THE P10-million housing loan ceiling of the Pag-IBIG Fund would be a huge boost to the housing sector, allowing more Filipinos, particularly middle-income earners, to access decent and affordable housing, Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling said on Monday.
The expanded financing program will help address unsold inventory in the open market, said Aliling, who also chairs Pag-IBIG’s board of trustees.
It is expected to increase housing uptake in urban areas, particularly for available condominium and residential units in Metro Manila and nearby growth centers, and generate economic activity in housing sector-allied industries.
He said that stronger housing demand creates ripple effects on employment and business opportunities, especially in construction, manufacturing, transport, retail, furniture, and other allied industries that benefit from housing development and occupancy.
“Due to the increase in the loanable amount at Pag-IBIG, we continue to expand the reach of the expanded Pambansang Pabahay Para sa Pilipino (4PH) program so that more Filipinos will have the opportunity to purchase their own homes,” Aliling said.
He called on developers to support the government’s affordability thrust by offering more competitive and market-responsive housing packages for Pag-IBIG members.
“We should meet halfway — we increase the loanable amount, they (developers) lower their prices. We expect this move to sustain the vibrancy in the housing sector,” he pointed out.
Under the updated Pag-IBIG housing loan program, qualified members can apply for financing of up to P10 million, payable for up to 30 years and subject to standard evaluation and capacity-to-pay requirements.
