STATE-RUN Pag-ibig Fund released socialized housing loans to 11,894 members from the minimum-wage and low-income sectors totaling P4.52 billion in the first half of 2019.
The figure represents nearly 30 percent of the total number of housing loans financed by the agency from January to June.
Pag-ibig Fund financed 41,746 housing loans amounting to P37.07 billion in the first half of this year to help members acquire or improve their homes.
Socialized housing loans are up to P580,000 for a 32- square-meter residential unit in a horizontal housing project.
Under its affordable housing loan program, Pag-ibig Fund maintains the lowest interest rate in the market of three percent per year – a special rate it has provided for minimum and low-wage workers since May of 2017. Pag-ibig Fund subsidizes this low interest rate, being a tax-exempt agency as specified under Republic Act 9679.
“Our charter allows Pag-ibig Fund to offer the lowest rates for home loans of minimum and low-wage workers. And aside from keeping our interest rates low, we also reduced the insurance premiums of our home loans. As a result, qualified borrowers under this program will pay an affordable monthly amortization of only P2,445.30 for a socialized housing loan worth P580,000,” said Pag-ibig Fund Chief Executive Officer Acmad Rizaldy Moti. (PR)