CALAMBA CITY (PIA) — The Pag-IBIG Fund announced that it has approved a P815-million developmental loan to commence the construction of condominium buildings in San Mateo, Rizal, under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH) Program.
“I am pleased to report a consistent growth of proponents partnering with the Pag-IBIG Fund to build sustainable and self-sufficient communities through the 4PH Program. Buyer-beneficiaries of the 4PH will now have access to more affordable and decent homes, in line with President Marcos’ vision to address the housing needs of Filipino workers, especially the underserved,” said Department of Human Settlements and Urban Development (DHSUD) Sec. Jose Rizalino Acuzar.
Department of Human Settlements and Urban Development (DHSUD) Sec. Jose Rizalino Acuzar
The 4PH program is President Ferdinand R. Marcos Jr.’s flagship housing program, aiming to address the 6.5 million housing gap in the country by building over one million housing units every year from 2022 to 2028.
Under the project, 17 medium- and high-rise condominiums will be constructed on the project site at Barangay Guitnang Bayan I, San Mateo, Rizal, which will provide 4,670 units for Pag-IBIG members living in the area.
The Housing Department reported that the project’s first phase has already made significant progress through the construction of buildings one to six, with a total of 1,080 units, within just seven months of the contract signing between the developer and the municipality of San Mateo.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta highlighted the benefits for 4PH buyer-borrowers, including lower payment terms through subsidies and acquiring properties in a sustainable community with access to essential infrastructure and services.
“Pag-IBIG Fund members will greatly benefit from availing of projects under the 4PH program, which include affordable monthly payments due to interest and price subsidies as package prices are regulated. This will ensure affordability while enjoying quality living in a well-designed township with vertical infrastructure in proximity to commerce centers, educational institutions, and healthcare centers.”
Acosta adds that the buildings they construct for the program include green features, communal open spaces, and gardens, as well as amenities such as swimming pools and basketball courts, in a bid to elevate the quality of life for Filipino workers through the opportunity of homeownership.
To be a beneficiary of the housing program, DHSUD said that qualifications for recipients include Filipino citizenship, legal age, but not more than 70 years old by the time of loan maturity, being a first-time homeowner, being an active member of the PAG-IBIG Fund with 24 months of contributions, and not having outstanding PAG-IBIG short-term loans.
Priority sectors for the 4PH are the urban poor, informal settler families, informal sector workers, minimum- and middle-wage earners, government employees, and Overseas Filipino Workers (OFWs). (CH/PIA-4A)