MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, has approved P815 million in financing for the construction of over 4,500 homes as part of the flagship housing program of the government.
In a statement, Pag-IBIG said the amount would be used to build 17 medium to high-rise condominium buildings in San Mateo in Rizal, which will be called the Juan Tahanan project.
This will be under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH) program.
Once completed, the Juan Tahanan project will provide a total of 4,670 units for Pag-IBIG members living in the area.
Housing chief Jose Rizalino Acuzar said there are more proponents partnering with Pag-IBIG in building sustainable and self-sufficient communities through the 4PH program.
So far, the Juan Tahanan project has constructed six of the 17 buildings equivalent to about 1,080 condominium units.
The agency maintained that safeguards are implemented including the developer-contractor’s compliance with required permits and accreditations, application of a maximum payment term of three years for the developmental loan and provisions ensuring the release of funds only for the intended projects.
Pag-IBIG CEO Marilene Acosta said 4PH buyer-borrowers continue to benefit from lower payment terms through subsidies and acquiring properties with access to essential infrastructure and services.
Currently, Pag-IBIG has 15.58 million active members.