Pag-IBIG Fund has increased to P10 billion its home construction fund to encourage production of housing units for its members and help boost the national economy.
This is five times the P2-billion original budget for the House Construction Financing Line (HCFL) Program.
Eduardo del Rosario, secretary of the Department of Human Settlements and Urban Development, and the 11-member Pag-IBIG Fund Board said the increased funding will ensure not only the continuous production of more socialized and low-cost homes to address the housing needs of our members, but also to serve as stimulus to the housing industry, which have broader effects on our economy.
Del Rosario said the Pag-IBIG Fund Board approved via referendum on May 20 an additional P8 billion to the construction fund to further boost production of housing units, which include socialized and low-cost homes.
Pag-IBIG Fund reported, for the first time in a few years, a dip in the home loan releases in the first four months of 2020 as construction of projects and completion of housing units financed under agency’s home loan programs slowed down amid the quarantine.
Pag-IBIG started the year strong when home loan releases reached P5.5 billion in January and P6.5 billion in February. Home loan releases started to dip when the agency disbursed P3.8 billion in March and only P882 million in April, coinciding with the strict quarantine measures imposed in Metro Manila and other parts of the country.
Pag-IBIG has so far financed 16,585 homes, with 97.5 percent or 16,170 of these classified as socialized and low-cost units.
