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Pag-IBIG Fund finances 8.4K homes Jan.-June for low-wage earners

By Lade Jean Kabagani

July 22, 2022, 4:04 pm

MANILA – The Home Development Mutual Fund (Pag-IBIG Fund) has financed a total of 8,471 socialized homes for minimum-wage and low-income members during the first half of the year.

Data released Friday showed that socialized homes, amounting to PHP3.67 billion, make up to 19 percent of the total housing loans financed by the Fund from January to June and 7 percent of the total housing loans released.

The Pag-IBIG fund posted record-highs of 47,184 housing units financed and PHP51.96 billion in home loans released during the first six months.

“With our Affordable Housing Program (AHP), achieving the dream of homeownership is made possible, especially for minimum-wage workers,” Acmad Rizaldy Moti, Pag-IBIG Fund chief executive officer, said in a statement.

The AHP is specifically designed for minimum-wage and low-income members from the National Capital Region with monthly earnings of PHP15,000 and from outside the region earning up to PHP12,000.

Under the AHP, borrowers enjoy a special subsidized rate of just 3 percent per annum for home loans of up to PHP580,000 for socialized subdivision projects.

Marilene Acosta, Pag-IBIG Fund deputy chief for Home Lending Operations, said the AHP’s 3 percent rate translates to a monthly amortization of as low as PHP2,445.30, making homeownership within reach of low-income earners.

“We first offered the AHP’s subsidized 3 percent rate in May 2017 to help more members, particularly those from the minimum-wage sector, realize their dreams of owning a home,” Acosta said in another statement. “Through the program, qualified borrowers do not need to put out cash for equity with payments that are even more within the budget of low-income members.”

“With our very low rates, our members are able to enjoy a monthly amortization on their home loans that is lower than the cost of rent,” she added. (PNA)

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