President Ferdinand “Bongbong” Marcos Jr.’s Pambansang Pabahay para sa Pilipino (4PH) program receives another huge boost with the recent approval of a P929 million revolving credit line by the Home Development Mutual Fund or Pag-IBIG Fund.
Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar welcomed the latest development as another “big push” for the flagship housing program aimed at addressing the country’s housing backlog pegged at more than 6.5 million units.
“This is another solid proof of the administration’s relentless commitment to uplift the lives of Filipinos through decent yet affordable shelters in sustainable communities,” said Acuzar, who concurrently serves as Pag-IBIG Fund Board of Trustees chair.
“This credit line will further build up confidence in the Pambansang Pabahay. With reputable financial institutions like Pag-IBIG Fund pouring in funding, we expect others to start actively participating in the program,” he added.
The Pag-IBIG Fund approved the P929 million revolving credit line for the Social Housing Finance Corp. (SHFC), which is also an attached agency of DHSUD.
With the approval, SHFC will be able to finance the construction of 2,264 housing units in Pampanga, Manila, Misamis Oriental, and Davao City.
“I am happy to report that our key shelter agencies remain united in their mission of bringing opportunities for homeownership closer to our fellow Filipinos, especially the underserved,” Acuzar said.
“With Pag-IBIG Fund’s approval of a revolving credit line for the SHFC, we are now better equipped to provide our informal settler families (ISFs) with affordable housing in a safe environment under secure communities, which is what we envision under the 4PH Program of President Ferdinand R. Marcos, Jr.,” he added.
Pag-IBIG Fund’s revolving credit line for the SHFC shall finance the construction of medium and high-rise condominiums under the 4PH program consisting of 996 units in San Fernando City, Pampanga; 352 units in Tondo, Manila; 416 units in Tagoloan, Misamis Oriental; and 500 units in Davao City.
To ensure the proper and efficient use of funds, the revolving credit line contains safeguards which include the corresponding loan collaterals provided by the SHFC, a maximum payment term of three years and provisions ensuring the release of funds for the intended projects.
Pag-IBIG Fund CEO Marilene Acosta, meanwhile, stated that Pag-IBIG Fund’s credit line for the SHFC is part of its commitment to the Marcos Administration’s goal of addressing the housing backlog under the 4PH Program.
“Pag-IBIG stands as the single largest source of home financing in the country today, with a share of nearly 40 percent of the home mortgage market. We recognize our role in providing the financing for socialized housing projects so that these become more accessible and affordable for low-income earners. We are happy to partner with the SHFC under the Pambansang Pabahay para sa Pilipino or 4PH Program, so that our ISF communities will now have a better chance of owning quality homes in sustainable communities. Our members can expect more similar partnerships to provide them even more opportunities to own a home,” Acosta said.
Currently, there are 17 ongoing projects in various stages of development and construction throughout the country under the flagship “Pambansang Pabahay.”