ALI units now offer Pag-IBIG financing

MANILA, Philippines —  Pag-IBIG Fund has partnered with Ayala Land residential brands Avida Land Corp. and Amaia Land Corp. to expand housing options for Filipino workers, including middle-income borrowers who can now access loans of up to P10 million.

The three parties signed a memorandum of understanding that will explore special rates for selected Avida and Amaia properties that qualified Pag-IBIG members may finance under the state-run fund’s housing loan program.

The partnership comes after Pag-IBIG increased its maximum housing loan amount to P10 million per borrower as part of efforts to widen financing options beyond the socialized housing segment.

Pag-IBIG Fund CEO Marilene Acosta said the agency is expanding partnerships with established developers as it seeks to offer members a wider range of properties and financing arrangements.

“At Pag-IBIG Fund, we understand that every member has different housing needs and financial capacities,” Acosta said. “We are working with a growing number of trusted developers to bring our members more quality housing choices and special offers.”

“By combining these with our affordable rates and housing loans of up to P10 million, we hope to help our members find homes they can comfortably afford, with monthly payments that may be comparable to or even lower than rent,” she said.

Under the agreement, Pag-IBIG, Avida and Amaia will identify projects that may be registered and accredited for Developer-Assisted housing loan processing.

The parties will also assess qualified Amaia developments for inclusion under the Expanded Pambansang Pabahay para sa Pilipino Program or Expanded 4PH.

They will study measures to streamline documentation, loan processing and the release of proceeds while assisting prospective borrowers in complying with program requirements.

Avida and Amaia cater to different segments of Ayala Land’s residential market, giving Pag-IBIG an opportunity to broaden its reach particularly among middle- and upper-middle income members.

Avida Land president Raquel Cruz said Pag-IBIG’s expanded loan ceiling creates room for the developers to serve a larger pool of borrowers.

“Our longstanding partnership with Pag-IBIG Fund has helped make homeownership possible for many Filipino families. With its competitive housing loan rates and increased loan ceiling of up to P10 million, we see an even greater opportunity for Avida and Amaia to serve more middle- and upper-middle income members and pursue further synergies that will help more Filipinos own quality homes,” Cruz said.

The agreement is also part of the Department of Human Settlements and Urban Development’s push to strengthen private-sector participation in the government’s housing program.

DHSUD Secretary Jose Ramon Aliling said partnerships with developers could help match available housing inventory with Pag-IBIG members seeking affordable financing.

“By helping developers connect their available housing inventory with Pag-IBIG Fund members and affordable financing, we give more Filipino workers quality housing choices within their means while supporting a stronger housing sector,” Aliling said.

DHSUD said closer coordination with private developers could also help companies comply with balanced housing development requirements, which are intended to support the construction of more socialized housing projects and increase the supply of affordable homes.