MANILA – The Pag-IBIG Fund (Pag-IBIG) approved the release of P12 billion to the National Housing Authority (NHA) for the construction of close to 10,000 housing units in selected areas in the country.
In a statement on Tuesday, Pag-IBIG said the NHA project under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH Program).would involve 9,110 units, with an initial 6,967 units to be built in Quezon City, Valenzuela City, Zamboanga and San Juan City.
“We are happy to announce that the Pambansang Pabahay para sa Pilipino Program of the Marcos Administration continues to gain momentum,” Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Chairman Jose Rizalino L. Acuzar said.
“The 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,” he added.
Pag-IBIG said that the housing units may be purchased through a Pag-IBIG Housing Loan under the 4PH Program.
The government’s housing agency assured that the credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals.
It said that the credit line has a maximum payment term of three years, which also includes provisions to ensure the release of funds for the intended housing projects.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said that this initiative for the NHA is part of the agency’s commitment to the Marcos administration’s efforts to address the housing backlog.
“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. We are happy to be able to work with the NHA and provide added funding for their housing projects, so that we can advance our common objective of empowering our fellow Filipinos to achieve homeownership,” Acosta said.
A week ago, Pag-IBIG also approved a P929 million revolving credit line for the Social Housing Finance Corporation (SHFC) to finance the construction of 2,264 housing units in Pampanga, Manila, Misamis Oriental, and Davao, which are also under the 4PH program.
