Pag-IBIG approves 4PH funding

The new loan program of the House Development Mutual Fund (Pag-IBIG Fund) allows existing housing loan borrowers/installment buyers to take out a second loan to finance house improvements and other family needs. TMT FILE PHOTO

The Pag-IBIG Fund approved a P929-million credit line to fund the government’s housing program in at least four areas in the country.

In a statement, Pag-IBIG said the money will be coursed through the Social Housing Finance Corporation (SHFC) for the Pambansang Pabahay para sa Pilipino Housing or 4PH, a government initiative that aims to service underserved low income Filipino families.

“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,” Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Chairman Jose Rizalino L. Acuzar said.

Pag-IBIG said that with this credit line, a total of 2,264 housing units are set to be constructed in Pampanga, Manila, Misamis Oriental, and Davao City. These consist of 996 units in San Fernando City, Pampanga; 352 in Tondo, Manila; 416 units in Tagoloan, Misamis Oriental and 500 in Davao City.

“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,” Acuzar said.

Pag-IBIG said to ensure the proper and efficient use of funds, the revolving credit line contains safeguards like corresponding loan collaterals provided by the SHFC, a maximum payment term of three years, and provisions ensuring the release of funds for the intended projects.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos administration’s efforts of addressing 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 percent of the home mortgage market,” Acosta said.

“We are happy to partner with the SHFC under the Pambansang Pabahay para sa Pilipino or 4PH Program, so that our Informal Settler Families (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,” she added.

The housing backlog is currently estimated at around 6.5 million.