SSS sells 381 houses, lots for P149M

The Social Security System (SSS) has sold a total of P149 million worth of acquired houses and lots last year at government-sponsored housing fairs. The sale was part of efforts to reduce the housing backlog in the country, an SSS top official said. SSS president and chief executive officer Corazon de la Paz–Bernardo said 381 property assets were sold from January to July 2007. The fund has also been finalizing the sale of 135 units more with a combined worth of P56 million. “The SSS is determined to do its part in helping Filipino families buy a house of their own," de la Paz-Bernardo said. “Part of this strategy is to make affordable houses available at attractive payment schemes." The fund has been selling its acquired assets at fair market value price, with low annual interest rates of six percent for properties worth P300,000 and below, and nine percent for assets worth more. “We offer installment payments for up to 10 years, but the maturity date must be before the buyer turns 65," de la Paz-Bernardo said, referring to the mandatory retirement age for SSS members. The institution has also been joining the annual national housing fair sponsored by the housing and Urban Development Coordinating Council, which is headed by Vice President Noli de Castro. De Castro lauded the pension fund’s contributions to the housing sector during the SSS Balikat ng Bayan Awards at its corporate headquarters in Quezon City last October. “Sana naman ay naka-tulong din kami sa SSS para mai-dispose ang kanilang mga foreclosed o delinquent housing assets," he said. More than 800 SSS properties are up for sale in the ongoing second national housing fair, which will end in October this year. - Sun.Star