Pag-IBIG okays P20B worth of housing loans

THE Pag-IBIG Fund (Home Development Mutual Fund) has so far approved nearly P20 billion worth of housing loans as part of its commitment to support the government's Pambansang Pabahay Para sa Pilipino (4PH) projects.

During Wednesday's Kapihan sa Manila Hotel, Pag-IBIG Chief Executive Officer Marilene Acosta said the approved loans will help build 18,000 housing units.

Acosta, who has been with Pag-IBIG Fund for 41 years, said that 4PH projects are ongoing in Bacolod, Palayan City, Pampanga and Bulacan.

Pag-IBIG Fund made a P250 billion commitment to the administration's goal of building 6 million houses.

Acosta said the allocation will be used for the administration's flagship housing program in the next six years.

She expressed optimism the program would succeed and that the fund could help meet the program's goal of addressing the country's housing backlog of more than 6.5 million units.

«It is just like seed money. Like what [Department of Human Settlements and Urban Development] Secretary [Jose Rizalino] Acuzar said, 'Pag-IBIG, take the lead.' So we took the lead, and we made the commitment,» Acosta said.

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She said this is a huge boost to the President's housing program.

She called it «a giant step towards realizing the dream of every Filipino family to have decent, safe and affordable shelters.»

«More are coming up,» she added. «This is how the project will work. The government cannot solve the housing problem alone. Everybody, all stakeholders, should be involved. But most importantly, the beneficiaries or the buyers [must be involved, too].»

Acosta also said the national government had issued interest subsidies for housing loans.

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«We are just waiting for the production of units,» she said.

Acosta added that there has also been a proposal in the House of Representatives to make the interest subsidy a law to ensure continuity.

She said she has committed to providing financial and technical assistance that DHSUD may need to make the housing projects happen.

«We fully welcome the direction of [the] DHSUD in fast-tracking, coordinating and bringing together all sectors concerned toward the immediate implementation of housing projects,»