Pag-IBIG Fund approved a P12-billion revolving credit line for the National Housing Authority (NHA) to finance the development of 9,110 housing units, with an initial 6,967 homes to be built in Quezon City, Valenzuela, Zamboanga and San Juan as part of the Pambansang Pabahay para sa Pilipino Housing or 4PH Program, top officials said Wednesday.
“We are happy to report that the Pambansang Pabahay para sa Pilipino Program of the Marcos administration continues to gain momentum. Pag-IBIG Fund’s approval of a revolving credit line for its fellow key shelter agency, the National Housing Authority, not only shows the government’s united front in addressing the housing backlog but also shows our shared commitment to provide our fellow Filipinos with decent yet affordable shelter in sustainable communities,” said Secretary Jose Rizalino 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 NHA will initially finance the construction of medium and high-rise condominiums consisting of 4,111 units in Quezon City, 1,377 units in Valenzuela, 944 units in Zamboanga and 535 units in San Juan.
The revolving credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals. Each drawdown from the credit line has a maximum payment term of three years and includes provisions to ensure the release of funds for the intended housing projects.
Once constructed, intended beneficiaries of these projects who are active Pag-IBIG Fund members may purchase the housing units through a Pag-IBIG Housing Loan under the 4PH Program.
Pag-IBIG Fund chief executive Marilene Acosta said the credit line for the NHA is part of its commitment to the administration’s efforts of addressing the housing backlog under the 4PH Program.
“Since day one, Pag-IBIG Fund has provided its full support to President Marcos’ 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home. With the housing projects under the 4PH Program, not only will Pag-IBIG Fund members have the opportunity to own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-IBIG Housing Loan under the 4PH program,” Acosta said.
“We are happy to be able to work with the NHA and provide added funding for their housing projects under the most secure and affordable terms, so that we can advance our common objective of empowering our fellow Filipinos to achieve homeownership,“ she said.
Pag-IBIG Fund announced last week it approved a P929-million revolving credit line for the Social Housing Finance Corp. (SHFC) to finance the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental and Davao.