The Department of Human Settlements and Urban Development and Pag-IBIG Fund are preparing a new Expanded 4PH financing scheme that would allow developers to offer existing condominium units priced at P3 million or less to qualified homebuyers.

DHSUD Secretary Jose Ramon Aliling said the proposed modality is aimed at expanding affordable housing options while helping address unsold condominium inventory, particularly in Metro Manila.

The program would cover condominium units in prime locations and make them available through Pag-IBIG Fund's lower-interest housing loans.

"With this new modality through Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues, while offering wider options for our homebuyers and access to best-located housing units at a lower price with low interest rates," Aliling said.

DHSUD and Pag-IBIG have yet to release the program's guidelines.

Aliling discussed the proposal during Tuesday's meeting of the Private Sector Advisory Council's real estate group with President Ferdinand Marcos Jr.

DHSUD said developers at the meeting expressed willingness to lower the selling prices of some units to qualify for the program.

The proposed scheme would also allow participating developers to count qualified units toward their balanced housing requirements.