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Manila Bulletin devider Philippines devider National devider DHSUD: Pag-IBIG releases P200-M loan for two housing projects in Luzon, Visayas

DHSUD: Pag-IBIG releases P200-M loan for two housing projects in Luzon, Visayas

Published Apr 14, 2024 02:11 am

The Home Development Mutual Fund or Pag-IBIG Fund has released P200 million to finance the construction of two housing projects in Luzon and Visyas, the Department of Human Settlements and Urban Development (DHSUD) said on Sunday, April 14.

DHSUD Secretary Jose Rizalino Acuzar said the two contractors received P40 million and P160 million in a form of loan in order to expedite the construction of the housing projects for informal settler families (ISFs) and low-income earners.

"More than the actual value of the loan, it's the confidence that these releases build on our private partners, especially private contractors/developers that is huge for the success of our Pambansang Pabahay,” Acuzar said.

Pag-IBIG Fund chief executive officer Marilene Acosta said the P200 million loan were released on April 5 and April 8, adding that this was the second time the agency released huge fund after the P350 million loan released for the construction of the Palayan City Township Project in Nueva Ecija.

Pag-IBIG Fund, it was recalled, approved almost P13 billion revolving credit lines for the National Housing Authority (NHA) and the Social Housing Finance Corporation to support the Marcos administration’s goal of addressing the 6.5 million housing backlog across the country.

"Pag-IBIG Fund remains capable and ready to provide funding for incoming 4PH proponents through our Direct Developmental Loan Program for the 4PH. More Pambansang Pabahay projects would mean more supply of quality homes at lower-than-market prices,” said Acosta.

“Though Pag-IBIG Fund stands as the single largest source of home financing in the country, we understand that we cannot solve the country’s housing backlog on our own and that addressing it requires the participation of all stakeholders in the housing industry. We are happy to be able to work with developers, contractors, and fellow government agencies towards our shared commitment to empower Filipino workers in securing decent and affordable homes for their families,"she added.

Acuzar, for his part, said the release of loans serves as an encouragement to private banks to invest in our housing programs as he stressed the need for the private sector to actively participate in the flagship program to help address the country’s growing housing backlog.

More than 30 mass housing projects are now ongoing throughout the country and currently in various stages of development and construction.

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