Refer to: Dale Zapata
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VP TURNS OVER KEYS TO PAG-IBIG CITY RESIDENTS IN CAGAYAN DE ORO
09 March 2005
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.
©
Copyright
2005
Office of the Vice President (OVP)
Management Information Services
Division (MISD). All rights reserved.
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