Pag-IBIG Funds P12B for Government Housing Program

NEW HIGH Photo taken on Feb. 2, 2022 show beneficiaries line up at a Pag-IBIG Fund satellite office in Makati City. Pag-IBIG Fund announced on Wednesday, Oct. 11, 2023, that home loan releases in the last three quarters hit P88.30 billion. PHOTO BY AARON RONQUILLO
Spread the love

In a significant move to address the housing backlog in the Philippines, the Pag-IBIG Fund (Pag-IBIG) has approved the release of P12 billion to the National Housing Authority (NHA). This funding will be utilized for the construction of nearly 10,000 housing units in selected areas across the country.

Under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH Program), the NHA project aims to build 9,110 housing units. The initial phase will focus on constructing 6,967 units in Quezon City, Valenzuela City, Zamboanga, and San Juan City.

Secretary Jose Rizalino L. Acuzar, the Department of Human Settlements and Urban Development (DHSUD) Secretary and Chairman of Pag-IBIG, expressed his enthusiasm about the progress of the Pambansang Pabahay para sa Pilipino Program under the Marcos Administration. He stated, “We are happy to announce that the Pambansang Pabahay para sa Pilipino Program of the Marcos Administration continues to gain momentum.”

Acuzar further emphasized the government’s commitment to addressing the housing backlog and providing affordable shelter to fellow Filipinos in sustainable communities. The approval of a revolving credit line for the NHA demonstrates the united front of the government in tackling this issue.

To make homeownership more accessible, Pag-IBIG highlights that the housing units may be purchased through a Pag-IBIG Housing Loan under the 4PH Program. This initiative aligns with Pag-IBIG’s mandate of providing its members with opportunities to own a home.

The government’s housing agency assures the public that the credit line is equipped with safeguards to ensure the proper and efficient use of funds. The NHA will provide the necessary loan collaterals, and the credit line has a maximum payment term of three years. These provisions are in place to guarantee the release of funds for the intended housing projects.

Marilene C. Acosta, the Chief Executive Officer of Pag-IBIG Fund, also expressed her support for the NHA’s housing projects. She emphasized Pag-IBIG’s commitment to the Marcos administration’s efforts to address the housing backlog. Acosta said, “Since day one, Pag-IBIG Fund has provided its full support to President Marcos’ 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home.”

In addition to the funding for the NHA, Pag-IBIG recently approved a P929 million revolving credit line for the Social Housing Finance Corporation (SHFC). This credit line will finance the construction of 2,264 housing units in Pampanga, Manila, Misamis Oriental, and Davao, which are also part of the 4PH program.

These recent developments demonstrate the concerted efforts of the government and its agencies in addressing the housing backlog in the Philippines. By providing affordable housing options and empowering Filipinos to achieve homeownership, the Pambansang Pabahay para sa Pilipino Program aims to improve the lives of many and contribute to the sustainable development of communities across the country.

Note: The content has been enhanced with insights and commentary to provide a better understanding of the topic to an international audience.

Source: The Manila Times

Leave a Reply

Your email address will not be published. Required fields are marked *