The Home Development Mutual Fund (Pag-IBIG) revealed on Tuesday that it has disbursed around P88 billion to over 55,000 members who are in need of homes in the first nine months of the year.

In a television interview, Pag-IBIG chief executive officer Marilene Acosta said that the agency has seen an increase in housing backlog.

“What the Pag-IBIG Fund lends through the Pag-IBIG loan helps solve the housing backlog somehow,” Acosta said.

She explained that the public is enticed to take a loan from Pag-IBIG due to the fund’s low interest rate, longer term years and application convenience.

Its interest rate for a three-year fixed-rate regular housing loan is 6.25 percent for properties valued at P6 million.

The agency also offers an affordable housing package for minimum wage earners with a three percent interest rate for socialized housing packages valued at P850,000 for house and lot properties and P1.6 million for vertical housing.

“The interest rate is three percent, provided that Pag-IBIG members will avail our socialized housing package,” she said.