Home Guaranty Corporation has placed in the back burner its plan to securitize some P5-billion worth of assets to fund housing projects due to good financial position, declared HGC President Gonzalo Benjamin Bongolan.
"We have money right now," Bongolan said.
He qualified that the deferment has nothing to do with the ongoing turbulence in the global financial market brought about by the subprime mortgage sector in the US.
He disclosed HGC has received subsidy from the national government late last year amounting to P1.6 billion, a portion of which was used to settle HGC’s outstanding obligation with state-pension fund, Social Security System (SSS).
Ma. Luz Guerrero of SSS confirmed this, saying that HGC’s outstanding liabilities have gone down to around P2.42 billion from P3.2 billion following its payment of about P580 million.> > > [ full story ]
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