Marcos Urges Accessibility of Home Loans to Address Housing Backlog

Pagibig dividend President Ferdinand Marcos Jr., with Human Settlements and Urban Development Secretary Jose Rizalino Acuzar, Pag-IBIG Fund CEO Marilene Acosta, Executive Secretary Lucas Bersamin, and Special Assistant to the President Anton Lagdameo, unveil the Pag-IBIG Fund Regular Savings Dividend Rates and MP2 Dividend Rates at the Philippine International Convention Center in Pasay City on Tuesday, Feb. 27, 2024. PHOTO BY MIKE ALQUINTO
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President Ferdinand Marcos Jr. delivered a compelling message during the Pag-IBIG Fund Chairman’s Report for Year 2023 at the Philippine International Convention Center. He emphasized the importance of making home mortgage financing more accessible to Filipinos in order to address the housing backlog in the country. While acknowledging the agency’s accomplishments, Marcos stressed that there is still much work to be done.

The President recognized the urgency of the situation, stating that millions of Filipinos are currently denied the right to decent shelter. He emphasized the need to build the highest number of housing units ever seen under any administration. The challenge lies in translating recent gains into actual homes that people can move into.

Marcos envisions these homes as happy places where Filipino families can create joyful memories with their loved ones. He understands that a home is not just a physical structure, but a sanctuary where families can thrive and grow together. By providing affordable and accessible housing, the Marcos administration aims to improve the quality of life for all Filipinos.

To achieve this goal, the Marcos administration has implemented the Pambansang Pabahay Para sa Pilipino Housing Program. This program is designed to address the need for decent housing and harness the potential impact of a robust housing sector on the growing economy. The administration has set an ambitious target of building one million low-cost housing units every year until the end of the President’s term.

During his speech, Marcos also highlighted the achievements of the Pag-IBIG Fund. The agency has achieved significant milestones, including the highest housing loan at P126.04 billion, which has helped over 96,000 Pag-IBIG Fund members acquire new or better homes. Additionally, Pag-IBIG posted Short Term Loans amounting to P59.31 billion, benefiting 2.65 million members. The agency’s annual net income stands at an impressive P43.79 billion.

Pag-IBIG Fund’s success is further evidenced by its highest total assets at P925.61 billion and member dividends amounting to P48.76 billion. These achievements demonstrate the agency’s commitment to providing financial assistance and support to its members.

President Marcos Jr. urged Pag-IBIG, the housing sector, and local government units to work together to ensure that these accomplishments translate into tangible results. It is not enough to have impressive statistics; the ultimate goal is to provide Filipinos with affordable and accessible housing options.

In conclusion, President Marcos Jr. emphasized the importance of making home mortgage financing more accessible to Filipinos. By addressing the housing backlog and providing affordable housing options, the Marcos administration aims to improve the quality of life for all Filipinos. The achievements of the Pag-IBIG Fund serve as a testament to their commitment to this cause. With continued collaboration and dedication, the vision of a nation with accessible and affordable housing can become a reality.

Source: The Manila Times

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