STATE-RUN Pag-Ibig Fund has approved a P12 billion revolving credit line for the National Housing Authority (NHA) to finance the development of 9,110 housing units.
Of the total, 6,967 houses will be built in Quezon City, Valenzuela, Zamboanga and San Juan as part of the government’s Pambansang Pabahay para sa Pilipino Housing or 4PH Program, top officials announced on Wednesday, Dec. 20, 2023.
Pag-Ibig Fund’s revolving credit line for the NHA shall initially finance the construction of medium and high-rise condominiums consisting of 4,111 units in Quezon City, 1,377 units in Valenzuela, 944 units in Zamboanga and 535 units in San Juan.
The revolving credit line is equipped with safeguards for the proper and efficient use of funds, with the NHA providing the corresponding loan collaterals.
Each drawdown from the credit line has a maximum payment term of three years and includes provisions to ensure the release of funds for the intended housing projects. Once constructed, intended beneficiaries of these projects who are active Pag-Ibig Fund members may purchase the housing units through a Pag-Ibig Housing Loan under the 4PH Program.
Pag-Ibig Fund chief executive officer Marilene Acosta, meanwhile, said the initiative aims to address the housing backlog under the 4PH Program.
“With the housing projects under the 4PH Program, not only will Pag-Ibig Fund members have the opportunity to own quality homes at lower-than-market prices, they may also purchase these under the most affordable terms through a Pag-Ibig Housing Loan under the 4PH program,” Acosta said in a press statement.
Pag-Ibig Fund announced that it has approved a P929 million revolving credit line for the Social Housing Finance Corp. to finance the construction of 2,264 4PH housing units in Pampanga, Manila, Misamis Oriental, and Davao.