The Home Development Mutual Fund or Pag-IBIG Fund has released P200 million worth of developmental loans earmarked for housing projects under the Marcos administration's flagship Pambansang Pabahay Para sa Pilipino (4PH) Program.

Pag-IBIG fund chief executive officer Marilene Acosta issued P40 million and P160 million in loans to two private contractors implementing 4PH projects in separate sites in Luzon and Visayas, respectively.

The Department of Human Settlements and Urban Development (DHSUD) welcomed the loan release as a 'huge boost' to the ongoing nationwide implementation of the flagship program.

'More than the actual value of the loan, it's the confidence that these releases build on our private partners, especially private contractors/developers, that is huge for the success of our Pambansang Pabahay. This is also a big help to encourage private banks to join the 4PH,' DHSUD Secretary Jose Rizalino Acuzar said.

According to the 4PH-Project Management Office of DHSUD, the recent loan release would be the second time that Pag-IBIG released funding for the 4PH. The first one was in February when Pag-IBIG handed over P350 million for the Palayan City Township Project.

Apart from these, Pag-IBIG also approved nearly P13 billion revolving credit lines for the National Housing Authority and the Social Housing Finance Corp. to support their respective 4PH projects.

Acuzar stressed the need for the private sector to actively participate in the flagship program to help address the country's growing housing backlog.

Meanwhile, Acosta gave assurance that 4PH proponents can rely on the agency to finance their housing projects under the most secure and affordable terms.

'Pag-IBIG Fund remains capable and ready to provide funding for incoming 4PH proponents through our Direct Developmental Loan Program for the 4PH. More Pambansang Pabahay projects would mean more supply of quality homes at lower-than-market prices,' Acosta said.


Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (