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Pag-IBIG finances over 18,000 socialized homes for low-wage earners in 2022

January 27, 2023 People's Journal 266 views

THE Pag-IBIG Fund financed 18,657 homes for low-income and minimum-wage earners in 2022, its top officials announced yesterday.

Socialized homes represent 18% of the 105,212 homes financed by the agency for 2022. The aggregate amount released for socialized housing loans, meanwhile, is 7% or P8.28 billion of the P117.85 billion released by the agency last year.

“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. 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 Human Settlements and Urban Development Secretary Jose Rizalino L. Acuzar, also chairman of the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s Affordable Housing Program (AHP) 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 (NCR) and those earning not more than P12,000 per month outside of NCR. Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3% 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 Officer Marilene C. Acosta said the special subsidized rates have been made available by the agency for its members from the minimum-wage sector since 2012, with the current 3% rate made available in 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% loan-to-value ratio. This is in keeping with 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.