Pag-ibig sets aside P4B for socialized housing

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Tuesday, January 14, 2014


STATE-RUN Home Development Fund (Pag-ibig Fund)-Visayas allotted P4 billion last week for developers who will put up socialized housing units in typhoon-stricken areas.

Pag-ibig Fund Visayas vice president Victoria dela Peña told Sun.Star Cebu yesterday that the funding is part of the agency’s rehabilitation program for areas severely affected by typhoon Yolanda.

The official is encouraging developers, especially those who have availed of the agency’s loans in the past, to avail themselves of the program. She said developers who are planning to put up socialized housing can get the developmental loan at only three percent interest rate per annum.

The local government units in Regions 6, 7 and 8 have already identified 12 areas in the Visayas where socialized housing projects can be built. This includes Tacloban City, Ormoc City, Bogo City and some areas in Iloilo, Negros Occidental and Eastern Samar.

De la Peña said each developer can be granted a loan of up to P150 million for the program.

Socialized housing units cost from P150,000 up to P450,000.

One developer in Cebu, the Kenrich Development Corp., has already expressed its interest in putting up socialized housing in Bogo City but this has yet to be negotiated with the local government unit, said de la Peña. She said a cooperative based in Tacloban City is also planning to up a socialized project in the area.

Aside from the development loan, Pag-ibig fund reported in mid-December that it has already released P3.84 billion in calamity and multi-purpose loans since the October 2013 earthquake.

Pag-ibig members residing in areas declared under a state of calamity are entitled to a calamity loan equivalent to 80 percent of their savings in the fund. The loan is payable over a period of 24 months with an interest rate of 5.95 percent per annum.

Published in the Sun.Star Cebu newspaper on January 15, 2014.

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