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Manila Bulletin devider Philippines devider National devider Pag-IBIG Fund approves P815-M funding to construct more than 4,500 homes in Rizal under 4PH

Pag-IBIG Fund approves P815-M funding to construct more than 4,500 homes in Rizal under 4PH

Published Jun 22, 2024 04:03 am

The Pag-IBIG Fund has approved an P815-million developmental loan to construct a total of 17 medium to high-rise condominium buildings in San Mateo, Rizal under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH) Program.

Once completed, the project will provide a total of 4,670 units for Pag-IBIG members living in the area, officials announced on Tuesday (June 4).

“I am pleased to report that there is a consistent growth of proponents partnering with Pag-IBIG Fund in building sustainable and self-sufficient communities through the 4PH Program. Buyer-beneficiaries of the 4PH will now have access to more affordable and decent homes, in line with President Marcos’ vision to address the housing needs of Filipino workers, especially the underserved,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD)  and the 11-member Pag-IBIG Fund Board of Trustees.

Located in Brgy. Guitnang Bayan I, San Mateo, Rizal, the first phase of the project has already made significant progress through the construction of buildings 1 to 6 with a total of 1,080 condo units, within just seven months from the signing of the contract  between the developer and the Municipality of San Mateo.

Aligned with Pag-IBIG’s commitment to integrity and proper fiscal management, safeguards are implemented including the developer-contractor’s compliance with required permits and accreditations, application of a maximum payment term of three (3) years for the developmental loan, and provisions ensuring the release of funds only for the intended projects.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the benefits for Pambansang Pabahay (4PH) buyer-borrowers, including lower payment terms through subsidies and acquiring properties in a sustainable community with access to essential infrastructure and services.

"Pag-IBIG Fund members will greatly benefit from availing of projects under the  Pambansang Pabahay (4PH) program, which includes affordable monthly payments due to interest and price subsidies as package price is regulated. This will ensure affordability while enjoying quality living in a well-designed township with vertical infrastructure in proximity to commerce centers, educational institutions, and healthcare centers. These buildings ensure that residents will have comfortable and improved living conditions through green features, communal open spaces and gardens, as well as  amenities such as swimming pools and basketball courts. Our aim is to elevate the  quality of life for Filipino workers through the opportunity of homeownership,” Acosta said.

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