The Department of Human Settlements and Urban Development (DHSUD) on Sunday welcomed the increase in the Pag-IBIG Fund housing loan ceiling to P10 million, describing it as a major boost to the housing sector that will enable more Filipinos, particularly middle-income earners, to access decent and affordable homes under President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program.

DHSUD Secretary Jose Ramon Aliling said the expanded financing program is expected to increase housing uptake in urban areas, particularly for available condominium and residential units in Metro Manila and nearby growth centers, while helping address unsold housing inventory in the market.

He said stronger housing demand creates a ripple effect across industries linked to housing development, generating employment and business opportunities in construction, manufacturing, transportation, retail, furniture, and other related sectors.

“With the increase in the Pag-IBIG loanable amount, we are continuing to expand the reach of the Expanded 4PH Program so that more Filipinos will have the opportunity to purchase their own homes,” Aliling said.

“At the same time, we are stimulating the economy because many sectors are connected to housing. When there is housing development, more jobs are created and more businesses benefit,” he added.

Aliling noted that the higher loan ceiling will allow more Filipino workers and professionals to purchase homes closer to employment centers, transportation networks, and essential services, particularly in areas where property values have risen significantly in recent years.

The DHSUD chief also urged property developers to support the government’s housing affordability agenda by offering more competitive and market-responsive housing packages for Pag-IBIG members.

“We should meet halfway — we increase the loanable amount, and they (developers) lower their prices. We expect this move to sustain the vibrancy of the housing sector,” said Aliling, who also serves as chairman of the Pag-IBIG Fund Board of Trustees.

Under the updated Pag-IBIG housing loan program, qualified members may now avail themselves of financing of up to P10 million, payable for up to 30 years, subject to standard evaluation and capacity-to-pay requirements.