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Spring 1999 Issue
Himoragat - An tingog kan mga Tinambaqueños sa Amerika
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Bicol News



 Pag-IBIG forecloses P45-M worth properties in Bicol
Bicol Hotline.  The Home Development Mutual Fund (HMDF) of Pag-IBIG Fund regional office in Legaspi City has foreclosed 398 properties in Bicol worth P45.61 million as of the early part of 1999 with another 897 accounts amounting to P81.23 million to be subjected for foreclosure proceedings this year.
     HMDF Bicol regional manager Marietta Britanico bared that the foreclosed properties varies from lots to residential properties which are located in the provinces of Albay, Sorsogon, Masbate and Catanduanes.
     For Camarines Norte and Camarines Sur, there were 63 accounts foreclosed as of December 1998 valued at P8.79 million. The Camarines province accounts are handled by the HMDF subregional office in Naga City, which also reported that another P27.6 million worth of properties will be subjected for foreclosure within this year.
     Ms. Britanico explained that the Pag-IBIG Fund offers another chance for borrowers whose accounts are in arrears to protect their ownership of their respective properties by means of its local restructuring program as provided by Republic Act 8501 or the Housing Loan Penalty Condonation Act of 1998.