NextGen Day

MANILA – In the first four months of this year, the state-run Home Development Mutual Fund (Pag-IBIG Fund) has financed a total of 5,411 socialized homes for its low-wage and low-income members.

According to data released on Wednesday, socialized housing loans accounted for 18% of the 29,310 units financed by Pag-IBIG between January and April 2022.

Socialized home loans account for 7%, or PHP2.35 billion, of the agency’s record-breaking PHP31.97 billion in home loans disbursed over the same period.

Eduardo del Rosario, Secretary of the Department of Human Settlements and Urban Development (DHSUD), who also chairs the 11-member Pag-IBIG Fund Board of Trustees, said the socialized housing is intended for members who earn minimum and low wages.

“With Pag-IBIG Fund’s Affordable Housing Program, we ensure that all of our members, especially those from low-income families, have access to homeownership. “This is the essence of the government’s housing sector’s BALAI (Building Adequate, Livable, Affordable, and Inclusive) Filipino communities initiative, which aims to provide good shelter for every Filipino family,” del Rosario noted.

Pag-IBIG Fund also has an Affordable Housing Program (AHP) for its members earning up to PHP15,000 in the National Capital Region (NCR).

Members who live outside of the NCR and earn up to PHP12,000 per month are eligible for the AHP.

Borrowers who take out home loans of up to PHP580,000 for socialized subdivision projects and up to PHP750,000 for socialized condominium projects benefit from an annual subsidized rate of 3% under the AHP.

The AHP’s 3% rate, according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, remains the lowest in the market — a rate that the agency has offered for low-income members since May 2017.

The rate was offered “because to its tax-exempt status,” according to Moti, as stipulated by Republic Act No. 9679, or the Home Development Mutual Fund (Pag-IBIG Fund) Law of 2009.

“Pag-IBIG Fund is able to offer the lowest rates for house loans to a minimum and low-wage workers because of our Charter. In May 2017, we introduced our discounted 3% rate to enable more members to fulfill their dream of purchasing a home. And that particular rate is still in effect,” he continued.

Apart from keeping interest rates low, Moti stated that the agency is dedicated to keeping insurance costs low, allowing borrowers to pay a low monthly amortization of PHP2,445.30 for a socialized house loan of up to PHP580,000.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---