Manila: The Department of Human Settlements and Urban Development (DHSUD): The Department of Human Settlements and Urban Development (DHSUD) on Sunday welcomed the increase in the Pag-IBIG Fund housing loan ceiling to PHP10 million as a boost to the housing sector, allowing more Filipinos, particularly middle-income earners, to access decent and affordable housing under President Ferdinand R. Marcos Jr.'s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, and help address unsold inventory in the open market.
According to Philippines News Agency, DHSUD Secretary Jose Ramon Aliling stated that the expanded financing program is expected to increase housing uptake in urban areas, particularly for available condominium and residential units in Metro Manila and nearby growth centers, while generating economic activity across housing sector-allied industries.
Aliling mentioned that stronger housing demand creates ripple effects on employment and business opportunities, especially in construction, manufacturing, transport, retail, furniture, and other allied industries that benefit from housing development and occupancy.
"Dahil sa pagtaas ng loanable amount sa Pag IBIG, patuloy nating pinalalawak ang saklaw ng Expanded 4PH Program upang mas marami pang Pilipino ang magkaroon ng pagkakataong makabili ng sariling bahay," he said.
"Kasabay nito, napapagalaw din natin ang ekonomiya dahil maraming sektor ang konektado sa pabahay. Kapag may housing development, mas maraming trabaho at mas maraming negosyong nakikinabang."
Aliling emphasized that the higher loan ceiling will help more Filipino workers and professionals secure homes in areas closer to jobs, transport systems, and essential services where property values have significantly increased in recent years.
He also urged developers to support the government's affordability thrust by offering more competitive and market-responsive housing packages for Pag-IBIG members.
"We should meet halfway --we increase the loanable amount, they (developers) lower their prices. We expect this move to sustain the vibrancy in the housing sector," Aliling, who also serves as chairman of the board of trustees of the Pag-IBIG Fund, added.
Under the updated Pag-IBIG housing loan program, qualified members may now avail of financing of up to PHP10 million, payable for up to 30 years and subject to standard evaluation and capacity-to-pay requirements.
