Pag-IBIG Fund take-out digitalization to address Phl housing backlog
‘Our involvement in the digitalization of Pag-IBIG Fund’s take-out process is a testament to our commitment to innovation and progress in the real estate sector.’
THE landmark initiative is spearheaded by the Proptech Consortium of the Philippines in partnership with the SHDA. | PHOTOGRAPH COURTESY OF PAG-IBIG FUND
Pag-IBIG Fund is set to roll out the Phase 1 of the digitalization of its takeout process.
This landmark initiative, spearheaded by the Proptech Consortium of the Philippines with SHDA, is in response to the country's housing backlog.
"Our involvement in the digitalization of Pag-IBIG Fund's take-out process is a testament to our commitment to innovation and progress in the real estate sector. We would also like to give our thanks to the Proptech Consortium of the Philippines. By pioneering this initiative alongside esteemed industry partners, we are shaping the future of housing in the Philippines, ushering in a new era of efficiency and accessibility for all," SHDA chairman Arlene Keh stated.
This will be the first Housing Fund to digitalize takeout process for affordable housing in Asia.
The digitalization process began in December 2021, marked by 20 Technical Working Group meetings that provided a platform for discussions with Department of Information and Communications Technology Undersecretary David Almirol, along with collaborations with MagPie.
The group is aiming to deliver Phase 1 takeouts within seven days, with a vision to extend this expedited process to both Window 1 and Window 2 takeouts in collaboration with the HDMF and other relevant agencies.
The collaboration between SHDA and other industry leaders, including the Pag-IBIG Fund has paved the way for a transformative shift in the housing sector. The Proptech Consortium acknowledges the vital contributions of NREA chair Imelda Magtoto, SHDA president Bido Dayao, OSHDAP Gerwin A. Panghulan, PropTech founding director Jopin Romero and PropTech managing director Aj Rocero.