The P12 billion credit line approved by the Pag-IBIG Fund for the National Housing Authority (NHA) will further bolster the positive momentum of President Ferdinand R. Marcos Jr.'s Pambansang Pabahay para sa Pilipino (4PH) Program now being rolled out nationwide.
Thus, declared Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar, who lauded the Home Development Mutual Fund or Pag-IBIG Fund for its commitment to support 4PH.
Merely a couple of days apart, Pag-IBIG Fund has approved back-to-back funding for two key shelter agencies – the Social Housing Finance Corporation (SHFC) and the NHA – to fund housing projects under the "Pambansang Pabahay".
"Pag-IBIG's dedication is a huge boost to bringing the 'Pambansang Pabahay' to reality. It continuously opens more doors for Filipino people to own a home that is decent yet affordable in sustainable communities," said Secretary Acuzar, who concurrently serves as Pag-IBIG Fund Board of Trustees chair.
"This is another solid proof of the Marcos Jr. Administration's relentless effort to uplift the lives of the poorest of the poor," he added.
In an announcement on Wednesday, Pag-IBIG Fund said it has approved a P12-billion revolving credit line for NHA intended 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 4PH Program.
Earlier, Pag-IBIG also approved the P929-million revolving credit line for the SHFC. With this amount, SHFC will be able to finance the construction of a total of 2,264 housing units in Pampanga, Manila, Misamis Oriental, and Davao City.
"We are happy to report that the Pambansang Pabahay para sa Pilipino Program of the Marcos Administration continues to gain momentum. Pag-IBIG Fund's approval of a revolving credit line for its fellow key shelter agencies… not only shows the government's united front in addressing the housing backlog but also shows our shared commitment to provide our fellow Filipinos with decent yet affordable shelter in sustainable communities," Secretary Acuzar expounded.
The latest fund allocation of Pag-IBIG for NHA will initially finance the construction of medium and high-rise condominiums consisting of 4,100 units in Quezon City; 1,377 units in Valenzuela; 944 units in Zamboanga; and 535 units in San Juan.
The credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals.
DHSUD has reported 17 ongoing projects under President Ferdinand R. Marcos Jr.'s "Pambansang Pabahay", which are now in various stages of development and construction.