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| Pag-IBIG Fund pledged P250 billion to PBBM's Pambansang Pabahay program on November 28. Photo: Pag-IBIG |
The Home Development Mutual Fund or Pag-IBIG Fund committed P250 billion on November 28 to the Pambansang Pabahay para sa Pilipinas: Six Million Housing Program of President Ferdinand "Bongbong" Marcos Jr.
The Pag-IBIG Fund Board presided over by DHSUD Secretary Jose Rizalino Acuzar, approved the allocation of P250 billion to the administration's flagship housing program over the next six years.
"This is a significant boost to our President's Pambansang Pabahay para sa Pilipino Program — a giant step toward realizing every Filipino family's dream of having decent, safe, and affordable shelters," Secretary Acuzar said.
Secretary Acuzar is very optimistic about the program's success, designed to address the country's housing backlog of more than 6.5 million units, with assured funding support from the Pag-IBIG Fund.
President Marcos Jr. has tasked the DHSUD with building one million houses per year for the next six years under the program.
In a related development, the Pag-IBIG Fund signed a Memorandum of Agreement (MOA) with Bacolod City Mayor Albee Benitez on Monday to construct 10,000 housing units for informal settler families (ISFs).
The agreement makes history as the first to be signed under the "Pambansang Pabahay" program, signaling the beginning of the government's plan to address the country's housing needs.
According to Secretary Acuzar, the agreement unlocks the potential of the new housing program, particularly the financial structure and active participation of government financial institutions (GFIs) and the private sector.
The MOA charges DHSUD to facilitate the housing project's implementation in collaboration with the local government unit and other relevant agencies by acting as the enabler, initiator, and coordinator.
"The Department of Human Settlements and Urban Development is moving in the right direction in terms of providing adequate and affordable housing to fellow Filipinos," Mayor Benitez said during the signing ceremony at the DHSUD Central Office in Quezon City.
Per the terms of the agreement, Bacolod City will begin meeting the requirements for a developmental loan from the Pag-IBIG Fund to fund land development and housing construction.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta has committed to providing DHSUD and the city government with any financial and technical assistance required to make the project a reality.
"We fully support DHSUD's initiative to accelerate, coordinate, and bring together all sectors concerned with the immediate implementation of housing projects in the regions," Acosta said.
Pag-IBIG Fund, as the first GFI to allocate funds for the new housing project, will extend individual housing loans to pre-qualified and selected LGU beneficiaries.