Pag-IBIG approves P929 million funding for 2,200 homes

MANILA, Philippines —  Over 2,200 homes under the Marcos administration’s flagship housing program have earned P929 million in funding from the Home Development Mutual Fund or Pag-IBIG, the Department of Human Settlements and Urban Development (DHSUD) said yesterday.

In a statement, DHSUD Secretary Jose Rizalino Acuzar said Pag-IBIG approved the P929-million revolving credit line for the Social Housing Finance Corp. (SHFC) and could serve as a “big push” for the Pambansang Pabahay para sa Pilipino Program or 4PH, which seeks to address the country’s current housing backlog of over 6.5 million units.

“This credit line will further build up confidence in the Pambansang Pabahay. With reputable financial institutions like Pag-IBIG Fund pouring in funding, we expect others to start actively participating in the program,” said Acuzar, concurrent chair of the Pag-IBIG board of trustees.

He pointed out that the revolving credit line would finance the construction of 4PH medium and high-rise condominiums 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.

Pag-IBIG Fund chief executive officer Marilene Acosta stated that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos administration’s efforts to address the housing backlog under the 4PH Program.

Currently, there are 17 ongoing projects in various stages of development and construction throughout the country under 4PH.