The Department of Human Settlements and Urban Development (DHSUD) backed Home Development Mutual (Pag-IBIG) Fund’s latest housing loan reforms to benefit more Filipinos by making ownership more accessible.
Under the new loan program, Pag-IBIG Fund rolled out promotional interest rates of as low as 4.5 percent for economic housing and raised its maximum housing loan amount to PHP10 million.
It also retained its lowest three percent interest rate for socialized housing projects under the government’s flagship Expanded Pambansang Pabahay para sa Pilipino (4PH) program.
“This is like hitting many birds with one stone. It will trigger economic activity in the housing and real estate sector; boost government efforts to address the housing need without burdening the national coffers; prop up sales of the private developers; and [will be] good for homebuyers with much wider options in terms of financing schemes and the type of housing units they can avail [of],” DHSUD Secretary Jose Ramon Aliling said in a news release Tuesday.
Pag-IBIG also eased its qualification rules by allowing up to three borrowers to combine their incomes under a single loan account.
It likewise began investing in reputable construction companies to support the development of more socialized projects.
DHSUD said these measures aim to reach more Filipinos, from minimum wage earners to middle-income families, in line with President Ferdinand R. Marcos Jr.’s directive to expand access to decent and affordable housing, including those in the informal sector and the working class.
They also strengthen the Expanded 4PH program by reducing its dependence on state funding.
“Malinaw ang direktiba ni Pangulong Marcos Jr. — mas palawakin pa ang Expanded 4PH upang mas maraming pamilyang Pilipino ang matulungan na makamit ang pinapangarap na tahanan na ligtas, disente at abot-kaya (President Marcos Jr.’s directive is clear — expand the Expanded 4PH further so that more Filipino families can achieve their dream of a safe, decent, and affordable home),” Aliling said. (PNA)
