Pag-IBIG finances over 18k homes in 2022
THE Home Development Mutual Fund (Pag-IBIG Fund) has financed the acquisition of 18,657 homes for low-income and minimum-wage earners in 2022.
According to the agency’s data, socialized homes represent 18 percent of the 105,212 homes financed by the agency for 2022.
“I am happy to report that PagIBIG Fund continues to provide members from the low-income sector the means to own a home through the Pag-IBIG Affordable Housing Program. This shows its strong commitment in promoting inclusive growth by continuing to provide Filipino workers from underserved sectors with affordable shelter financing,” Pag-IBIG and Department of Human Settlements and Urban Development (DHSUD) Chairman Secretary Jose Rizalino Acuzar said.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimumwage and low-income members earning not more than P15,000 per month within the National Capital Region (NCR) and those earning not more than P12,000 per month outside of NCR.
Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3 percent per annum for socialized home loans worth up to P580,000 and socialized condominium units worth up to P750,000.
The aggregate amount released for socialized housing loans was 7 percent or P8.28 billion of the P117.85 billion released by the agency last year.
For his part, Pag-IBIG Fund Chief Executive Officer Marilene Acosta said the special subsidized rates have been made available by the agency for its members from the minimum wage sector since 2012, with the current 3 percent rate made available in May 2017.
“Through the years, the PagIBIG Affordable Housing Program has made it possible for low-income and minimum-wage earners to own a home,” Acosta stated. “With the lowest rate offered in the market, our members can enjoy a low monthly payment of as low as P2,445.30 for a socialized home loan of P580,000 with a loan term of 30 years. What’s more, borrowers under our AHP do not have to put out cash for equity because of its 100-percent loan-to-value ratio. This is in keeping with our commitment to uplift the lives of Filipino workers.”