Urban poor families may soon avail of Pag-IBIG housing loans

CEBU, Philippines - The Home Development Mutual Fund, famously known as Pag-IBIG Fund, will implement a new socialized housing program next year that would benefit low income families.

Vicky Dela Peña, Pag-IBIG Fund’s officer-in-charge and vice president for Visayas Group, said under new program, housing loans will be made available to urban poor communities like the market vendors, household help, fishermen/fisherfolks and others belonging to the low income communities.

Vice President and Housing and Urban Development Coordinating Council Chairman Jejomar Binay has challenged housing developers to come up with housing loan packages for as low as P100,000 to P300,00 to make the new program possible next year.

“With this new housing program, a P100,000 housing loan package will cost a Pag-IBIG member P500 amortization every month which is very affordable to low-income communities,” Dela Peña said in an interview with The FREEMAN.

Pag-IBIG Fund is also planning to implement an increased contribution from the current minimum of P100 contribution, which is based on a P5,000 salary or two percent to P300, which is based on a P15,000 contribution.

Dela Peña said this could mean increased benefits and dividends for the members.

One of their latest programs this year is the Pag-IBIG2 program wherein a minimum of P500 contribution is collected from the members with a maturity of five years. (THE FREEMAN)