Pag-IBIG sets P12-B 4PH fund
The revolving credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals
Photo Courtesy: Pag-IBIG | Facebook
Daily TribuneThe revolving credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals
Photo Courtesy: Pag-IBIG | Facebook
State-run shelter mutual fund Pag-IBIG has approved a P12-billion revolving credit line for the National Housing Authority, adequate to finance the development of 9,110 housing units, with an initial 6,967 homes to be built in Quezon City, Valenzuela, Zamboanga and San Juan as part of the government's Pambansang Pabahay para sa Pilipino Housing or 4PH program, top officials announced Wednesday.
"The 4PH program continues to gain momentum. Pag-IBIG Fund's approval of a revolving credit line for the other shelter agency, the National Housing Authority, not only shows the government's united effort in addressing the housing backlog but also shows shared commitment to provide decent yet affordable shelter in sustainable communities," Secretary Jose Rizalino Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund board said.
Pag-IBIG Fund's revolving credit line for NHA will initially finance the construction of medium and high-rise condominiums consisting of 4,111 units in Quezon City, 1,377 units in Valenzuela, 944 units in Zamboanga and 535 units in San Juan.
The revolving credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals. Each drawdown from the credit line has a maximum payment term of three years and includes provisions to ensure the release of funds for the intended housing projects. Once constructed, intended beneficiaries of these projects who are active Pag-IBIG Fund members may purchase the housing units through a Pag-IBIG Housing Loan under the 4PH Program.
Housing backlog addressed
Pag-IBIG Fund chief executive officer Marilene Acosta, meanwhile, stated that Pag-IBIG Fund's credit line for the NHA is part of its commitment to the Marcos administration's efforts of addressing the housing backlog under the 4PH Program.
"Since day one, Pag-IBIG Fund has provided its full support to President Marcos' 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home," Acosta explained.
With the housing projects under the 4PH Program, not only will Pag-IBIG Fund members own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-IBIG Housing Loan under the 4PH program. We are happy to be able to work with the NHA and provide added funding for their housing projects under the most secure and affordable terms, so that we can advance our common objective of empowering our fellow Filipinos to achieve homeownership," Acosta said.
Last week, Pag-IBIG Fund announced that it approved a P929-million revolving credit line for the Social Housing Finance Corporation to finance the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental and Davao.