AFAB signs an MOU with Pag-IBIG Fund
The Authority of the Freeport Area of Bataan (AFAB) signed a Memorandum of Understanding (MOU) with the Home Development Mutual Fund (Pag-IBIG Fund) last 10 August 2018 on the provision and implementation of an affordable housing loan program for all FAB employees. Signing was held at the Audio Visual Room of the AFAB Administration Building, FAB, Mariveles, Bataan.
The MOU engages both the AFAB and the Pag-IBIG Fund in undertakings which sum up the responsibilities of each body in ensuring that a mutual support is extended to improve the quality of life of all FAB employees through the promotion of home ownership and affordable rental housing.
Moreover, Pag-IBIG, through its Group Housing Program, shall provide developmental financing for the land development and construction of the Housing Project. Thereafter, Pag-IBIG shall provide the end-user financing for members who shall avail of loans to purchase the housing units. Also, a Technical Working Group shall be created to explore various housing financing options and package potential housing projects to cater the housing needs of all FAB employees.
Signatories of the MOU include AFAB Chairman and Administrator Emmanuel D. Pineda, AFAB Deputy Administrator for Operations Alewijn Aidan K. Ong, Pag-IBIG Fund Deputy Chief Executive Officer Home Lending Operations Cluster Ms. Marilene C. Acosta, and Pag-IBIG Vice President, Home Lending Operations for Luzon Group Atty. Joseph P. Quiboloy.
Mr. Ong remarked during the signing that the Municipality of Mariveles has the lowest rate of home ownership and hopes that this initiative would strengthen AFAB’s relationship with Pag-IBIG in assisting the FAB employees. In addition, Chairman Pineda acknowledged how this project is in line with the AFAB’s effort to obtain its “SOFT HEART” (Socially relevant, Operationally viable, Financially feasible, Technologically advanced, Housing, Expansion areas, Accessibility, Renewable energy and Transportation) action agenda.
Ms. Acosta reinforced the agency’s sustainability by lauding the percentage increase in their performing loans ratio as of 2018 which indicates that nine out of 10 of Pag-IBIG Fund’s housing borrowers regularly pay their monthly home loan amortizations. She also expressed Pag-IBIG’s willingness to help AFAB in financing housing projects to be carried out in the future.
The AFAB recently undertook the construction of an economic housing project in Karagatan Village, Barangay Alas-asin. It has two three-storey buildings with 39 units each with a floor area of 24 square meters. Two more buildings with the same specifications will be constructed. Through the MOU, FAB employees who are qualified beneficiaries will be given access to loan for acquisition of said housing units.
As of June 2018, the number of workers at the Freeport Area of Bataan (FAB) surged to a record high of 40,277 employees.