Pag-IBIG, CHEd give SUCs huge boost
PAG-IBIG Fund chief executive officer Marilene Acosta speaks during the launch of the ‘Project BALAY: Bridging Access to Learning’ program at the Commission on Higher Education auditorium.
PHOTOGRAPH courtesy of Pag-ibig fund
The Pag-IBIG Fund has allocated P6.3 billion to finance the construction of dormitories and rental housing for students and educators at state universities and colleges nationwide.
Marilene C. Acosta, chief executive officer of the Pag-IBIG Fund, detailed the initiative Wednesday during a consultative meeting for “Project BALAY: Bridging Access to Learning” held at the Commission on Higher Education (CHEd) auditorium.
The project is a strategic partnership between the fund and CHEd intended to expand affordable housing options for the academic community.
Under the Rental Housing Construction Loan program, state universities and colleges can access financing at a subsidized interest rate of 3 percent per annum for the first 10 years.
The loans are payable over a 30-year period.
Also, the funds are earmarked for the development of rental facilities located within or near campuses to serve students, teachers and non-teaching personnel.