Refer to: Dale Zapata
09 March 2005
VP TURNS OVER KEYS TO PAG-IBIG CITY RESIDENTS IN CAGAYAN DE ORO
President Noli De Castro, Chairman of the Housing and Urban
Development Coordinating Council (HUDCC), turned over today the keys
certificates of occupancy to the newest batch of residents in Kisan Lu
City in Iponan, Cagayan De Oro City—one of the biggest projects of its
subdivision is a low cost housing project of Kisan Lu Realty
through an institutional loan under the Pag-IBIG City
said program was introduced by the Pag-IBIG Fund to spur
housing production by providing developers a faster turnaround of
and lower project financing costs. It also simplifies the processing of
end-user housing loans for Pag-IBIG members.
Pag-IBIG Fund approved a P214 million credit line for the
said project through a memorandum of agreement signed in September 2002
then HUDCC Chairman Michael Defensor . A total of P109.648 million have
been released in 5 drawdowns since January 2003.
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.
awardees are among the latest Pag-IBIG members who have availed
of housing units through the Fund’s housing loan program, bringing the
number of accounts to 446 so far. The primary target market are small
government and private employees in Cagayan De Oro.
President De Castro urged the housing loan beneficiaries to
be conscientious in paying their monthly amortizations, as this “will
complete your homeownership, but will also ensure that Pag-IBIG will
to have funds to serve the rest of its over five million members.”
also commended Kisan Lu and other private developers, and
encouraged them to participate more actively in the national shelter
“so that we can better respond to the housing needs of our countrymen.”
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
inspections and consultations with the heads of the key shelter
government officials, NGOs, community associations and other
Office of the Vice President (OVP)
Management Information Services
Division (MISD). All rights reserved.