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Pag-ibig officials are encouraging its members to avail of the agency’s housing loan program.

Anthony Maglungsod, assistant manager for operations Cebu South Branch of Pag-ibig, said the lowering of the interest rate of the monthly housing loan amortization from 10 percent to 7.985 percent would benefit the members.

Maglungsod also said that Pag-ibig had also increased the loanable amount for members from P3 million to P6 million for those with a monthly income of P15,000.

Noel Jesus Santiago, housing relations officer of Pag-ibig Cebu south branch, said even members earning P1,000 a month, and who are not more 60 years of age could also avail of the loan.

Santiago said even a foreigner could also take out a housing loan for a condominium unit in Pag-ibig if he or she would pass the requirements and would have the capacity to pay for it.

P50-B ALLOCATION

Santiago said that Pag-ibig had allocated P50 billion for housing loans for members nationwide.

He said that as of July 2012, out of the 12 million active Pag-ibig members all over the country, South Cebu branch registered 14,000 borrowers. South Cebu includes Cebu City, southern Cebu, Siquijor and Negros.

South Cebu has also 400,000 active members while North Cebu branch, which starts from Mandaue, Mactan to northern Cebu, and Bohol, has at least 370,000 active members.

Pag-ibig, which is hoping to increase housing loans this year, said that the agency was allocating P1.2 billion for condominium loans with a portion for residential loans for South Cebu members and P616 million for the North Cebu members’ housing loans./Correspondent Christine Emily L. Pantaleon