Located near downtown Jolo and Mindanao State University, the housing project, dubbed the First Sulu Estate Subdivision, has an area of about 98,000 square meters that can generate 373 housing units.
According to Lawyer Romero Quimbo, Pag-IBIG President and chief executive officer, "Pag-IBIG has always been the first to boldly venture into projects where no other agencies have dared gone before. The housing project is considered one of the biggest, if not the biggest single investment, in the province over the past 15 years."
Quimbo further said the housing project forms part "of our efforts to help in the government’s anti-poverty campaign. Because of housing’s multiplier effect, we hope this project will generate jobs and pump-prime Sulu’s economy."
The first phase of the project includes the construction of 373 low cost housing units with lot size of 120 square meters and floor area of 39 square meters. Each unit costs about P250,000.
Quimbo is confident all the housing units will be "taken out in no time" as 40 percent of Phase I already has potential owners.
There are at least 3,000 Pag-IBIG members in Sulu comprising teachers, soldiers and government employees who are all qualified to avail of a housing loan.
Pag-IBIG has already extended P26 million to ACC from the developmental loan facility for developers.