The Department of Human Settlements and Urban Development (DHSUD) on Sunday welcomed the release of P929 million in revolving credit facility by the Home Development Mutual Fund or Pag-IBIG Fund, saying it would significantly boost the Pambansang Pabahay para sa Pilipino (4PH) flagship housing program of President Ferdinand Marcos Jr.
Pag-IBIG Fund earmarked the P929-million revolving credit line to bolster further the 4PH program meant to address the country’s housing backlog estimated at over 6.5 million units.
“This is another solid proof of the administration’s relentless commitment to uplift the lives of the Filipinos through decent yet affordable shelters in sustainable communities,” said housing Secretary Jose Rizalino Acuzar.
Acuzar is the concurrent chairman of the Pag-IBIG Fund.
The standby credit line would further build up confidence in the Pambansang Pabahay, with reputable financial institution, such as Pag-IBIG Fund pouring in resources, “we expect others to start actively participating to the program,” Acuzar said.
Pag-IBIG Fund approved the P929-million revolving credit line to be disbursed through the Social Housing Finance Corp. (SHFC), an attached agency of DHSUD.
With the approval, the SHFC would be able to finance the construction 2,264 housing units in Pampanga, Manila, Misamis Oriental and Davao City.
“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 DHSUD chief said.
The 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.