THE Home Mutual Development Fund (Pag-Ibig Fund) highlighted the reduction of red tape as one of its accomplishments in the first 100 days under the Duterte administration.
Pag-Ibig Vice President Victoria dela Peña, during the 888 News Forum, said that the processing period of housing loan application is now 20 days from 27 days.
From 14, Pag-Ibig will only be needing seven requirements for housing loan application.
There are now 114 branches of Pag-Ibig nationwide from 38 branches before, dela Peña said.
To save time and avoid long queues, dela Peña said that Pag-Ibig is now providing online housing loan application for members.
Dela Pena said that the first 100 days accomplishment report released by their president and chief executive officer, Atty. Darlene Marie Berberabe, also included the agency’s automated Membership Status Verification System (MSVS).
This system will allow members electronic access to their membership data, as well as housing loan balance, billing statement, and payments history.
A “government-to-government” arrangement, such as the fast-tracking of the issuance of land titles by the Land Registration Authority, has been sealed after both agencies signed a memorandum of agreement.
Another advantage of the government-to-government arrangement is the reduction of processing time of the issuance of certificate authorizing registration (CAR) of lands by the Bureau of Internal Revenue (BIR) from 30 days to only five days.
Dela Peña said that Pag-Ibig Fund and other government agencies came up with a unified barcode system aimed at reducing the annotation process by as much as 50 percent. These include annotation details, embedded in a barcode sticker and compatible system with BIR.
On post-approval processes, Engr. Boy Catingub Jr., assistant manager of Pag-Ibig Fund in Cebu City, said that there is an improved processing time for insurance claims of housing loan borrowers from 30 days to only one day.
Collection and payments are also made easy as Pag-Ibig Fund now has more than 5,500 payment partners nationwide.
Once the housing loan is fully paid, the release of land titles will only take five days from 30 days.
