Pag-IBIG Fund yesterday said the revised 3 million housing unit target under the Pambansang Pabahay para sa Pilipino Program (4PH) until 2028 is a more realistic goal and expressed confidence housing production could double or triple housing production under the current administration.

Marilene Acosta, chief executive officer of Pag-IBIG Fund, said at yesterday’s Kapihan sa Pag-IBIG, the agency is hopeful it can hit the P143-billion home loans target for the year. At the end of August, home loans released amounted to P77 billion.

Acosta said Pag-IBIG has so far disbursed P2.1 billion in developmental loans under the 4PH covering projects in Bacolod, San Mateo in Rizal, Palayan, Pampanga, Bulacan, Zamboanga City and Laoag City.

Pag-IBIG has allotted P250 billion in development loans under the 4PH for the duration of the program but has no specific amount set for end-user loans.

“We are taking the lead because we have to prove the program will work. Our commitment for end user takeout until 2028 is around P1 trillion.

This means we will not borrow, it will just come from internally-generated funds,” Acosta said.

Acosta also said the Department of Human Settlements and Urban Development is determined to deliver 3 million units by 2028, just half the original target of 6 million.

“Reality dictates we cannot do it as fast as we want to. Even NEDA (National Economic and Development Authority) said the economy cannot absorb the six million units if they are all built in six years,” Acosta said.

“If we are able to attain 3 million units that is a big increase because in the past administration, 500, 000 units were produced. It would surely double and triple,” she added.

She said it would take at least two years to develop a township under 4PH. The township comprises high-rises with amenities.

For the rest of the year, Pag-IBIG anticipates processing of more housing loans. It currently has pending takeout of P20 billion worth of loans.