Pag-IBIG Fund financed 8,471 socialized homes for minimum-wage and low-income members amounting to P3.67 billion in the first half, top officials said Wednesday.
Socialized home loans made up 19 percent of the total number of housing loans funded by the agency from January to June this year. The amount represented 7 percent of the total housing loans released by the agency during the period.
Pag-IBIG Fund posted record-highs of 47,184 in housing units financed and P51.96 billion in home loans released in the first six months.
“We at Pag-IBIG Fund remain committed in pursuing our mandate to provide a home for every Filipino worker. With our Affordable Housing Program, achieving the dream of homeownership is made possible especially for minimum-wage workers. The program’s lowest rates and longest payment term allow our members from the low-income sector to buy or build a home of their own,” said Pag-IBIG Fund chief executive Acmad Rizaldy Moti.
Pag-IBIG Fund’s Affordable Housing Program is a special home financing program specifically designed for minimum-wage and low-income members from the National Capital Region who earn up to P15,000 a month, and from outside the NCR who earn up to P12,000 per month.
Under the AHP, eligible borrowers enjoy a special subsidized rate of only 3 percent per annum for home loans of up to P580,000 for socialized subdivision projects.
Pag-IBIG Fund deputy chief executive for home lending operations Marilene Acosta said the AHP’s 3-percent rate translates into a monthly amortization of as low as P2,445.30 for a socialized home loan amounting to P580,000, making homeownership within reach of low-income earners.
“We first offered the AHP’s subsidized 3 percent rate in May 2017 to help more members, particularly those from the minimum-wage sector, realize their dreams of owning a home. With our very low rates, our members are able to enjoy a monthly amortization on their home loans that is lower than the cost of rent. And, since qualified borrowers do not need to put out cash for equity under the program, payments are even more within budget of low-income members,” Acosta said.
“Makakaasa ang aming mga miyembro na patuloy nila kaming katuwang sa pag-abot ng kanilang pangarap na magkaroon ng sariling tahanan,” Acosta said.