Pag-IBIG finances 8,471 socialized homes

Pag-IBIG Fund financed 8,471 socialized homes for minimum-wage and low-income members, amounting to P3.67 billion in the first half of 2022, its top officials said Wednesday (July 20).

Socialized home loans make up 19 percent of the total number of housing loans financed by the agency from January to June this year. The amount, meanwhile, represents 7 percent of the total housing loans released by the agency for the said period. Pag-IBIG Fund posted record-highs of 47,184 housing units financed and P51.96 billion in home loans released during the year's first half.

"We at Pag-IBIG Fund remain committed to pursuing our mandate to provide a home for every Filipino worker. Our Affordable Housing Program makes the dream of homeownership possible, especially for minimum-wage workers. The program's lowest rates and longest payment term allow our members from the low-income sector to buy or build a home of their own," said Pag-IBIG Fund chief executive officer Acmad Rizaldy P. Moti.

Pag-IBIG Fund's Affordable Housing Program (AHP) is a unique home financing program designed explicitly for minimum-wage and low-income members from the National Capital Region (NCR) who earn up to P15,000 a month and from outside the NCR who earn up to P12,000 per month. Under the AHP, eligible borrowers enjoy a subsidized rate of only 3 percent per annum for home loans of up to P580,000 for socialized subdivision projects.

Pag-IBIG Fund deputy chief executive officer for Home Lending Operations Marilene C. Acosta said that the AHP's 3 percent rate translates to a monthly amortization of as low as P2,445.30 for a socialized home loan amounting to P580,000, making homeownership within reach of low-income earners.