Pag-IBIG housing finance reaches ₱111.29 billion in nine months

Pag-IBIG Fund provided financing worth ₱111.29 billion for 68,514 Philippine homes between January and September, the state-run agency said. Its lending in the corresponding period a year earlier covered 59,789 units valued at ₱93.03 billion.

The number of socialised homes supported for minimum-wage and low-income members climbed from 3,987 to 10,904, an increase of 173 per cent. Lending for those homes reached ₱12.10 billion, rising 172 per cent from ₱4.45 billion. Their share of financed homes increased from seven per cent to nearly 16 per cent.

The agency linked the increases to its work under the Expanded Pambansang Pabahay para sa Pilipino Program, or Expanded 4PH. Under the programme, qualifying borrowers for socialised housing may obtain a subsidised interest rate of three per cent.

Middle-income members with eligible housing loans can receive promotional interest rates of 4.5 per cent and 5.75 per cent, alongside an increased maximum loan amount of ₱10 million, Pag-IBIG said.

Funding released for Expanded 4PH housing developments totalled ₱5.93 billion over the nine months, a 172 per cent rise from ₱2.18 billion a year earlier. Pag-IBIG also said it is working with developers to offer homes across different price ranges and, through a partnership with the Bases Conversion and Development Authority, aims to provide housing nearer workplaces in New Clark City.