Coverage and Implementation Timeline
- Optional application of guidelines for accredited developers for six months from effectivity date.
- During this period, evaluation and terms of Circular No. 259 apply.
- After six months, adherence to these guidelines and mandatory developer classification and incentives apply.
Developer Classification and Evaluation Criteria
- Classification Types:
- Regular Developer
- Prime Developer
- New Developers classified as Regular for first quarter.
- Existing Developers classified based on past quarter's performance.
- Evaluation Criteria for Regular Developers:
- Complete Documentation Compliance Ratio (CDCR): ≥ 95%
- Unit Specifications Compliance Ratio (USCR): ≥ 90%
- Conversion Performance: ≥ 90% converted accounts or substantial compliance with payment proofs.
- No overdue accounts for buyback.
- Performing Accounts Ratio (PAR): ≥ 85% accounts not >3 months in arrears in last 24 months.
- Evaluation Criteria for Prime Developers:
- CDCR: ≥ 95%
- USCR: ≥ 95%
- Conversion Performance: ≥ 95% converted accounts with same compliance rules as Regular.
- No overdue buyback accounts.
- PAR: ≥ 95% accounts not >3 months in arrears in last 24 months.
- Related Entities:
- Performance of related companies affects accreditation and classification.
- Related entities include parent, subsidiaries, and companies with shared key officers or shareholders.
- Evaluation Frequency:
- Quarterly evaluations to maintain, upgrade, or downgrade classification.
- Downgrade rules include suspension for Regular Developers failing criteria for two consecutive quarters.
- Suspended Developers can still have buyers apply directly to Pag-IBIG.
- Opportunity to reapply for upgrade after remedying deficiencies.
- Implementation alongside existing Takeout Mechanism guidelines.
Incentives for Prime Developers
- Priority in borrower evaluation and unit inspection:
- Submission requires Buyer's Information Sheet, income documents, and filing fee proof.
- Credit Investigation Report and Buyer Validation Sheet issued within five working days.
- Reports and receipt valid for six months.
- Express Processing of Housing Loan Applications:
- Evaluated within six working days upon complete submission of prescribed documents including Deeds, Certificates, Tax declarations, permits, and Receipts.
- Additional requirements may be imposed by the Fund.
- Notice of Approval issued for qualified applications.
- Takeout proceeds released within three working days from Notice receipt.
- Post-takeout Title Transactions:
- Use of Pag-IBIG accredited service providers for title transfers in Fund's or buyer’s name.
- Registration of Loan and Mortgage Agreements.
- Associated costs deducted from takeout proceeds.
Repealing Clause
- Inconsistent memoranda, rules, and regulations are repealed, except Circular Nos. 259, 287, and 298 which remain effective for six months.
Escalation and Dispute Resolution
- Interpretation issues resolved by Department Manager III or escalated to higher authority.
Amendment Procedures
- Senior Management Committee authorized to amend, modify, or update guidelines.
- Amendments must align with program objectives and Fund's charter.
Effectivity
- Guidelines are effective immediately upon issuance.