Pag-IBIG, SMDC team up for home financing program

MANILA, Philippines — Pag-IBIG Fund has partnered with property developer SM Development Corp. (SMDC) to widen housing options available through the government’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program.

In a statement, the agency announced that it signed a memorandum of understanding with the developer on Sept. 8.

Under the agreement, SMDC will offer preferential pricing to qualified Pag-IBIG housing loan borrowers on selected units participating in Pag-IBIG-accredited projects.

SMDC is the latest leading developer to enter a housing partnership with Pag-IBIG.

The current accredited selection includes Coast Residences in Pasay, Spring Residences in Parañaque, selected phases of Hill Residences in Quezon City and SMDC Cheerful Homes 1 and 2 in Pampanga.

Projects under review include SMDC Heights, SMDC Nature and SMDC Symphony Homes, covering high-rise, mid-rise and house-and-lot developments.

For its part, SMDC is also working to broaden the selection, with additional developments in Makati, Mandaluyong, Pasay and other growth areas undergoing Pag-IBIG accreditation.

Pag-IBIG Fund CEO Marilene Acosta said the partnership boosts the agency’s efforts to make suitable homes more affordable for members.

“Affordable financing truly serves its purpose when our members also have suitable homes to choose from. Through our partnership with SMDC, more Filipino workers can choose a home based on their family’s needs, preferred location and budget, then finance it affordably through Pag-IBIG,” she said.

Pag-IBIG currently offers promotional rates of 4.5 percent for loans of up to P4.9 million and 5.75 percent for loans above P4.9 million and up to P10 million.

The rates are available to qualified borrowers until the end of the year, Acosta said.

“Government plays a critical role in making home financing more affordable, while developers like SMDC must provide homes and communities that deliver lasting value,” said Jeffrey Lim, president of SM Prime and SMDC.

“With DHSUD (Department of Human Settlements and Urban Development), Pag-IBIG Fund and SMDC working together, Filipino homebuyers can get more of what they need: better financing, the right space, a good location, convenient access and a community where they can build their lives,” Lim said.