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Manila Bulletin devider Philippines devider National devider Acuzar: Pag-IBIG okays nearly P1-B revolving credit line for PBBM's mass housing

Acuzar: Pag-IBIG okays nearly P1-B revolving credit line for PBBM's mass housing

Published Dec 17, 2023 01:57 am

The Home Development Mutual Fund or Pag-IBIG Fund has approved a P929 million revolving credit line which is seen as a big boost in the efforts of the national government to address the 6.5 million housing backlog across the country.

Department of  Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said the fund is intended for Social Housing Finance Corporation (SHFC) that eventually leads to financing the construction of a total of 2,264 housing units in Pampanga, Manila, Misamis Oriental and Davao City. 

"This is another solid proof of the administration’s relentless commitment to uplift the lives of the Filipinos through decent yet affordable shelters in sustainable communities," said Acuzar.

"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," he added.

Acuzar, who concurrently serves as Pag-IBIG Fund Board of Trustees chair, said the fund approval would make the DHSUD better equipped in achieving its goal of providing affordable, decent and environment-friendly housing units to informal settler families (ISFs) and low-income earners.

The credit line is expected to finance the construction of 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. 

To ensure the proper and efficient use of funds, Acuzar said the revolving credit line contains safeguards which include the corresponding loan collaterals provided by the SHFC, a maximum payment term of three years and provisions ensuring the release of funds for the intended projects.

For her part, Pag-IBIG Fund Chief Executive Officer Marilene Acosta, said the approval of the revolving credit line is their way of expressing full support for poor families to achieve their dreams of having their own homes.

“Pag-IBIG stands as the single largest source of home financing in the country today, with a share of nearly 40% of the home mortgage market. We recognize our role in providing the financing for socialized housing projects so that these become more accessible and affordable for low-income earners,” said Acota.

“We are happy to partner with the SHFC so that our ISF communities will now have a better chance of owning quality homes in sustainable communities. Our members can expect more similar partnerships to provide them even more opportunities to own a home,” she added.

Currently, there are 17 ongoing projects now in various stages of development and construction throughout the country under the flagship "Pambansang Pabahay."

Related Tags

Pag-IBIG Fund DHSUD Jose Rizalino Acuzar pabahay
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