Pag-IBIG Fund grants 5,074 socialized home loans to low-wage earners in Q1 2021, up by 25%

admin   •   May 3, 2021   •   427

Pag-IBIG Fund granted socialized home loans to 5,074 members from the minimum-wage and low-income sectors totaling P2.2 billion in the first three months of 2021 despite the continuing pandemic, according to the top executives of the agency.

Socialized home loans make up about 25% of the 20,712 total number of loans financed by the agency in the first quarter of 2021. The amount, meanwhile, is equivalent to 11% of the P20.94 billion it disbursed.

Amid the health crisis, the number of socialized home loans granted grew by 25% from the 4,045 loans extended during the same period last year, while the amount increased by 34%.

“In the wake of the pandemic, Pag-IBIG Fund’s Affordable Housing Program (AHP)has become the means for minimum-wage and other low-income workers to achieve their dream of homeownership,” said Secretary Eduardo D. del Rosario, Chairperson of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

“The program’s lowest rates and longest term allow them to make buying a home within their reach. Offering affordable home financing to our members is our way of adhering to President Rodrigo Roa Duterte’s directive to government institutions to provide programs that serve the needs of the underserved sector, especially during these challenging times,” del Rosario added.

With Pag-IBIG Fund’s AHP, members can borrow up to P580,000 to buy socialized house and lot packages, or up to P750,000 for socialized condominium units at a special rate of 3% per annum.

The AHP is specifically made for members earning not more than P15,000 per month within the National Capital Region, and not more than P12,000 per month for members outside of NCR, who intend to buy socialized housing units.

This loan program also features a 100% loan-to-value ratio allowing borrowers to purchase homes without spending for equity.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said the agency has been offering the special 3% rate under the AHP since May 2017 and has kept the subsidized rate since, thanks to Pag-IBIG Fund’s tax-exempt status provided under Republic Act No. 9679.

“Because of our Charter, Pag-IBIG Fund can afford to offer the lowest rates for home loans of minimum and low-wage workers. And, with President Duterte recently signing into law the CREATE bill, the tax-exempt status of Pag-IBIG Fund has been maintained. What this means to our members from the minimum-wage and low-income sectors is that they can continue to enjoy these lowest rates,” Moti said.

“To put things into perspective, with our Affordable Housing Program, qualified borrowers will only pay around P2,445 per month for a home loan worth P580,000 – which is almost equivalent to the price of rent. This low amortization allows more of our members to gain homeownership, as we recognize that the home is the safest place to be during these difficult times. We look forward to helping more low-income members become homeowners in the months to come,” he added. (PR)

Pag-IBIG Fund finances 17,268 socialized homes in Jan-Oct 2021, up 49%

UNTV News   •   November 24, 2021

MANILA, Philippines — Pag-IBIG Fund financed over 17,000 socialized homes for low-income earners in the last ten months, a figure that grew by almost 50% from the previous year even amid the ongoing pandemic, top executives said on Monday (November 21).

From January to October, the number of socialized housing units funded by the agency grew 49% to 17,268 compared to the 11,560 socialized units in the same period in 2020.

In terms of amount, socialized housing loans amounted to P7.54 billion, which is 59% higher than the P4.75 billion released last year.

“We are happy to announce that the number of members from minimum-wage and low-income sectors who were able to buy or build their homes continues to increase,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

“Even during the pandemic, Pag-IBIG Fund’s Affordable Housing Program provides opportunities for the underserved to secure a home of their own. This is our contribution to the recovery of our country, which is being led by President Rodrigo Duterte,” he added.

Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimum-wage and low-income members who earn up to P15,000 a month within the National Capital Region (NCR) and members who earn up to P12,000 per month outside the NCR.

Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3% per annum for socialized home loans worth up to P580,000, which is the most affordable rate in the market today.

So far this year, socialized units make up 24% of the total 72,301 homes funded by Pag-IBIG while socialized home loans comprise 10% of the P74.61 billion in home loans released as of October, according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

“Our approach to housing has always been comprehensive. And because Pag-IBIG Fund is exempt from tax under its Charter, we were able to create this special home financing program for our low-income members,” said Moti.

With the AHP, monthly payments can be as low P2,445.30, which is lower than the cost of rent. And qualified borrowers will never have to put out cash for equity. Even during this difficult time, the AHP provides minimum-wage workers the opportunity to become homeowners. Our housing program is inclusive such that we have the AHP specifically to address the needs of our underserved sector. That is the Lingkod Pag-IBIG brand of service,” said Moti.

