Pag-IBIG Fund has financed 5,411 socialized homes for minimum-wage and
low-income members in the first four months of 2022, its top executives said
Wednesday (May 18).
Socialized home loans make up 18% of the 29,310 units financed by the
agency from January to April 2022. In terms of amount, socialized home
loans represent 7%, or P2.35 billion out of the record-high P31.97 billion
home loans released by the agency for the period.
“Socialized housing is designed especially for minimum and low-wage workers.
With Pag-IBIG Fund’s Affordable Housing Program, we make sure that all our
members, particularly those from the low-income sector, are given the
opportunity to own a home. This is the essence of the BALAI (Building
Adequate, Livable, Affordable and Inclusive) Filipino Communities Program of
the government’s housing sector towards providing decent shelter for every
Filipino family,” said Secretary Eduardo D. del Rosario, Chairperson of the
11-member Pag-IBIG Fund Board of Trustees and Secretary of the
Department of Human Settlements and Urban Development (DHSUD).
The Pag-IBIG Fund’s Affordable Housing Program (AHP) is for members from
the low-income and minimum-wage sectors who earn up to P15,000 a month
in the National Capital Region (NCR), and up to P12,000 per month outside
the NCR. Under the AHP, borrowers enjoy a subsidized rate of 3% per annum
for home loans of up to P580,000 for socialized subdivision projects, and up
to P750,000 socialized condominium projects.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the
AHP’s 3% rate remains as the lowest in the market – a rate that the agency
has provided for low-income members since May 2017, and is able to offer
due to its tax-exempt status as prescribed under Republic Act No. 9679 or
the Home Development Mutual Fund (Pag-IBIG Fund) Law of 2009.
“Because of our Charter, Pag-IBIG Fund is able to provide the lowest rates for
the home loans of minimum and low-wage workers. We first offered our
subsidized 3% rate in May 2017 to help more members realize their dreams of
owning a home. And, until now, that special rate still stands. Aside from
keeping our interest rates low, we also keep the insurance premiums at a
minimum, so that our borrowers would only need to pay a low monthly
amortization of P2,445.30 for a socialized home loan of up to P580,000. And
what’s more, qualified borrowers will never have to put out cash for equity
under our Affordable Housing Program. All of these are part of our efforts to
provide the best home financing program for our members who earn minimum
wage,” Moti said.
