Pag-IBIG-financed homes up 15 percent in 9 months

MANILA, Philippines — Pag-IBIG Fund financed 68,514 homes worth P111.29 billion from January to September, marking a 15-percent increase in housing units financed as lending for socialized housing surged under the Expanded Pambansang Pabahay para sa Pilipino Program (Expanded 4PH).

The number of homes financed was higher than the 59,789 units worth P93.03 billion recorded in the same period last year, the state-run agency said in a statement.

In particular, socialized housing posted strong gains, with the number of homes financed for minimum-wage and low-income members surging by 173 percent, or nearly tripling, to 10,904 from 3,987 a year earlier.

Socialized housing financing likewise skyrocketed by 172 percent to P12.10 billion from P4.45 billion.

This brought its share of all homes financed by Pag-IBIG Fund to nearly 16 percent, up from seven percent in the same period last year.

“The nearly threefold increase in socialized housing loans shows that Expanded 4PH is making a real difference for those who need affordable housing the most, while helping more hardworking Filipino families find homes suited to their needs and budgets,” Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund board chairman Jose Ramon Aliling said.

Pag-IBIG said the gains reflect its continuing efforts to address both sides of the housing equation under Expanded 4PH.

Qualified socialized housing borrowers may avail themselves of the subsidized three percent interest rate, while members in the middle-income sector can benefit from promotional rates of 4.5 percent and 5.75 percent for eligible housing loans and a higher maximum loan amount of P10 million.

Pag-IBIG Fund also released P5.93 billion in financing for housing developments under the Expanded 4PH program in the first nine months, up by 172 percent from P2.18 billion a year earlier.

Pag-IBIG Fund CEO Marilene Acosta said sustained growth in housing financing, along with increased investments in housing development and stronger partnerships with developers, showed the government’s ongoing efforts to make homeownership more attainable for Filipinos.

The agency has partnered with developers including Amaia Land, Avida Land, DMCI Homes, Federal Land, Filinvest Land, Megaworld Corp., PH1 World Developers, Robinsons Land, Rockwell Land and SM Development Corp. to offer members more housing options across different price ranges.

Pag-IBIG also has a partnership with the Bases Conversion and Development Authority and aims to bring housing closer to workplaces in New Clark City.