Balikatan Housing fetes former NHMFC President Jopet Sison
Balikatan Housing Finance Inc.’s (BHFI) board of directors recently recognized its outgoing director and former National Home Mortgage Finance Corporation (NHMFC) President Joseph Peter “Jopet” Sison (5th from left) for his invaluable contribution to the company.
Says BHFI President Federico Y. Cadiz, “The sale by NHMFC of a portfolio of thousands of highly delinquent residential mortgage loans in 2005 to a private international fund, through its investment vehicle BHFI, was a pioneering transaction. The asset sale allowed NHMFC to liquefy its interest in the portfolio and repay its debts to the SSS and the Pag-ibig, address its long-standing non-performing mortgage loan portfolio problem and free up its internal resources towards its performing loans. The “outsourcing” of the NPL management to the private sector with BHFI’s specialized competency in this area through its servicer, BFS Inc., at the same time, improved the rate of financial resolution of the portfolio. This also benefited the many borrowers wishing to legally retain ownership of their homes through a loan work-out.
“While credit must be given to the architects of this pioneering transaction, much credit must go to the people who were left to implement the deal and make it a reality. We are thankful to Jopet Sison for leading the way, on the part of the government, in making possible the relatively smooth transition of the loan portfolio from NHMFC to BHFI and its master servicer and asset manager, BFS. Mr. Sison was also instrumental in necessary stakeholder management to promote the pioneering transaction to key stakeholder groups such as borrowers, community leaders, local government, and lawmakers. ”
To date, the Balikatan Joint Venture has helped 22,500 Filipino families fully resolve their outstanding and overdue loan obligations.
Present at the awarding were BHFI board of directors and officers: BHFI President and director, Federico Y. Cadiz, former BHFI director, Jopet Sison, BHFI director and NHMFC President, Felixberto U. Bustos Jr., BHFI director and COO, Elizabeth R. Gilson, BHFI CFO, Elizabeth Ann D. Yu; from the NHMFC: Atty. Daniel Q. Lacuata, Daniel L. Olan and BHFI Director Daisy S. Dulay; BFS executive, Dennis T. Tuddao; and BHFI counsel and Assistant Corporate Secretary Atty. Ronaldo Modesto T. Ventura.
