About 2,264 housing units will 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 Corp. (SHFC) to fund housing projects under the government’s Pambansang Pabahay para sa Pilipino Housing or 4PH Program, top officials said Friday.
“I am happy to report that our key shelter agencies remain united in their mission of bringing opportunities for housing 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 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 will 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.
It said to ensure the proper and efficient use of funds, the revolving credit line contains safeguards which include the 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.
Once built, intended beneficiaries of these projects who are active Pag-IBIG Fund members, may purchase the housing units through a Pag-IBIG Housing Loan.
Pag-IBIG Fund chief executive Marilene Acosta, meanwhile, said 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. We recognize our role in providing the financing for socialized housing projects so that these become more accessible and affordable for our low-income earners,” said Acosta.
“We are happy to partner with SHFC under the Pambansang Pabahay para sa Pilipino or 4PH Program so that Pag-IBIG Fund members who belong to ISF communities 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.