Pag-IBIG Fund releases record-high P65.48B home loans in Jan-Sept 2021; up 80%

UNTV News   •   November 9, 2021

Pag-IBIG Fund again surpassed its own record amid the ongoing pandemic by releasing more than P65 billion in home loans in the last nine months, agency officials announced on Friday (Nov. 5).

From January to September, the agency released home loans worth P65.48 billion, which is the highest amount ever released compared to any previous nine-month period. Compared to recent years, the amount disbursed so far this year grew 80% from the P36.43 billion released during the same period in 2020 and is 11.5% higher than the P58.73 billion released in the same period in 2019, which is the Fund’s best performing year.

“Even as the country continues to face the challenges posed by pandemic, Pag-IBIG Fund was able to set a new record in terms of housing loan takeouts by the end of the third quarter.

This means that more and more Filipino workers are becoming homeowners which is good news as this growth contributes to the economic recovery efforts of the government led by President Rodrigo Duterte,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti noted that the amount released as of September financed the acquisition of 77% more homes this year – totaling so far to 63,765 units for its members.

He added that out of the P65.48 billion released, over P6.71 billion went to finance the acquisition of 15,456 socialized housing units for the minimum wage and low-income sectors and that these socialized housing units make
up more than 24% of the entire number of homes financed from January to September.

“We have one more quarter left before 2021 ends and judging by our home loan releases in the previous three quarters, I am confident of achieving another banner year. So far, our average monthly home loan releases
hovers around P7 billion. It even peaked at over P9 billion in June,” said Moti.

“In the third quarter alone, our home loan releases amounted to P21.14 billion. If this trend holds, home loan releases by the end of the year will likely breach the P90 billion mark and may even reach P100 billion. This shows the grit and resilience of Pag-IBIG to serve our members no matter the circumstance,” he added.

Pag-IBIG, Muntinlupa City launch housing project for LGU employees

UNTV News   •   November 1, 2021

Pag-IBIG Fund launched another housing project under its Countryside Housing Initiative, this time in partnership with Muntinlupa City, to provide affordable homes to employees of the local government unit.

The BALAI Munti Housing Project, which consists of 35 medium-rise buildings providing 668 condominium units, shall be made available for employees of the city government who may purchase these units through a Pag-IBIG Housing Loan.

“With the partnership between the Department of Human Settlements and Urban Development, Pag-IBIG Fund, and the city government of Muntinlupa, we have made this housing project possible. This launch is a timely event because we are celebrating the National Shelter Month this October,” said DHSUD Secretary Eduardo D. del Rosario, who also chairs the 11-member Pag-IBIG Fund Board of Trustees.

“This is also a historic event because the BALAI Munti is the first DHSUD-BALAI-funded project in the NCR and is part of Pag-IBIG Fund’s Countryside Housing Initiative. The CHI brings together project proponents to bring quality and affordable housing projects to more Filipinos, as we continue to implement our nation’s shelter program as led by President Rodrigo Duterte,” he added.

Pag-IBIG Fund established the Countryside Housing Initiative or CHI in 2017 as a strategy to provide better access to homes for its members through partnerships with government and private institutions, employers, and other
organized groups. Such partnerships reduce costs in building the housing projects and provide the beneficiaries with homes that are much more affordable compared to similar projects.

“If you notice, the units in the BALAI Munti normally costs about P1.2 million each. But since this project is under our Countryside Housing Initiative, beneficiaries can buy units there for only P750,000. That’s the major benefit
of CHI. Because of the partnerships we create, we are able to save on additional costs like marketing and promotions for a housing project. This then leads to a quality home that is more affordable than what’s available in the market,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

He added that since 2020, despite the pandemic, Pag-IBIG Fund has been able to sign partnerships worth P1.08 billion with nine different LGUs and institutions all over the country through the CHI, which shall bring 3,638
housing units for their respective beneficiaries.

“With CHI, our main target is to bring development and provide better access to homeownership for our members in areas in the countryside. We are happy that we are able to apply the same strategy in bringing affordable homes for our members residing in cities such as Muntinlupa. We shall continue to do our best in partnering with more organizations so that we can provide more affordable homes to members, wherever they choose to live,” Moti said.

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