The Department of Human Settlements and Urban Development (DHSUD) welcomed the increase in the Pag-IBIG Fund housing loan ceiling to P10 million, saying this is a huge boost to the housing sector, allowing more Filipinos, particularly middle-income earners, to access decent and affordable housing under the expanded Pambansang Pabahay para sa Pilipino (4PH) program.
DHSUD Secretary Jose Ramon Aliling said May 31 that the expanded financing program is expected to increase housing uptake in urban areas, particularly for available condominium and residential units in Metro Manila and nearby growth centers, while generating economic activity across housing sector-allied industries.
He explained that stronger housing demand creates ripple effects on employment and business opportunities, especially in construction, manufacturing, transport, retail, furniture, and other allied industries that benefit from housing development and occupancy.
“Dahil sa pagtaas ng loanable amount sa Pag IBIG, patuloy nating pinalalawak ang saklaw ng expanded 4PH Program upang mas marami pang Pilipino ang magkaroon ng pagkakataong makabili ng sariling bahay,” Aliling said in a DHSUD press release. “Kasabay nito, napapagalaw din natin ang ekonomiya dahil maraming sektor ang konektado sa pabahay. Kapag may housing development, mas maraming trabaho at mas maraming negosyong nakikinabang.”
Aliling said the higher loan ceiling will help more Filipino workers and professionals secure homes in areas closer to jobs, transport systems and essential services, where property values have significantly increased in recent years.
He also called on developers to support the government’s affordability thrust by offering more competitive and market-responsive housing packages for Pag-IBIG members.
“We should meet halfway — we increase the loanable amount, they (developers) lower their prices. We expect this move to sustain the vibrancy in the housing sector,” said Aliling, who also serves as chairman of the board of trustees of the Pag-IBIG Fund.
Under the updated Pag-IBIG housing loan program, qualified members may now avail of financing of up to P10 million, payable for up to 30 years and subject to standard evaluation and capacity-to-pay requirements. ||
