Housing loans in Naga reach P814.18 million

Mayor John Bongat and Vice-Mayor Gabby H. Bordado(partly hidden) with members of Naga media

By AMES DEAN  H. IBARRA

NAGA CITY — Despite continuing economic difficulties in the country, the housing sector remains bullish here as shown by a significant rise in the number of housing loans, which were granted by the Pag-IBIG Fund.

According to the latest 2010 report released by Pag-IBIG Fund, the Home Development Mutual Fund (HDMF) has approved 2,731 housing loans in this city amounting to P814.18 million.

This figure, Pag-IBIG said is higher than those granted to housing loan applicants in Camarines Sur and Camarines Norte provinces.

Pag-IBIG released P323.45 million for 1,845 housing loans in Camarines Sur while P 348.10 million covering 2,246 housing loans were granted in Camarines Norte.

Naga Mayor John Bongat said that this is an indication that more and more residents of the city  can now  afford to have their own houses. Bongat took it as positive news for all Nagueños as it means that people from other places in the Philippines and other countries find Naga City an ideal place to live in and raise their families.

The high investment for  house construction in Naga City provides  job opportunities and businesses for Naguenos and residents of  neighboring towns.

The housing report  also indicated that 20 more housing subdivisions were added to the 58 existing subdivisions  in the city since year 2009.

In total,  residential areas in Naga City now occupy 693.32 hectares composed of 25,990  lots.

Naga’s major players in housing development include Laguna Properties of AyalaLand Group of Companies, Enjoy Realty, and Fil-Estate Properties with AyalaLand leading the subdivision developers with eight housing projects covering 1,630 lots that occupy 47.40 hectares of land.

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