The Palayan City Township Housing Project aims to provide affordable housing units at a very low amortization rate for residents of Nueva Ecija.
The project, one of the 36 programs under the Marcos administration’s Pambansang Pabahay Para sa Pilipino (4PH) program, held a groundbreaking ceremony in December 2023. The partnership with Pag-IBIG Fund and the Department of Human Settlements and Development commenced in July 2023.
The 11-hectare housing project will consist of 44 towers, with the city government leading the development of 12 of them. Each tower will have 10 floors, totaling 269 units. The target completion is set for four years, with all units ideally finished before the end of President Bongbong Marcos’ term.
Turnover for Phase 1 is expected between September and November this year. Phase 2 is underway and is expected to be completed in 12 to 14 months. Another four towers are targeted for completion in 2025.
“This is a very good program of the President because of its affordable amortization rate. Even minimum wage earners can qualify for this will be a very good opportunity for them to have a house of their own,” Palayan City Mayor Vianne Cuevas told DAILY TRIBUNE.
The project is open to all residents of Nueva Ecija. Cuevas mentioned that about 2,500 beneficiaries are currently being processed for Pag-IBIG.
Amenities
The full-site development will include a swimming pool, basketball and badminton courts, a clubhouse, a police station and a wet and dry market. There will also be provisions for a daycare facility and an elementary school. A Central Park, approximately 6,000 square meters in size, will be the main highlight of the property.
“This township is complete; all the road networks are there. Drainage and sewer lines are in place. All utilities, such as water supply and electricity transformers, are all in order,” Cuevas said.
When Phase 1 turnover occurs, site development for half of the property is expected to be completed.
Phase 2 is underway and is expected to be completed in 12 to 14 months. Another four towers are targeted for completion in 2025.
Low amortization
The goal of the program is to provide, especially for starting families and other people, an affordable house.
“It’s not cheap to buy a house. In this program of President Bongbong Marcos, it is not because of the subsidy that he provided. There are two aspects to this — the township is being built at very affordable prices. For example, the units being sold now are worth P1.3 million per unit of 29 sq.m. There is no down payment, the amortization is about P3,500 to P3,800 per month for a 30-year loan,” Cuevas said.
The 4PH program aims to provide affordable housing to six million Filipinos and create around 1.7 million jobs each year from 2023 to 2028.