Overseas Filipino workers (OFWs) may now avail of socialized housing units under President Ferdinand Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, regardless of their monthly income and subject to other requirements.
“This is compliance with the order of the President to expand the 4PH so that more and more Filipinos, including our OFWs, will benefit… This is nothing compared to the contributions of our OFW,” Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling said.
The housing czar said this was among the key features of Pag-IBIG Fund Circular No. 473, signed by Chief Executive Officer Marilene Acosta on July 10, as released by the Pag-IBIG Fund under its Expanded 4PH exclusive programs.
“OFWs shall be qualified to avail of the program, regardless of the decile classification,” the circular read.
The qualification, however, is still subject to other requirements, such as Pag-IBIG Fund active membership; being a first-time homeowner, not being more than 65 years old at the date of application, and being insurable and not more than 70 years of age at loan maturity, among others.
For non-OFWs, Filipino first-time homebuyers belonging to income deciles 7 and below are qualified to avail of socialized housing units under the flagship program.
These are families with a monthly income of not more than P47,000 for Metro Manila and P34,684 outside the capital region.
Under the latest guidelines, socialized vertical and horizontal housing enrolled in the Expanded 4PH will only be subjected to a 3-percent interest rate for up to 10 years. This is almost half of the prevailing interest rate of 6.25 percent per annum.
For socialized housing with a price of P850,000 (horizontal) and P1.5 million (vertical), an Expanded 4PH beneficiary who avails horizontal socialized housing will only be paying monthly amortization for as low as P3,583 instead of P5,233 with the prevailing interest rate.
On the other hand, those who will avail of the P1.5 million vertical unit will pay as low as P6,324 monthly instead of P9,235.
Editor’s Note: This story has been updated. Originally posted with the headline “OFWs may avail housing under Expanded 4PH regardless of monthly income.”
