Pag-IBIG mass shelter up 99%
The number of socialized home loans make up 24 percent of the total 43,573 home loans released by the agency from January to June this year
Pag-IBIG Fund extended socialized housing loans to 10,640 members from the minimum-wage and low-income sectors in the first half of 2021 despite the continuing pandemic, top officials announced on Wednesday.
The number of socialized home loans make up 24 percent of the total 43,573 home loans released by the agency from January to June this year. The number is equivalent to P4.66 billion or 11 percent of the P44.34 billion home loans released by the agency during the first half of the year. Amid the health crisis, the number of socialized home loans increased by 99 percent — nearly double the 5,357 socialized home loans granted during the same period last year, while the amount released also grew by 111 percent from P2.21 billion in 2020.
“We believe that home ownership is a right of every Filipino family. With the Affordable Housing Program of Pag-IBIG Fund, achieving the dream of homeownership is made possible especially for minimum-wage workers. The program’s lowest rates and longest term allow our members from the low-income sector to buy or build a home of their own. This is our way of adhering to President Rodrigo Duterte’s call for government institutions to carry out programs that address the needs of the underserved sector,” 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, said.
Affordable housing
The agency’s Affordable Housing Program is designed for members who earn up to P15,000 a month within the National Capital Region and members who earn up to P12,000 per month outside the NCR. Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3percent per annum for socialized home loans up to P580,000. Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said that the 3 percent rate offered by Pag-IBIG Fund is the lowest in the market, and has been made available to eligible members since May 2017.