The Pag-IBIG Bacolod Branch released P439.667 million in housing loans to its members in Bacolod City and Negros Occidental last year, exceeding by almost 30 percent its P339.163 million target for 2006.

The total housing units financed, however, fell short as loans were released to only 1,025 units or 96.61 percent of the target 1,061.

In 2005, Pag-IBIG Bacolod Branch released a total of P317.290 million in housing loans, reaching only 86.88 percent of its target, to finance 941 house and lot units.

Mary Ann Fruylan, officer-in-charge of Mortgage Loans Division, told the DAILY STAR their branch surpassed their loan value target in 2006 because more borrowers availed of P1 million and P1 million loan packages but, on the other hand, lesser number of housing units were funded by Pag-IBIG loans.

Borrowers avail of loans to purchase either a lot, a residential unit or a house and lot package or for house construction.

Fruylan said that Pag-IBIG Bacolod Branch will have lower targets for 2007 because these will be based on their membership level. As of December 2006, the local branch has 97,197 members.

Previously, the targets are based on the branch's annualized accomplishment, but starting this year, the agency's Corporate Planning division will set the yearly targets based on membership levels.

Fruylan said that with the lowering of interest rates starting last November, Pag-IBIG is hoping to provide housing loans to low-income workers.

She said that if before they catered mostly to high-end clients such as businessmen and overseas workers, their thrust now is to raise the number of low-income borrowers.*NLG

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