits it on time,

15:41he will earn the dividend, right?

15:43Yes.

15:45So, we will collect that

15:47from the employer with penalty.

15:49Yes, you will be surprised because even

15:51the big employers,

15:54sometimes there's no benefit.

15:56So, how easy

15:58is the process

16:00of housing loan?

16:02Because we are poor.

16:04Ah, are you poor in our country?

16:06Yes.

16:08Not really.

16:10We are not informed

16:12because we are here in the city.

16:14We will come back.

16:16As for housing loan,

16:18as you said earlier,

16:20we have accredited partner developers

16:23Actually,

16:25you will give your application

16:27to the developer.

16:29The developer will submit it to us.

16:31But, if you are doing it on your own,

16:33for example,

16:35you bought something,

16:37you will directly submit it

16:39to our office.

16:41Now, we also have it online.

16:43We are also guided

16:45by ARTA's requirement

16:47that we should not exceed 20 working days.

16:49Our only problem

16:52is that even if we approve

16:5420 working days,

16:56like appraisal,

16:58credit investigation, etc.,

17:00we will give you a notice of approval.

17:02You will have to

17:04comply with it

17:06because the title should be transferred

17:08to your name.

17:10You will go to other government agencies

17:12like BIR, the local government unit,

17:14and the register of deeds.

17:16We give you

17:1890 days to comply.

17:20The problem is that those 90 days

17:22are just given to you.

17:24But, that's out of our control.

17:26We approve your application.

17:28We should approve

17:30your application within 20 working days.

17:32But, you have

17:3490 days to comply

17:36before we

17:38release the proceeds.

17:40In fact, we extend back

17:42by another 60 days.

17:44So, that's 150 days.

17:46If you still can't comply,

17:49we will cancel the application

17:51but we will ask you to re-file.

17:53I will ask you to check

17:55because...

17:57Wait, where do you usually see that backlog

17:59or challenge?

18:01Why does it take so long?

18:03That's because you will have to pay

18:05transfer taxes.

18:09You will get new titles

18:11on your name.

18:13You will have to annotate the loan

18:15because that's the security of the loan.

18:18The security of your loan is the title

18:20the property covered

18:22by the title.

18:24The annotation should be there.

18:26What we are studying right now

18:28because we know that if you are a retail

18:30or an individual member,

18:32it will be harder for you to make a transaction.

18:34You will be absent

18:36and you will be coming back.

18:38So, what we are studying right now

18:40is if we can do it

18:42on behalf

18:44of the member

18:47but we are still doing the procedures

18:49because we might not be able to do it

18:51if all of the members

18:53who will be borrowing

18:55will be transacting

18:57with other government agencies.

18:59You will have to create

19:01another office for that.

19:03Actually, we already have a task force

19:05but we need to reinforce it.

19:07I hope so.

19:09Why not?

19:11It's a waste.

19:13It's already P88 billion by September.

19:15It should reach P143 billion

19:17by the end of the year.

19:19That's your target.

19:21How many households

19:23or how many Pag-ibig members?

19:25That's around

19:27115,000.

19:29115,000 members.

19:31Alright.

19:33How about

19:35what we are discussing

19:37and the success of the Pag-ibig fund

19:39in the housing initiatives

19:41of our government?

19:44As I said earlier,

19:46the Pag-ibig fund is one of the

19:48assistance of our government

19:50to solve the housing backlog

19:52because

19:54construction

19:56is a big multiplier.

19:58So,

20:00through housing,

20:02many jobs

20:04are created.

20:06Then,

20:08we solved the housing backlog

20:10and

20:13we were able to

20:15achieve our dream.

20:17We were able to help

20:19our Pag-ibig members

20:21to have their own house.

20:23I have a question.

20:25How about those who are not paid?

20:27For example,

20:29is there a history of those who are not paid

20:31for 30 years?

20:33Did the buyer pass the loan

20:35to the child?

20:37Those who are not paid

20:39but are still alive

20:42are the members of the Pag-ibig fund.

20:44Yes.

20:46We give them

20:48sufficient time

20:50to restructure

20:52and update.

20:54But if they are not paid,

20:56we have to foreclose them.

20:58We will recover the property

21:00and we will sell it again.

21:02For those who are not paid,

21:04our housing loan is covered

21:06by Mortgage Redemption Insurance.

21:08So,

21:10at the time of the death

21:12of the Pag-ibig member,

21:14the insurance

21:16will pay us

21:18the balance.

21:20Plus,

21:22we will recover

21:24if there is a surplus.

21:26For example,

21:28the loan is 1 million,

21:30500,000,

21:32the insurance will give us 1 million.

21:34So,

21:36the 500,

21:39we will give it to the heirs

21:41with the title.

21:43So, your Mortgage Redemption Insurance

21:45should be updated.

21:47Okay.

21:49Thank you very much for your time,

21:51Manang Malen Acosta,

21:53Chief Executive Officer of the Pag-ibig Fund.

21:55Thank you very much.

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