Marcos to Pag-IBIG: Make financing more accessible

MANILA, Philippines — President Marcos yesterday called on the Home Development Mutual Fund or Pag-IBIG Fund to make its home mortgage financing more affordable yet sustainable, as he reminded officials of the goal to construct the most number of houses by any administration.

During the presentation of the Pag-IBIG Fund chairman’s report for 2023 in Pasay City, Marcos said his administration has inherited a huge housing backlog that must be reduced.

The challenge for Pag-IBIG, the housing sector and local governments is to translate statistics into actual homes that people can live in, according to the President.

“I urge the Pag-IBIG Fund to make its home mortgage financing even more accessible and to balance this with sustainability. This is to inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own,” he said.

“With millions of our countrymen denied the right to decent shelter, the stakes could not be higher. So our task is clear: to build the most number of housing units by any administration,” he added.

The government has launched a housing program that aims to address the 6.5-million housing backlog in the country. It seeks to build one million houses per year before Marcos steps down from office in 2028.

The Chief Executive described his directive on building houses as a “tall order,” but expressed confidence in the performance of Human Settlements Secretary Jose Acuzar, who is also the chairman of Pag-IBIG Fund.

“Your secretary of housing does things not because they are easy, but because they are hard. He is fond of challenges. If I say that we need to reach these numbers, nothing is difficult for Secretary Jerry,” Marcos said.

He cited the Pasig River Urban Development Project, which is being undertaken despite what he called the “cowardly” view that the river is dead and cannot be revived.

“So far, in the past two years, I have seen how the DHSUD (Department of Human Settlements and Urban Development) and its attached agencies have broken out of their comfort zones and tore down the walls that caged ideas,” he added.

Pag-IBIG Fund yesterday unveiled dividend rates of 6.55 percent per annum for its regular savings and 7.05 percent per annum for its MP2 savings for 2023.

The government-owned and controlled corporation attained the highest housing loan amount at P126.04 billion, helping more than 96,000 of its members gain new or better homes, according to the President.

It also recorded short-term loans amounting to P59.31 billion, covering 2.65 million members and an annual net income of P43.79 billion.

Its assets totaled P925.61 billion, while its dividend and net income amounted to P48.76 billion and P49.79 billion, respectively.