PAG-IBIG FUND FINANCES 10,640 HOMES FOR LOW-WAGE EARNERS IN H1 2021, UP 99%

PILIPINO Mirror
Eduardo del Rosario

Pag-IBIG Fund extended socialized housing loans to 10,640 members from the  minimum-wage and low-income sectors in the first half of 2021 despite the  continuing pandemic, top officials announced Wednesday (July 21).

The number of socialized home loans make up 24% of the total 43,573 home loans  released by the agency from January to June this year. The number is equivalent to  P4.66 billion or 11% of the P44.34 billion home loans released by the agency during  the first half of the year. Amid the health crisis, the number of socialized home  loans increased by 99% – nearly double the 5,357 socialized home loans granted  during the same period last year, while the amount released also grew by 111%  from P2.21 billion in 2020.

“We believe that home ownership is a right of every Filipino family. With the  Affordable Housing Program of Pag-IBIG Fund, achieving the dream of  homeownership is made possible especially for minimum-wage workers . The  program’s lowest rates and longest term allow our members from the low-income  sector to buy or build a home of their own. This is our way of adhering to President  Rodrigo Duterte’s call for government institutions to carry out programs that  address the needs of the underserved sector,” said Secretary Eduardo D. del  Rosario, Chairperson of the 11-member Pag-IBIG Fund Board of Trustees and  Secretary of the Department of Human Settlements and Urban Development  (DHSUD).

The agency’s Affordable Housing Program (AHP) is designed for 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 up to P580,000.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the 3% rate  offered by Pag-IBIG Fund is the lowest in the market, and has been made available  to eligible members since May 2017.

“During this difficult time, Pag-IBIG Fund’s Affordable Housing Program has  become the means to support our low-income members in helping them acquire  their own homes. Because we are exempt from tax under our Charter, Pag-IBIG  Fund can afford to offer the lowest rates for the home loans of minimum and low wage workers. Aside from keeping our interest rates low, we also reduced its  insurance premiums, which keeps the monthly amortization at an affordable  P2,445.30 for a socialized home loan of up to P580,000. And what’s more, qualified  borrowers will never have to put out cash for equity under the program. All of these  are part of our efforts to provide the best home financing program for our members  who earn minimum wage,” Moti said.

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200 thoughts on “PAG-IBIG FUND FINANCES 10,640 HOMES FOR LOW-WAGE EARNERS IN H1 2021, UP 99%”

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