Pag-IBIG eyes 7K housing units in two years or less

The Home Development Mutual Fund (Pag-IBIG) is targeting to have over 7,000 housing units in two years at most, following the launch of Megawide Construction Corp.’s precast manufacturing facility in Taytay, Rizal on Monday.

“Through our partnership with Megawide Construction Corporation, we expect to build more than 7,000 housing units in just two years — or even sooner — while ensuring strong returns that help protect and grow our members’ savings,” Pag-IBIG Fund chief executive officer Marilene Acosta said in an emailed statement.

“In line with our mandate to provide sustainable financing for the country’s housing industry, we support projects like this to speed up construction, improve efficiency, and deliver quality homes that remain affordable for Filipino families,” she added.

This comes as Megawide on Monday launched its precast manufacturing facility, which will produce components for the Expanded Pambansang Pabahay para sa Pilipino Program or the Expanded 4PH which is financed by the Pag-IBIG Fund.

Under its charter, the Pag-IBIG Fund is mandated to establish, develop, promote, and integrate a nationwide sound and viable-tax exempt mutual provident savings system suitable to the needs of the employed and other earning groups.

It is also mandated to motivate the public to better plan and provide for their housing needs, by membership in the HDMF, with mandatory contributory support of the employers.

Pag-IBIG earlier announced a P10-billion investment in Megawide through a subscription of perpetual preferred shares issued by Megawide Dreamrise Residences Inc., to be used to deliver at least 7,000 units over the next two to three years.

Megawide president and chief executive officer Edgar Saavedra in January said the company is looking to spend up to P2 billion to expand its precast construction facilities and possibly put up another facility which will take an approximate 1.5 years. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News