The official logo of the flagship national housing program, Pambansang Pabahay Para sa Pilipino (Photo Courtesy: Pag-IBIG Fund)
QUEZON CITY, (PIA) — The Pag-IBIG Fund on Friday, December 15, approved a revolving credit line of P929 million to finance the construction of more socialized housing projects under the Pambansang Pabahay Para sa Pilipino (4PH) flagship program.
A sum of 2,264 medium and high-rise condominiums are expected to be established through the Social Housing Finance Corporation (SHFC). Of these, 352 units are set to rise in Tondo, Manila while the remaining will break ground in San Fernando, Pampanga (996 units), Tagoloan, Misamis Oriental (416 units), and Davao City (500 units).
“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 Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar.
Last December 6, it can be recalled that the national housing department conducted a National Public Housing Policy Consultation to develop and integrate responsive solutions to the growing number of informal settlements in the National Housing Policy Framework (NRPF).
The said initiative adds to the aim of the DHSUD in terms of providing smart, decent, and affordable shelters beyond merely bridging the 6 million housing gap in the country.
“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,” the housing czar highlighted.
Meanwhile, the revolving credit line under the SHFC will have corresponding provisions to ensure the efficient utilization of funds including loan collaterals and a maximum payment term of three (3) years.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta also underscored the commitment of the governmental financial institution to support more socialized housing borrowers in a bid to contribute to the establishment of housing security.
“We recognize our role in providing the financing for socialized housing projects so that these 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,” said Acosta.
“Our members can expect more similar partnerships to provide them even more opportunities to own a home,” she added.
The Home Development Mutual Fund (HDMF) or the Pag-IBIG Fund serves as the “single largest source of home financing” in the country at present with nearly 40 percent share in the home mortgage market. (JMP/PIA-NCR)
