Pag-IBIG explores housing for Cebu City

THE Cebu City Government is eyeing to partner with the Home Mutual Development Fund (Pag-IBIG) for the possible construction of a mass housing project under the latter’s Countryside Housing Initiative Program (Chip).

“We already spoke with Cebu City Mayor Tomas Osmeña. He wants to explore the possibility of Cebu to provide rental facility to some of the Cebu City residents,” said Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti, in an interview on Friday.

Moti said Pag-IBIG can provide soft loans to the City Government to put up the project and payment of the loan will can from the rental income generated by the City Government.

Moti said this kind of setup was done by the agency some years ago when it built a walkup condominium, Hardin ng Rosas, for professors at the University of the Philippines-Diliman.

Rental fee, he said, stood at less than P5,000, which is affordable compared to the going rate of P15,000.

“I think this is the idea of the Cebu City Government,” he said. “The mayor asked if the rental scheme is possible and we answered that we have done it before.” Moti said there is no identified location and project cost yet for the Cebu project, as they have yet to sign an agreement.

But he stressed the project will be a high-quality development at affordable rates. The City Government will manage and operate the project.

Pag-IBIG is eyeing more partners for the rollout of the agency’s Chip to provide more affordable housing, particularly in rural areas.

Moti also hopes to see robust real estate developments even in the countryside so fund members get the chance to own high-quality but affordable housing.

He said the agency is open to partner with local government units (LGUs) and private institutions to come up with housing solutions in their area. “We need to create the same housing opportunities to the unserved and undeserved areas in the country,” he said.

The strategy opens up housing opportunities in areas that are not yet included in the plans for housing development of private developers in the next five to 10 years.

Moti disclosed that there is also an upcoming housing project for Lapu-Lapu City. He hopes this initiative will convince home developers to consider areas they shy away from due to small market or low opportunities.

The Pag-IBIG official said the agreement would be a tripartite partnership involving the agency, the LGU or private institution and the developer.

Moti said the planned housing development in Lapu-Lapu City, which is an eight-hectare development, will have about 3,000 socialized housing units to cater to goverment employees in the city and its constituents.

Moti was in Cebu last week for the 2017 Home Lending Accomplishment Report, recognizing top performing developers in the Visayas in terms of takeout loan value.

Awardees were Cebu Landmasters Inc., Sunberry Homes Inc., Bacolod South Homes, Kenrich Development Corp., Deo Homes Property and Development Inc., Prima Casa Land And Houses Inc., Seventy-Seven Living Spaces Inc., Pueblo Oro Development Corp., Johndorf Ventures Corp., and 8990 Holdings Inc. (KOC)