In 1988, because of financial difficulties, the Securities and Exchange Commission (SEC) placed BF Homes, Inc. (BFHI) under receivership to undergo a ten-year (10) rehabilitation program, and appointed Atty. Florencio B. Orendain receiver.  The program was composed of two stages:  (1) payment of obligations to external creditors; and (2) payment of obligations to Banco Filipino.

When Atty. Florencio B. Orendain took over management of BFHI in 1988, several things were not in order in the subdivision. Preliminary to the rehabilitation, Atty. Orendain entered into an agreement with the two major homeowners’ associations, the BF Parañaque Homeowners Association, Inc. (BFPHAI) and the Confederation of BF Homeowners Association, Inc. (CBFHAI), for the creation of a single, representative homeowners’ association and the setting up of an integrated security program that would cover the eight (8) entry and exit points to and from the subdivision.  On December 20, 1988, this tripartite agreement was reduced into a memorandum of agreement, and amended on March 1989.

Pursuant to these agreements, on May 18, 1989, UBFHAI was created and registered with the Home Insurance and Guaranty Corporation (HIGC), and recognized as the sole representative of all the homeowners’ associations inside the subdivision.

BFHI, through its receiver, turned over to UBFHAI the administration and operation of the subdivision’s clubhouse at #37 Pilar Banzon Street, and a strip of open space in Concha Cruz Garden Row, on June 23, 1989 and May, 1993, respectively.

BF got its name from Banco Filipino, the parent company of BF's developer, BF Homes, Inc. Founded by the late Don Tomas Aguirre. Now headed by son Bobby.

The great fortunes of the Aguirres sky rocketed from their "MB Aguirre de Empeños" that later enabled them to put up Banco Filipino and numerous other corporations and acquire vast land holdings they still hold today. The pawnshop chain still exist. There are two branches inside BF Homes Paranaque, one near Caltex gas station at the end of Elizalde Ave, Phase 1 and the other near the corner of El Grande and Aguirre Ave., Phase III. 

Adelita Chioco Street (one of the longest street in BF Homes - running the whole stretch of Phase 2, parallel to Aguirre Ave.), is the name of Don Tomas Aguirre's late wife, Adelita Chioco.

El Grande Ave, Tropical Ave & Palace St. were named from the former 4 star hotels located at BF Homes, Phase 3, namely El Grande Hotel (totally burned) and Tropical Palace Hotel (half burned).