The Subdivision and Housing Developers Association Inc. (SHDA), the largest group for housing and urban development in the country, has collaborated with the Pag-IBIG Fund to digitalize the Fund's loan take-out process.
Led by the Proptech Consortium of the Philippines, the launch of the first phase of the digitalization was held on Dec. 7.
The initiative aims to deliver Phase 1 take-outs within seven days in order to accommodate more beneficiaries.
According to SHDA, this is the first housing fund to digitalize the take-out process in Asia.
SHDA Chairman Arlene Keh said the group's involvement in the initiative "is a testament to our commitment to innovation and progress in the real estate sector. "
"We would also like to give our thanks to the Proptech Consortium of the Philippines, by pioneering this initiative alongside esteemed industry partners, we are shaping the future of housing in the Philippines, ushering in a new era of efficiency and accessibility for all,“ she added.
The initiative began in December 2021 with 20 technical working group (TWG) meetings with the Department of Information and Communications Technology (DICT) Undersecretary David Almirol and collaborative activities with fintech and online payments firm MagPie.