The Home Development Mutual Fund or Pag-IBIG Fund has released PHP200 million in developmental loans for housing projects under President Ferdinand R. Marcos Jr.’s flagship Pambansang Pabahay Para sa Pilipino (4PH) Program.
The 4PH-Project Management Office (PMO) of the Department of Human Settlements and Urban Development (DHSUD) said the loans were issued to two private contractors currently implementing 4PH projects in Luzon and Visayas.
The contractors received PHP40 million and PHP160 million on April 5 and 8, respectively, according to a news release on Sunday.
During DHSUD’s fifth anniversary on Feb. 14, Pag-IBIG Fund released PHP350 million for the Palayan City Township Project in Nueva Ecija, also under the 4PH Program.
Apart from these, Pag-IBIG Fund previously approved almost PHP13 billion revolving credit lines for the National Housing Authority and the Social Housing Finance Corporation to support their 4PH projects.
DHSUD Secretary Jose Rizalino Acuzar said the loans would encourage private banks to join the 4PH.
“More than the actual value of the loan, it’s the confidence that these releases build on our private partners, especially private contractors/developers that is huge for the success of our Pambansang Pabahay,” he said.
Pag-IBIG Fund chief Marilene Acosta assured that 4PH proponents can rely on the DHSUD to finance their housing projects under the most secure and affordable terms.
“Pag-IBIG Fund remains capable and ready to provide funding for incoming 4PH proponents through our Direct Developmental Loan Program for the 4PH. More Pambansang Pabahay projects would mean more supply of quality homes at lower-than-market prices,” Acosta said.
She said Pag-IBIG Fund stands as the single largest source of home financing in the country, but solving the housing backlog requires the participation of all stakeholders.
“We are happy to be able to work with developers, contractors, and fellow government agencies towards our shared commitment to empower Filipino workers in securing decent and affordable homes for their families,” Acosta added.
More than 30 Pambansang Pabahay projects are ongoing throughout the country and currently in various stages of development and construction.
The 4PH-PMO, which is spearheading the nationwide rollout of the flagship program, is headed by Undersecretary Garry De Guzman. (PNA)
