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Manila Bulletin devider Philippines devider National devider DHSUD: Pag-IBIG to finance construction of 10,000 housing units in Bacolod City

DHSUD: Pag-IBIG to finance construction of 10,000 housing units in Bacolod City

Published Nov 29, 2022 08:24 am

At least 10,000 housing units will be constructed in Bacolod City, the target is to provide decent homes to informal settlers families (ISFs) in the area, the Department of Human Settlements and Urban Development (DHSUD) announced on Tuesday, Nov. 29.

DHSUD Secretary Jose Rizalino Acuzar said the construction expenses will be shouldered by the Home Development Mutual Fund or Pag-IBIG Fund as stipulated in the Memorandum of Agreement (MOA) signed with Bacolod City Mayor Albee Benitez.

"As the first government financial institution to allot funds for the new housing project, Pag-IBIG Fund shall extend individual housing loans to target beneficiaries pre-qualified and selected by the local government unit," said Acuzar.

Based on the agreement, Bacolod City will start complying requirements for a developmental loan from Pag-IBIG Fund to fund the land development and housing construction.

The MOA, on the other hand, tasks the DHSUD to facilitate the implementation of the housing project in collaboration with the local government unit and other relevant agencies by acting as the overall enabler, initiator and coordinator.

For her part, Pag-IBIG Fund Chief Executive Officer Marilene Acosta has committed to provide financial and technical assistance that DHSUD and the city government may need to make the said project happen.

“We fully welcome the direction of DHSUD in fast-tracking, coordinating, and bringing together all sectors concerned towards the immediate implementation of housing projects in the regions,” Acosta said.

Acuzar said the partnership between the Pag-IBIG Fund and the Bacolod City local government marks a history as the first MOA signed under the housing program of the Marcos administration: "This signals the initial fruition of the government’s plan to address the housing needs in the country."

"The agreement unlocks the potentials of the new housing program, especially the financial structure and the active participation of government financial institutions (GFIs) and the private sector," Acuzar said.

Related Tags

Pag-IBIG Fund Bacolod City ISFs DHSUD Jose Rizalino Acuzar housing pabahay
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