The PagIBIG Fund has approved a P12 billion credit line for the NHA, set to fund the construction of 9,110 homes.
On Wednesday, December 20, top officials revealed plans to construct 6,967 initial residences in Quezon City, Valenzuela, Zamboanga, and San Juan under the national 4PH Housing Program.
“We are happy to report that the Pambansang Pabahay para sa Pilipino Program of the Marcos Administration continues to gain momentum. 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,” said Secretary Jose Rizalino L. Acuzar, head of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
The PagIBIG Fund’s credit facility will kickstart building projects for multi-level housing, including 4,111 residences in Quezon City, 1,377 in Valenzuela, 944 in Zamboanga, and 535 in San Juan.
The credit line comes with measures to ensure funds are used correctly and efficiently, with the NHA offering loan security. Withdrawals from the line of credit must be repaid within three years and have rules to guarantee money goes to specific housing initiatives.
Pag-IBIG allots P12B for housing 9,000+ Filipino families
Once built, active PagIBIG Fund members eligible for these projects can buy homes using a PagIBIG Housing Loan through the 4PH Program.
Meanwhile, Marilene C. Acosta, CEO of PagIBIG Fund, said their loan to NHA supports the Marcos Government’s plan to tackle housing shortages through the 4PH initiative.
“Since day one, Pag-IBIG Fund has provided its full support to President Marcos’ 4PH Program as it aligns with our mandate of providing our members with the opportunity to own a home. With the housing projects under the 4PH Program, not only will Pag-IBIG Fund members have the opportunity to own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-IBIG Housing Loan under the 4PH program. We are happy to be able to work with the NHA 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 homeownership,“ Acosta said.
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