GSIS rejects proposal to securitize P9-B loans

Speaking before members of the Subdivision and Housing Developers Association, GSIS president and general manager, Winston F. Garcia, said the state firm will take over the collection of the P9-billion NHMFC loan, effectively rejecting the proposal of Ernst & Young to manage the settlement of th...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2002-08, p.1
Main Author: Catherine C. Junia and Cathy Rose A. Garcia
Format: Article
Language:English
Subjects:
Delinquency
Funding
Loans
Securitization
Online Access:Get full text
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Summary:Speaking before members of the Subdivision and Housing Developers Association, GSIS president and general manager, Winston F. Garcia, said the state firm will take over the collection of the P9-billion NHMFC loan, effectively rejecting the proposal of Ernst & Young to manage the settlement of the same. GSIS had granted over P9-billion worth of housing loan to its members, through NHMFC. Other government institutions with claims against NHMFC are the Social Security System (SSS) and the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund. The NHMFC and its financial advisor Ernst & Young's plans for the disposition of the mortgage portfolio are dependent on a go signal from Malacanang and funding firms SSS, HDMF and GSIS.
ISSN:0116-3930