Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar announced that Filipinos can own homes at a much lower cost.
This is made possible through the subsidies extended by the Pag-IBIG Fund among borrowers who will avail of housing units under the Pambansang Pabahay (4PH) program through the Pag-IBIG 4PH-Direct Developmental Loans.
The 4PH housing units are more affordable compared to other residential units in the market, offering lower loan interest rates and financial-friendly loan terms.
“Our housing agenda aims to ensure that all Filipino workers have the means to access affordable housing opportunities. Through the subsidies extended to beneficiaries of the 4PH program, prices of homes and monthly amortization costs will be significantly reduced,” said Acuzar.
In keeping with the commitment to improve the access of Filipinos, particularly Pag-IBIG members, to affordable housing, the DHSUD will subsidize up to 5 percent of the housing loan’s outstanding interest rate to grant borrowers reduced amortization costs.
“Interested Filipino workers can easily avail of the Pambansang Pabahay (4PH) program through their Pag-IBIG Fund membership by applying for a special Pag-IBIG housing loan under 4PH, and by coordinating with their local government housing board so that they may be listed under the 4PH program’s pre-identified applicants,” the housing czar further noted.
The housing units under the 4PH program integrate sustainability self-sufficiency to ensure that future homeowners will have dignified and comfortable living conditions. Among others, the 4PH housing units are equipped with green spaces, communal areas, and amenities that support recreational activities such as swimming pool and basketball courts.
For her part, Pag-IBIG Fund Chief Executive Officer (CEO) Marilene C. Acosta underscored the pivotal role of the buyer-beneficiaries in sustaining the 4PH program and its solutions to housing affordability challenges confronted by many Filipinos.
“For the program to be sustainable, it is vital for our buyer-beneficiaries to pay their amortizations and real property taxes on time, as well maintain the upkeep of the township. As aptly stated by Secretary Acuzar, the communities play a key role in solving the housing backlog,” said Acosta.
For the first quarter of 2024, the members of the Pag-IBIG Fund saw a 36 percent increase in collective savings with P28.75 billion from the previous record of P10.58 billion during the same period in 2023.
The increase in Pag-IBIG member savings will strongly support the offering of low interest rates to those who secure loans to own a housing unit under the 4PH program. (ANTONIO)
