Almost 2,000 families in Bulacan are expected to benefit from the national government’s housing project after the Home Development Mutual Fund or Pag-IBIG Fund released around P101.5 million for mass housing in Bocaue town.
The fund is intended to finance the ongoing development and construction of the Bocaue Bulacan Manor (BBM) Housing Project in Barangay Batia for Bocaue residents and government employees, the Department of Human Settlements and Urban Development (DHSUD) said.
DHSUD Secretary Jose Rizalino Acuzar said the Bocaue project follows a comprehensive development plan that includes transforming the area into a sustainable township wherein residents will have access to essential amenities, services and sources of income.
“This release is yet another welcome support that will certainly fire up the implementation of ‘Pambansang Pabahay’ as we bring the plans into actual development. It is an assurance that we can sustain the construction under the pro-poor housing,” Acuzar said.
The Pag-IBIG Fund is a key shelter agency of DHSUD, the lead implementing agency of “Pambansang Pabahay”. Secretary Acuzar chairs the Fund’s Board of Trustees.
The housing project in a 14-hectare land in Bocaue town, on the other hand, will have five multi-level condominium buildings, each with 14 floors.
A total of 1,888 families, according to Acuzar, are expected to benefit from this initiative, addressing the need for decent and affordable housing in the area.
A tripartite memorandum of agreement (MOA), among the DHSUD, Pag-IBIG Fund and the LGU, has already been signed by the parties that will implement the project.
The MOA outlines the details on the implementation and responsibilities of the parties, said Acuzar.
“We have been monitoring the progress of this project from the beginning and we are glad to witness that it has now come into fruition. We will continue doing so until we have actually awarded the units to the rightful beneficiaries, particularly those who are most in need, at the lowest possible cost” said Acuzar.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta, for her part, has reassured the public of the Fund’s stability and commitment to the 4PH program.
“Pag-IBIG Fund remains capable and ready to provide funding for incoming housing proponents through our Direct Developmental Loan Program. More Pambansang Pabahay projects would mean more supply of quality homes at lower-than-market prices, said Acosta.
In April, Pag-IBIG also released developmental loans totaling P200 million to two separate “Pambansang Pabahay” projects in Luzon and Visayas. Meanwhile, the Palayan City Township Project received a similar loan amounting to P350 million in February.
Last year, the Pag-IBIG Fund has approved almost P13 billion revolving credit lines for the National Housing Authority and the Social Housing Finance Corporation to support their respective housing projects