MORE NEWS, BAGUIO CITY

Camp John Hay execs sought to explain lease, unpaid rent
BY AILEEN P. REFUERZO

BAGUIO CITY – The city council will seek an audience with Fil Estate-Camp John Hay Development Corp., Bases Conversion Development Authority and John Hay Management Corp. to explain issues on the controversial Camp John Hay lease agreement.

The body last week approved the proposed resolution authored by Councilors Perlita Rondez and Galo Weygan for this purpose.

The said bodies would be asked to clarify issues on the alleged restructuring of the lease agreement between the BCDA and the CJHDevCo and the alleged P6 billion worth Camp John Hay expansion project.

The body will invite city treasurer Thelma Manaois to submit the updated total unpaid obligation of the BCDA with the regards to the city’s share from the lease rental of the facility.

The resolution noted a news article published in a national daily entitled, “Fil-Estate undertakes P6-B John Hay expansion, property firm says in 5 years, Fil-Estate revenue will reach P13.6B.”

The article quoted Fil Estate-CJHDevCo chair Robert John Sobrepena as saying that they are “winding up the restructuring of a lease agreement with the BCDA involving CJHDevCo’s P2-B rental payment owed to the government.”

The proponents said the planned restructuring of the lease obligation “signals CJHDevCo’s renewed willingness to pay the arrears in rental.”

“From the article, it can be safely gleaned that CJHDevCo now has the financial capacity to pay the unpaid rentals because of the alleged P6B new revenue to be used for CJH’s five-year expansion,” the proponents noted.

“Prior to the implementation of any expansion or development projects, the unpaid rental due to BCDA and the city must first be settled, more urgently the arrears owing to the Government Service Insurance System (GSIS) for the acquisition of the Baguio Convention Center,” the resolution noted.

The proponents said the council should first clarify these developments with the concerned to aid them in coming up with future legislative actions to also address the city’s concerns.


PAGIBIG execs clarify ‘misreported’ loan rates
BAGUIO CITY - PAGIBIG branch head Jocelyn Necesito clarified the earlier announced reduced housing loan interests after members deluged her office with loan inquiries.
In an oversight, the loan interest rates were ‘misreported’ as notches lower than the supposed bracket.

The loan rates would be, as corrected, 7 percent for loans of 350,000 to 750,000 with a monthly amortization of P2328.56 up to a maximum of P4,989.77; while loans of 800,000 to 2M, would have a monthly amortization of 7,317.91 up to a maximum of P18,294.79 at the rate of 10.5%.

Earlier, the loan interest rates are from 10.5% to 7%; and from 11.5% to 10.5%, thus there is a corresponding monthly savings, from the amortization payments.

For loans from P50,000 up to P300,000 the interest rate stays at six per cent (6%) per annum.
The paying term for loans is specified in a monthly amortization table, which could be anywhere from 1 (one) year to a maximum of 30 (thirty) years, or 360 months. Said amortization table could be checked at the PAG-IBIG office.

According to Necesito, the basic requirement for loans, is attendance to the counselling seminar being conducted every Tuesdays and Thursdays, 3PM at the 3rd floor, PAG-IBIG Fund office, Insular Life Building, Abanao street.

The document requirements would then be discussed, as requests would depend on the loan purpose.

Documents needed may include the properly filled-up loan application forms, income tax returns, certificate of employment and/or certificate of income (if employed), certified true copy of title, survey plan with location plan, medical examination (of the loan applicant) and proof of billing address.

Other requirements may also be requested as to what is needed.According to Necesito, the reduced loan rates is “our best way of giving our Pag-ibig members the opportunity to become homeowners.”

Personnel who can help prospective loan applicants may also be reached at tel nos. 619-1330 or 619-2710 during office hours. – Julie Fianza