Pag-IBIG Fund sets public auction of acquired properties on May 22-23

TACLOBAN CITY, May 21 (PIA) — Some 95 acquired assets of the Pag-IBIG Fund are set for public auction on May 22-23, 2019 at the Robinson’s North Activity Area in this city.

The properties in different accounts that are included in the sealed bidding are located in Tacloban City and nearby municipalities, namely, Dulag, Palo, Alangalang,  Barugo, Tanauan, Julita, MacArthur and Abuyog of the Leyte province, and the municipalities of Catbalogan, Paranas and Jiabong for the Samar area.

In his statement during the Panginsayod (press conference) on Tuesday, May 21 at the Philippine Information Agency-8 Regional Office, Pag-IBIG Fund Officer-in-Charge for Acquired Assets Division, Angelo Hermosisima, said the public auction is among the agency’s programs which gives opportunities to those who aspire to acquire properties of their own, especially those who are currently renting houses or looking for one.

The Pag-IBIG official also emphasized that Pag-IBIG Fund is not in the business of selling  properties.

“We are disposing our acquired properties for two reasons: First is to recover what was lent out and what was not paid by the borrower, and second, to provide the members a smart way of having homes of their own at the very least possible cost,” he said.

Hermosisima added that the public auction is the second disposal of acquired assets through sealed auction for the year, the first was in February 21 where an overwhelming participation was observed.

He also said the activity is set on a quarterly basis and this month’s schedule is the first for a two-day sale.

Hermosisima also clarified the properties for auction are not the foreclosed ones, considering that during foreclosure, a one year redemption period is still being observed, rather, he said, these real properties are already owned by the office as these are the ones whose owners failed to exercise their redemption rights or have voluntarily surrendered the ownership of said properties.

He added, “We are disposing the properties on an ‘as-is, where-is’ basis, meaning, it includes the physical condition of the property, whether  well-maintained or not, to include the status of its utilities.”

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“We based our bidding price on the latest  appraised value of the physical condition of the property to include the depreciation value of the building,” he said.

As to the dissemination of this activity, Hermosisima informed that they already posted announcement in websites, sent e-mails to fund coordinators, and placed markers for the lots being sold to give would-be buyers the chance to visit and inspect the properties they are interested in before tendering their offer.

During the auction process, there will be a registration which will be followed by a brief pre-bid conference where the auction guidelines will be explained in detail, so as to fully understand the process before the bidding starts.

Forms will likewise be filled out together with sealed envelope containing the bid money either in cash or manager’s check intended for the property of interest.

Results of the bidding will then be flashed in a wide screen for transparency purposes and with the presence of a Commission on Audit (COA) representative to ensure that everything is in accordance with the guidelines.

For non-winning bidders, the bid bond will be refunded without interest, while the bid bond for the winning bidders will be considered as downpayment and the remaining balance to be settled in three modes: cash basis, short term installment or through long term financing or housing loan with monthly amortizations.

Properties not sold after two auction sale can still be sold in a negotiated manner on a first-come, first- served basis with a reservation fee of P1,000.

Pag-IBIG officials finally disclosed that the Cebu Housing Business Center has a good collection efforts with a Performing Loans Ratio of 90.77 percent, which means that out of 10 borrowers, only one encounters default. (LDL/GTT/PIA-Leyte)

Source: PIA Feed