Tapat sa Pag-IBIG By Dani Molintas
Originally posted on Condo Central Magazine - July / August 2008 Issue.
Miro—as those closest to him call him—is refreshingly candid and proud of what the Fund has been able to achieve under his term.
“I think the proof of the pudding is really in the eating. Just look at how we’ve grown in the last 7 years.”
“Our asset base has doubled. What took us 21 years from 1980- 2001—that we were able to do from 2001-2007. So in one third of the time, without increasing our contributions, look at what we’ve been able to achieve.”
There’s no aggrandizing here, but thankfully, no false modesty.
“We have become a top 10 corporation in terms of income, we are a triple A rated company, our housing loans, our short term loans have increased by 600 percent from 2001. Can you imagine? From PhP3.1 billion in 2001, it’s going to be PhP30 billion this year. In short term loans, from maybe around PhP10 billion in 2001, it’s going to be PhP32 billion this year.”
Indeed, from 2001 to 2007 the Fund has sought to improve the quality of Filipino lives through quality housing.
To reach this lofty goal, Quimbo set about in 2001 to rationalize the Fund’s operations. He began by setting high standards and targets, and establishing a nation-wide system to monitor that those targets are met.
But Quimbo will not take all the credit. “The Fund was able to achieve all that because of its employee corps that is honest and proud of being part of the organization. All I did was stroke their (employees’) sense of pride and give them the recognition they deserve.”
Realizing that the government did not have the funds to address the country’s colossal shelter crisis, he decided that any meaningful effort must be led by the private sector.
Thus, he took on the task of making the Fund more attractive to banks and other investors, and showing them that housing is not a charity, but a viable program that can be profitable.
In the process, Quimbo and his Pag-IBIG army (He often says they are at war!) have been able to transform an unheralded government agency into a consistently strong financial institution.
Last year, the Fund received the United Nations Scroll of Honour Award, the world’s most prestigious human settlements award, for its achievements in the Philippine shelter industry.
These accomplishments are a lasting legacy. They show us all that government can work, and can be true to its promise of being by and for the people. This stunning ray of hope has the power to dispel the apathy and hopelessness engulfing our country today.