HOUSING FAIRS GENERATE P4.7B REVENUE
September 29, 2008

Shelter agencies and government financing institutions increased their sales of acquired properties through the Housing Fairs conducted since 2006, with combined revenues reaching P4.7 billion to date.

The Pag-IBIG Fund, the biggest home financing institution in the country, made up the bulk with 14,830 units sold worth around P4 billion.

The first Housing Fair was held in October 2006 at the Glorietta Activity Center in Makati City. It was organized by the Housing and Urban Development Coordinating Council (HUDCC) as directed by its Chairman, Vice President Noli De Castro, with government employees as the primary target market.

The unique program provides a one-stop marketplace where homebuyers can choose from the acquired properties of participating institutions, which were available for sale at discounted prices and through loans with liberal terms.

Vice President Noli De Castro said that both buyers and participating finance agencies benefit from the Housing Fairs.

“Through this, financing agencies could dispose of their acquired properties. Homebuyers, on the other hand, get to enjoy the low-interest housing loans with longer payment periods,” he said.

Foreclosed properties usually remain as idle assets for long periods due to limited avenues for disposition and lack of awareness on the part of buyers.

Since 2006, five other Housing Fairs have been held, some of which were organized for specific sectors.

Last year, sector-specific Housing Fairs were held for personnel of the Philippine National Police/Department of Interior and Local Government and the Armed Forces of the Philippines. A bigger event was held in October for government workers, private sector employees and OFWs.

Two Housing Fairs have been organized earlier this year, one for the Department of Education personnel and the other as part of the Independence Day celebration.

On August 4, 2008 President Gloria Macapagal-Arroyo signed Memorandum Circular 160 directing the conduct of yearly Housing Fairs as part of the National Shelter Month celebrated every October.

The next Housing Fair is scheduled on October 29 to 31 at the Megatrade Halls 1 and 2 of SM Megamall. Participating agencies and GFIs include Pag-IBIG Fund, Home Guaranty Corporation, National Home Mortgage Finance Corporation, Bangko Sentral ng Pilipinas, GSIS and SSS.

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