Vice President Noli De Castro, Chairman of the Housing and Urban Development Coordinating Council (HUDCC), turned over today the keys and certificates of occupancy to the newest batch of residents in Kisan Lu Pag-IBIG City in Iponan, Cagayan De Oro City—one of the biggest projects of its kind in Mindanao.

The subdivision is a low cost housing project of Kisan Lu Realty through an institutional loan under the Pag-IBIG City program.

The said program was introduced by the Pag-IBIG Fund to spur housing production by providing developers a faster turnaround of investments and lower project financing costs. It also simplifies the processing of end-user housing loans for Pag-IBIG members.

The Pag-IBIG Fund approved a P214 million credit line for the said project through a memorandum of agreement signed in September 2002 under then HUDCC Chairman Michael Defensor . A total of P109.648 million have so far been released in 5 drawdowns since January 2003.

Kisan Lu Pag-IBIG City has a total land area of almost 20 hectares, with 1078 saleable house and lot units, making it one of the biggest Pag-IBIG City projects in Mindanao.

The awardees are among the latest Pag-IBIG members who have availed of housing units through the Fund’s housing loan program, bringing the total number of accounts to 446 so far. The primary target market are small government and private employees in Cagayan De Oro.

Vice President De Castro urged the housing loan beneficiaries to be conscientious in paying their monthly amortizations, as this “will not only complete your homeownership, but will also ensure that Pag-IBIG will continue to have funds to serve the rest of its over five million members.”

He also commended Kisan Lu and other private developers, and encouraged them to participate more actively in the national shelter program “so that we can better respond to the housing needs of our countrymen.”

The Kisan Lu Pag-IBIG City awarding is part of the Vice President’s three day housing visit in Cagayan De Oro City and Bukidnon to conduct project inspections and consultations with the heads of the key shelter agencies, local government officials, NGOs, community associations and other stakeholders.

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