MANILA, Philippines: The Department of Human Settlement and Urban Development (DHSUD) has expressed its appreciation for the support of the Home Development Mutual Fund (HDMF), also known as Pag-IBIG Fund, for the “Pambansang Pabahay para sa Pilipino” (4PH) program. Pag-IBIG Fund has allocated a P12-billion credit line for the National Housing Authority (NHA), which will further strengthen the momentum of President Ferdinand Marcos Jr.’s 4PH program.
DHSUD Secretary Jose Rizalino Acuzar commended the positive response from Pag-IBIG Fund, stating that it will contribute to the successful implementation of the 4PH program nationwide. This collaboration between Pag-IBIG Fund and the National Housing Authority will have a significant impact on addressing the housing needs of the Filipino people.
The newly allocated funds will be used to finance the construction of medium and high-rise condominiums in various cities. The NHA plans to build 4,100 units in Quezon City, 1,377 units in Valenzuela City, 944 units in Zamboanga, and 535 units in San Juan City, according to NHA General Manager Joeben Tai. This initiative aims to provide affordable housing options to Filipinos in different regions of the country.
In addition to the support for the NHA, Pag-IBIG Fund has also approved funding for the Social Housing Finance Corporation (SHFC) amounting to P929 million. The SHFC will utilize this funding for its housing projects under the 4PH program. With this financial assistance, the SHFC will be able to construct a total of 2,264 housing units in Pampanga, Manila, Misamis Oriental, and Davao City.
DHSUD Secretary Acuzar expressed his gratitude for Pag-IBIG Fund’s dedication and commitment to making the “Pambansang Pabahay” program a reality. He emphasized that this collaboration opens doors for more Filipinos to own decent yet affordable homes in sustainable communities. Secretary Acuzar, who also serves as the Chairman of the Pag-IBIG Fund Board of Trustees, sees this as a testament to the Marcos administration’s unwavering efforts to uplift the lives of the poorest of the poor.
The approval of the revolving credit line by Pag-IBIG Fund for its fellow key shelter agencies demonstrates the government’s united front in addressing the housing backlog. It also reflects the shared commitment to providing fellow Filipinos with affordable housing options in sustainable communities. The credit line is designed with safeguards to ensure the proper and efficient use of funds, with the NHA and SHFC providing the necessary loan collaterals.
DHSUD has reported that there are currently 17 ongoing projects under the 4PH program, which are at various stages of development and construction. These projects are a testament to the government’s dedication to addressing the housing needs of the Filipino people and improving their quality of life.
In conclusion, the allocation of a P12-billion credit line by Pag-IBIG Fund for the National Housing Authority’s 4PH program is a significant step towards providing affordable housing options to Filipinos. This collaboration between government agencies showcases their united efforts to address the housing backlog and uplift the lives of the poorest of the poor. With ongoing projects and continued support, the “Pambansang Pabahay” program is making strides in creating sustainable communities and fulfilling the dream of homeownership for many Filipinos.
Source: The Manila Times
