Beneficiaries taught to speed up loan bid

CEBU, Philippines -  Beneficiaries of a relocation site in Mandaue City have been oriented on how to expedite the processing of their housing loan applications with the Socialized Housing Finance Corp.

This after the SHFC called the beneficiaries of the 6.5-hectare relocation site in Barangay Paknaan to a meeting yesterday.

SHFC chair Anna Oliveros and vice chair lawyer Ma. Rosalie Taguian are here in the city to visit and see the development of the relocation site.

During yesterday's meeting, Oliveros informed the beneficiaries on how they could avail of and qualify for the P17 million fund allotted so they could start construction of their houses.

Both officials told beneficiaries that each of them could avail of a P250,000 soft loan for the lot and construction of their houses. Under this scheme, they are supposed to pay P1,800 per month in amortization within 25 years.

Most beneficiaries said they wanted to avail of the said loan.

The SHFC has allotted a six-month timeline for the beneficiaries and the city to expedite the processing of requirements so that they can start construction of at least two blocks of houses wherein each block is composed of 100 families each.

But since the SHFC  cannot just finance without seeing the skeletal structure of their houses, the city government being the mobilizer will be asking the City Council to come up with an enabling law which will authorize the mayor to release the loan to informal settlers.  (FREEMAN)