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.