Manila: Overseas Filipino Workers (OFWs) may now qualify for socialized housing units under the expanded Pambansang Pabahay para sa Pilipino (4PH) Program, regardless of their monthly income, the Department of Human Settlements and Urban Development (DHSUD) said Monday.

According to Philippines News Agency, DHSUD Secretary Jose Ramon Aliling announced that the initiative is part of the newly issued Pag-IBIG Fund Circular No. 473. This circular outlines the updated guidelines under the expanded 4PH, acknowledging the significant contributions of OFWs, who are celebrated as the country’s modern-day heroes. Secretary Aliling stated, “This is in line with President Marcos Jr.’s directive to broaden the reach of the 4PH program to benefit more Filipinos, especially our OFWs.”

Although the new guidelines open the door for OFWs to apply for the housing program, applicants must still satisfy specific criteria. These include active membership in the Pag-IBIG Fund, being first-time homebuyers, being under 65 years old at the time of application, and having insurability until loan maturity, which should not exceed age 70. As of 2023, there are approximately 2.16 million OFWs working worldwide.

The expanded 4PH program also provides affordable financing options. All socialized housing units under the program, whether vertical or horizontal, will benefit from a subsidized interest rate for up to 10 years. For instance, a horizontal unit priced at PHP 850,000 will have a monthly amortization of only PHP 3,583 under the new rate, compared to PHP 5,233 at a market rate. Similarly, a vertical unit priced at PHP 1.5 million will cost around PHP 6,324 per month instead of PHP 9,235. Additional reductions in monthly payments might be available for beneficiaries who qualify for further government subsidies.