Over 200 Pag-IBIG fund-acquired assets up for auction in W. Visayas

By John Noel E. Herrera

People all over Western Visayas who are planning to have their own house may consider checking the acquired units of the Home Development Mutual Fund (HDMF) or Pag-IBIG fund that are currently being auctioned as part also of the celebration of National Shelter Month this October.

“We have 216 available properties, 81 are under first public auction and the rest are under negotiated sale. These are located across Western Visayas, and not just in Iloilo,” Pag-IBIG Fund Bacolod Housing Business Center Department Manager III Wilmer B. Lirazan said in a press conference on Monday, Oct 10, 2022.

Larizan added that properties that are not auctioned off will be disposed of through negotiated sale, and bids are required for those that are subjected to first and second public auctions.

The housing exhibits are also currently being held in different establishments in the city, including at Plazuela Uno which will be until Oct 14; at Robinsons Mall Iloilo until Oct 16, and at the SM City Iloilo from Oct 24 to 30, 2022.

The prices of the properties range from as low as P200,000 to as high as P3 million which are located in different provinces in the region.

Larizan also addressed the issues about the markup percentage and assured the public that the Pag-IBIG fund-acquired assets are being sold at very reasonable prices.

“The advantage of taking acquired assets is that aside from being reasonable, we do not require reservation fee and processing fee that are being required by developers that sometimes reach up to P100,000,” he said.

The acquired assets are also being sold on an “as is, where is” basis which means that the bidder “accepts whatever the physical status of the property/ies, including whether it is occupied or not.”

Larizan, however, clarified that if the property is still occupied, the government agency will help the bidder with the legal process to make sure that the illegal occupants will vacate the property once it is already sold.

For this year, the agency was directed to at least dispose of 120 units, which is equivalent to P200 million in loan value.

The auction is also open to both members and non-members of the Pag-IBIG, but the non-members will have to pay through cash or short-term installment for 12 months, while members have another option of availing the long-term payment for as long as 30 years.

Meanwhile, if the winning bidder fails or refuses to push through with the purchase of the asset or fails to pay in full the remaining balance within 30 calendar days from receipt of the Notice of Award (NOA), “he shall lose his right as winning bidder and the 5% bidder’s bond shall be forfeited in favor of the Fund.”