Developers urged to build more affordable residences

CEBU, Philippines —  The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is encouraging developers to build more affordable housing projects, as it noted good home loan take-out even at the height of the pandemic.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti made this call during the recently concluded meeting with members of the Subdivision and Housing Developers Association, Inc. (SHDA) and other stakeholders for the Pag-IBIG Fund’s The Chairman’s Report, an annual event conducted by the agency and the Department of Human Settlement and Urban Development (DHSUD) to highlight the accomplishments of Pag-IBIG Fund and its stakeholders, partner institutions, and developers who had excelled in their performance for housing loan deliveries and take out of accounts.

Moti reported that in 2021, the agency released a total of P100.8 billion in home loans, which he described as “the highest-ever in our history.”

Pag-IBIG Fund also released a record-high P24.20 billion in home loans during the first quarter of 2022, an increase of P3.26B or 16% compared to the P20.94 billion released during the same period in 2021.

“We encourage our housing developers to continue building affordable communities and realize the Filipino dream of homeownership through these recognitions. As the economy continues to recover, we expect that this synergy with our stakeholders will further strengthen the housing industry, as we continue our shared pursuit of providing Filipino workers and their families a home they deserve and can call their own,” Moti said.

Meanwhile, nine members of SHDA, an alliance of private housing developers, were recently recognized as top-performing real estate developers by Pag-IBIG Fund.

Included in the partner developers whom the Pag-IBIG Fund awarded as the top developers in terms of housing loan takeout-loan value for 2021 are SHDA members Raemullan Lands (Top 1), The New APEC Development Corporation (Top 2), 8990 Holdings (Top 3), Axeia and Basic Housing (Top 4), Hausland Group (Top 8), Lynville Land Development Corporation (Top 9) and Homemark (Top 10).

SHDA members also received several special awards, which include “most numbers of members served” for Raemullan Lands, “highest growth rate” for 8990 Holdings, “highest performing accounts ratio” for The New APEC Development Corporation, and “highest performing loans ratio” for Lynville Land Development Corporation. Charles Builders Group of Company also bagged a special award.

SHDA, an alliance of more than 300 housing developers, through its president May Rodriguez expressed commitment to support Pag-IBIG Fund’s pursuit of providing affordable home financing for Filipino families wanting to own a home.

“We acknowledge the dynamic home builders whose contributions tremendously helped Pag-IBIG Fund achieve its mandate of addressing the housing needs of Filipinos and who had shown exemplary performance given the difficulties spawned by the pandemic,” added Moti.