THE Department of Human Settlements and Urban Development (DHSUD), through the Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund, will soon launch a new modality to boost the expanded Pambansang Pabahay Para sa Pilipino (4PH) program.
Housing Secretary Jose Ramon Aliling said on Saturday that the new expanded 4PH approach will allow private developers to dispose of current inventory, easing the reported condominium glut, particularly in the National Capital Region.
The modality — covering prime-located condominium units priced at P3 million and below — will also give homebuyers wider options at lower prices and low interest rates through Pag-IBIG, according to DHSUD.
Aliling told The Manila Times that the agency and Pag-IBIG will soon release the guidelines, which will likewise help developers comply with the balanced housing program.
“With this new modality through the Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues while offering wider options for our homebuyers and access to well-located housing units at a lower price with low interest rates,” the housing czar said.
“It will be a win-win balance for our stakeholders — the homebuyers and the developers,” he added.
Aliling said he disclosed the new modality during a meeting earlier this week of the Private Sector Advisory Council (PSAC) Infrastructure Sector Group-Real Estate, presided over by President Ferdinand Marcos Jr.
The president was joined by Executive Secretary Ralph Recto, Planning and Development Secretary Arsenio Balisacan and other government officials.
Private sector attendees included the Aboitiz Group, PSAC-Real Estate Group, Allianz Global Inc., Robinsons Land Corp., SM Prime Holdings and Ayala Land Inc. (ALI).
ALI President Meanne Dy noted how the current HDMF’s low-interest home loan programs under the expanded 4PH help the real estate sector address inventory challenges.
The top DHSUD official hailed the PSAC meeting, saying the new approach will boost the Housing department’s efforts to foster a more enabling environment for all housing and real estate stakeholders.
Also, the top developers have expressed willingness to reduce selling prices to avail of the new program, which aims to give Filipino working-class families greater access to well-located condominium projects at lower prices and to further drive the nationwide rollout of the expanded 4PH, the DHSUD said.
“This PSAC meeting proves the commitment of the Marcos administration to further grow and strengthen the housing sector for the benefit of more Filipino families,” Aliling said.
