Pag-IBIG OKs P12-B credit line for over 9,000 4PH housing units

The Home Development Mutual Fund (Pag-IBIG) on Thursday said it has approved a P12-billion credit line to finance the National Housing Authority’s (NHA) development of some 9,110 housing units under the Pambansang Pabahay para sa Pilipino Housing (4PH) Program.

Pag-IBIG said the credit line will cover an initial 6,967 homes set to be built in Quezon City, Valenzuela, Zamboanga, and San Juan. It will also cover medium- and high-rise condominiums, with 4,111 units in Quezon City, 1,377 in Valenzuela, 944 in Zamboanga, and 535 in San Juan.

Pag-IBIG said each drawdown will have a maximum payment term of three years, including provisions to ensure the release of funds for the intended housing projects.

Once completed, the intended beneficiaries of the projects—active Pag-IBIG Fund members—can purchase the housing units through a housing loan under the 4PH Program.

“We are happy to be able to work with the NGA and provide added funding for their housing projects under the most secure and affordable terms, so that we can advance our common objective of empowering our fellow Filipinos to achieve home ownership,” Pag-IBIG Fund chief executive officer Marilene Acosta said in a statement.

Under its charter, Pag-IBIG aims to generate more savings for Filipino workers and to provide accessible funds for housing for every member.

The agency last week announced a P929-million revolving credit line for the Social Housing Finance Corp. (SHFC) to fund the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental, and Davao.

“Pag-IBIG Fund’s approval of a revolving credit line for its fellow key shelter agency, the National Housing Authority, 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,” Housing Secretary Jose Rizalino Acuzar said.— VBL, GMA Integrated News