CAGAYAN DE ORO CITY (PIA)– A total of 2,264 housing units are set to rise in Pampanga, Manila, Misamis Oriental, and Davao City as Pag-IBIG Fund approved a P929-million revolving credit line for the Social Housing Finance Corporation (SHFC) to fund housing projects under the government’s Pambansang Pabahay para sa Pilipino Housing, or 4PH Program, Pag-IBIG Fund’s top officials announced on December 15.
“I am happy to report that our key shelter agencies remain united in their mission of bringing opportunities for homeownership closer to our fellow Filipinos, especially the underserved. With Pag-IBIG Fund’s approval of a revolving credit line for the SHFC, we are now better equipped to provide our informal settler families (ISFs) with affordable housing in a safe environment under secured communities, which is what we envision under the 4PH Program of President Ferdinand R. Marcos, Jr.,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s revolving credit line for the SHFC shall finance the construction of medium- and high-rise condominiums under the 4PH program, consisting of 996 units in San Fernando City, Pampanga, 352 units in Tondo, Manila, 416 units in Tagoloan, Misamis Oriental, and 500 units in Davao City.
The revolving credit line has safeguards in place, such as the corresponding loan collateral that the SHFC provided, a three-year maximum payment term, and provisions ensuring the release of funds for the intended projects, to ensure the proper and effective use of funds.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos Administration’s efforts to address the housing backlog under the 4PH Program.
“Pag-IBIG stands as the single largest source of home financing in the country today, with a share of nearly 40% of the home mortgage market. We recognize our role in providing financing for socialized housing projects so that they become more accessible and affordable for low-income earners. We are happy to partner with the SHFC under the Pambansang Pabahay para sa Pilipino, or 4PH Program, so that our ISF communities will now have a better chance of owning quality homes in sustainable communities. Our members can expect more similar partnerships to provide them even more opportunities to own a home,” Acosta said. (Pag-IBIG Fund/PIA-10)
