P5.9 B worth of HGC housing units occupied by informal settlers

MANILA, Philippines – More than P5.923-billion worth of housing units and other assets owned by the Home Guarantee Corp. (HGC) are being occupied for free by informal settlers and evicted former owners, according to a 2010 Commission on Audit (COA) report.

As of Dec. 31, 2010, COA said acquired assets of HGC totaled P11.477 billion but inspection showed that “former owners and/or their relatives are still occupying the properties free of any charge, enjoying their natural, industrial and civil fruits notwithstanding the expiration of the redemption period provided for by law as well as the consolidation of titles in the name of HGC.”

COA stressed that HGC is empowered to acquire and dispose of mortgaged properties. The properties in question comprise 2,777,720 square meters or 47 percent of the total 5,931,099 square meters of HGC acquired assets. Some 15,500 individuals occupy the properties illegally.

COA said the HGC should pursue appropriate actions against illegal occupants of the properties or compel them to pay. State auditors also recommended the execution of lease contracts between HGC and illegal occupants of its properties. –Michael Punongbayan (The Philippine Star)