Pag-IBIG Fund, Naga City gov't turn over affordable housing units

The Home Development Mutual Fund or Pag-IBIG Fund and the Naga City government have turned over the initial batch of affordable housing units to qualified city government employees who are acquiring their homes through Pag-IBIG Housing Loans.

In a news release on Wednesday, Pag-IBIG Fund said the turnover, which began on Aug. 18, marked the first group of Naga City employees to become homeowners through a partnership signed by the agency and the city government two months ago.

The partnership aims to help city government workers, particularly those in lower salary grades and first-time homebuyers, gain access to affordable housing and financing.

The Naga City Employees’ Housing Project initially covers 576 housing units at BellaVita Naga in Barangay Pacol, each priced at ₱350,000, according to the agency.

Qualified Naga City government employees can purchase the units through Pag-IBIG Housing Loans at a subsidized interest rate of 3% per annum for the first five years under the Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program.

“For many years, it has been our aspiration to provide housing opportunities for our city government employees, but affordability has always been a challenge, especially for those in the lower salary grades," Naga City Mayor Maria Leonor “Leni” Robredo said.

Through our partnership with Pag-IBIG Fund and BellaVita, that aspiration is now becoming a reality. With Pag-IBIG Fund providing affordable financing terms and a subsidized 3% interest rate, we were able to make homeownership possible for employees who previously could not afford it,” she added.

Robredo said the partnership has already helped more than 100 city employees secure housing loans, with the city government aiming to complete the acquisition of all 576 units by October.

“We especially appreciate how quickly this partnership has delivered results. Just two months after signing our agreement, more than 100 housing loan accounts have already been taken out, and we are very happy to see our employees and their families becoming homeowners," she said.

"We hope to complete the takeout of all 576 housing units by October, and eventually extend the same opportunity to our teachers, uniformed personnel, and other workers in Naga, including those in the informal sector who are also Pag-IBIG Fund members,” Robredo added.

Pag-IBIG Fund and the Naga City government signed a memorandum of understanding in mid-June to help city employees acquire affordable homes.

Pag-IBIG Fund, the city government and BellaVita subsequently put in place a government-to-government documentation arrangement to streamline loan processing and facilitate the takeout and turnover of homes to qualified employee-beneficiaries.

Pag-IBIG Fund CEO Marilene Acosta said the Naga project—which brings together the city government, Pag-IBIG Fund and Ayala Land’s affordable housing development in Naga—“shows how national and local government can work with the private sector to make affordable homeownership more accessible to working Filipinos.”— MCG, GMA News