The government's Pambansang Pabahay para sa Pilipino, or 4PH, Program has received a huge boost with the recent approval of a P929 million revolving credit line by the Home Development Mutual Fund, or Pag-IBIG Fund.

Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development welcomed the development as another "big push" for the flagship housing program to address the country's housing backlog pegged at more than 6.5 million units.

"This is another solid proof of the administration's relentless commitment to uplift the lives of the Filipinos through decent yet affordable shelters in sustainable communities," said Secretary Acuzar, who concurrently serves as Pag-IBIG Fund Board of Trustees chair.

"This credit line will further build confidence in the Pambansang Pabahay. With reputable financial institutions like Pag-IBIG Fund pouring in funding, we expect others to start actively participating in the program," he added.

The Pag-IBIG Fund approved the P929 million revolving credit line for the Social Housing Finance Corporation, also an attached DHSUD agency.

With the approval, SHFC can finance the construction of 2,264 housing units in Pampanga, Manila, Misamis Oriental and Davao City.

"I am happy to report that our key shelter agencies remain united in their mission of bringing opportunities for homeownership closer to our fellow Filipinos, especially the underserved," Secretary Acuzar said.

"With Pag-IBIG Fund's approval of a revolving credit line for the SHFC, we are now better equipped to provide our informal settler families with affordable housing in a safe environment under secured communities, which is what we envision under the 4PH Program of President Ferdinand R. Marcos Jr.," he added.

Pag-IBIG Fund's revolving credit line for the SHFC shall finance the construction of medium and high-rise condominiums under the 4PH program, consisting of 996 units in San Fernando City, Pampanga; 352 units in Tondo, Manila; 416 units in Tagoloan, Misamis Oriental; and 500 units in Davao City.

To ensure the proper and efficient use of funds, the revolving credit line contains safeguards, which include the corresponding loan collateral provided by the SHFC, a maximum payment term of three years, and provisions ensuring the release of funds for the intended projects.

Pag-IBIG Fund chief executive officer Marilene Acosta said Pag-IBIG Fund's credit line for the SHFC is part of its commitment to the Marcos administration's efforts to address the housing backlog under the 4PH Program.

"Pag-IBIG stands as the single largest source of home financing in the country today, with a share of nearly 40 percent of the home mortgage market. We recognize our role in providing the financing for socialized housing projects so that these become more accessible and affordable for low-income earners," Acosta said.

There are 17 ongoing projects in various stages of development and construction throughout the country under the flagship "Pambansang Pabahay."