Pag-IBIG Fund financed 18,657 homes for low-income and minimum-wage earners in 2022, top executives said Friday.
Socialized homes represented 18 percent of the 105,212 homes financed by the agency last year. The aggregate amount released for socialized housing loans also accounted for 7 percent or P8.28 billion of the total loans of P117.85 billion.
“I am happy to report that Pag-IBIG Fund continues to provide members from the low-income sector the means to own a home through the Pag-IBIG Affordable Housing Program. This shows its strong commitment in promoting inclusive growth by continuing to provide Filipino workers from underserved sectors with affordable shelter financing,” said Secretary Jose Rizalino Acuzar, who chairs the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund board of trustees.
“All these are in line with the directives of President Ferdinand Marcos, Jr. in addressing the country’s housing backlog under the Pambansang Pabahay Para sa Pilipino Program,” said Acuzar.
Pag-IBIG Fund’s Affordable Housing Program is a special home financing program that caters to the needs of minimum-wage and low-income members earning not more than P15,000 per month within the National Capital Region and those earning not more than P12,000 per month outside the NCR.
Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3 percent per annum—the lowest rate available in the market today—for socialized home loans worth up to P580,000 and socialized condominium units worth up to P750,000.
Pag-IBIG Fund chief executive Marilene Acosta said special subsidized rates have been made available by the agency for members from the minimum-wage sector since 2012, with the 3 percent rate made available starting May 2017.
“Through the years, the Pag-IBIG Affordable Housing Program has made it possible for low-income and minimum-wage earners to own a home. With the lowest rate offered in the market, our members can enjoy a low monthly payment of as low as P2,445.30 for a socialized home loan of P580,000, with a loan term of 30 years,” said Acosta.
“And what’s more, borrowers under our AHP do not have to put out cash for equity because of its 100-percent loan-to-value ratio. This is in keeping of our commitment to uplift the lives of Filipino workers, especially those from the underserved sectors, through accessible and affordable shelter financing. Ito po ang aming panatang Lingkod Pag-IBIG para sa manggagawang Pilipino,” Acosta said.
