Pag-IBIG Fund will start selling foreclosed residential properties digitally next year through its new Pag-IBIG Acquired Assets Online Public Auction (OPA).
The state-owned home loan provider launched the OPA on Friday as it prepares for the full activation of the online platform on 1 January.
“The OPA is Pag-IBIG Fund’s response to the government’s call to be innovative in the approach to making homeownership more accessible to Filipino workers,” Pag-IBIG Fund Board of Trustees head and Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar said.
On the OPA platform, homebuyers can register using a permanent Buyer ID and simply click the “add to cart” button to bid for one or several properties they are eyeing, instead of visiting a Pag-IBIG office to view its foreclosed properties and submit their plan to purchase.
“We are in the digital age. The OPA is part of our continued commitment to harness technology, with the ultimate objective of helping the Filipino worker achieve their dream of homeownership,” Pag-IBIG Fund chief executive officer Marilene Acosta said.
Data from Pag-IBIG showed stronger demand for home loans in the first eight months as borrowings increased by P383 million to P77.33 billion from P76.94 billion recorded in the same period a year ago.
Loans rising
Last year, Pag-IBIG Fund registered a higher amount of loans for foreclosed properties in Metro Manila at over P2.89 billion from P2.64 billion in 2022. As a result, sold properties reached 5,425 units.
“Some borrowers opted for these housing units to partly reduce their losses from inflation and secure a good location for their homes. We’ve seen loan values of foreclosed properties increase as more Filipinos prefer bigger housing units,” Pag-IBIG Fund deputy chief executive officer Benjamin Felix Jr. said.
Pag-IBIG Fund has over 7,000 foreclosed properties that undergo either public auctions or negotiated sales for individual and bulk buyers.
The agency’s foreclosed properties are sold lower than the real estate industry’s market values.
Pag-IBIG offers up to 20 percent discount for individual buyers on installment payments and up to 45 percent discount for bulk buyers.