Pag-IBIG Fund has approved a P12-billion revolving credit line for the National
Housing Authority (NHA), adequate to finance the development of 9,110 housing
units, with an initial 6,967 homes to be built in Quezon City, Valenzuela, Zamboanga
and San Juan as part of the government’s Pambansang Pabahay para sa Pilipino
Housing or 4PH Program, top officials announced Wednesday (20 December).
“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, who heads the Department of Human Settlements and Urban
Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund’s revolving credit line for the NHA shall initially finance the
construction of medium and high-rise condominiums consisting of 4,111 units in
Quezon City, 1,377 units in Valenzuela, 944 units in Zamboanga and 535 units in
San Juan. The revolving credit line is equipped with safeguards for the proper and
efficient use of funds, with the NHA providing the corresponding loan collaterals.
Each drawdown from the credit line has a maximum payment term of three (3) years
and includes provisions to ensure the release of funds for the intended housing
projects. Once constructed, intended beneficiaries of these projects who are active
Pag-IBIG Fund members may purchase the housing units through a Pag-IBIG
Housing Loan under the 4PH Program.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, stated that
Pag-IBIG Fund’s credit line for the NHA is part of its commitment to the Marcos
Administration’s efforts of addressing the housing backlog under the 4PH Program.
“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.
Last week, Pag-IBIG Fund announced that it approved a P929-million revolving
credit line for the Social Housing Finance Corporation (SHFC) to finance the
construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental, and
Davao.
