The number of socialized housing units funded by Pag-IBIG Fund in January to October grew 49 percent to 17,268 compared with the 11,560 socialized units in the same period in 2020.
In terms of amount, socialized housing loans amounted to P7.54 billion, which is 59 percent higher than the P4.75 billion released last year, the Fund said in a statement.
Pag-IBIG Fund’s Affordable Housing Program (AHP) is a special home financing program that caters to the needs of minimum-wage and low-income members who earn up to P15,000 a month within the National Capital Region (NCR) and members who earn up to P12,000 per month outside the NCR.
Under the AHP, Pag-IBIG Fund offers a subsidized rate of 3 percent per annum for socialized home loans worth up to P580,000, which is the most affordable rate in the market today.
So far this year, socialized units make up 24 percent of the total 72,301 homes funded by Pag-IBIG while socialized home loans comprise 10 percent of the P74.61 billion in home loans released as of October, according to Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti.
“With the AHP, monthly payments can be as low P2,445.30, which is lower than the cost of rent. Qualified borrowers will never have to put out cash for equity,” said Moti.
