Filipino Workers to Benefit from Affordable Housing Opportunities
The Department of Human Settlements and Urban Development (DHSUD) and the Pag-IBIG Fund have announced that Filipino workers will soon have accessible and affordable housing opportunities through the Pambansang Pabahay para sa Pilipino Housing (4PH) program. This government initiative aims to provide affordable homes and lower monthly amortization costs for workers who are Pag-IBIG members.
Reduced Costs and Subsidies
Under the 4PH program, beneficiaries will enjoy various subsidies that will significantly reduce the prices of homes and monthly amortization costs. Secretary Jose Rizalino Acuzar of the DHSUD emphasized that the goal of the housing agenda is to ensure that all Filipino workers have the means to access affordable housing opportunities. The housing units sold under the 4PH program will be priced lower than other residential units in the market, as they adhere to the ceiling imposed by the government for affordable housing.
Lower Interest Rates and Subsidies
Secretary Acuzar, who also serves as the head of the 11-member Pag-IBIG Fund Board of Trustees, further explained that housing loan borrowers who avail of units under the 4PH program through a Pag-IBIG housing loan will enjoy an even lower interest rate than the already competitive rate provided by Pag-IBIG. In fact, Pag-IBIG’s interest rate is considered the lowest in the market. Additionally, the DHSUD will subsidize up to 5 percent of the loan’s outstanding interest rate, allowing borrowers to pay a reduced interest rate on their loans.
“This will ensure that Filipino workers can now fulfill their homeownership dreams, especially those with limited financial resources,” Secretary Acuzar stated.
A Well-Designed and Self-Sufficient Community
The future homeowners of the Pambansang Pabahay housing units can look forward to living in a well-designed and self-sufficient community based on a township model. This framework enables residents to enjoy the convenience of living within cities that provide access to commercial spaces, educational institutions, healthcare centers, and other essential infrastructure. The DHSUD emphasized the importance of creating vibrant communities that cater to the needs of the residents, promoting a high quality of life.
Encouraging Members to Take Advantage of Benefits
Marilene Acosta, the Chief Executive Officer of the Pag-IBIG Fund, encouraged all members to seize the benefits offered by the Pambansang Pabahay program. With accessible and affordable housing opportunities, Filipino workers can now turn their dreams of homeownership into reality. Acosta urged members to take advantage of the subsidies and lower interest rates provided by the program, emphasizing the positive impact it can have on their lives and financial well-being.
In conclusion, the Pambansang Pabahay para sa Pilipino Housing program represents a significant step towards providing accessible and affordable housing opportunities for Filipino workers. Through subsidies, reduced costs, and lower interest rates, the program aims to make homeownership more attainable for those with limited financial resources. By creating well-designed and self-sufficient communities, the program also seeks to enhance the overall quality of life for future homeowners. Filipino workers are encouraged to explore the benefits offered by the program and take the necessary steps towards fulfilling their homeownership dreams.
Source: The Manila Times
