Manila: Pag-IBIG Fund and SM Development Corp. (SMDC) have entered into a memorandum of understanding aimed at expanding the array of SMDC homes available for purchase through the agency's housing loans. Under this new agreement, qualified borrowers can benefit from preferential pricing on selected units in Pag-IBIG-accredited SMDC projects.
According to Philippines News Agency, the collaboration extends beyond mere pricing benefits, encompassing buyer education and planned homebuyer programs. These programs are designed to assist potential buyers in understanding their housing options, Pag-IBIG financing, and the necessary application requirements. Members who qualify may avail themselves of Pag-IBIG housing loans up to PHP10 million, with promotional interest rates set at 4.5 percent for loans up to PHP4.9 million, and 5.75 percent for loans above PHP4.9 million and up to PHP10 million. These rates are available to qualified borrowers until December 31, 2026.
The partnership signifies ongoing efforts by the Department of Human Settlements and Urban Development (DHSUD) and Pag-IBIG Fund to bolster private-sector involvement in line with President Ferdinand R. Marcos Jr.'s Expanded Pambansang Pabahay para sa Pilipino Program. This initiative aims to provide middle-income Filipino workers access to quality, strategically located homes that accommodate their families' needs and budgets.
DHSUD Secretary Jose Ramon Aliling, who also chairs the Pag-IBIG Board of Trustees, was present at the signing of the MOU by SM Prime and SMDC president Jeffrey Lim and Pag-IBIG Fund Chief Executive Officer Marilene Acosta. Aliling emphasized that with the increased Pag-IBIG Housing Loans limit, more Filipino workers can now choose from SMDC properties and pay for their chosen homes at affordable rates over time.
Jeffrey Lim remarked that homeownership is a significant endeavor that requires collaboration. He highlighted that achieving this goal necessitates strong partnerships committed to supporting Filipino families. Lim stated, "With DHSUD, Pag-IBIG Fund, and SMDC working together, Filipino homebuyers can get more of what they need, better financing, the right space, a good location, convenient access, and a community where they can build their lives."
Furthermore, Marilene Acosta noted that the initiative is part of the agency's holistic approach to enabling its members to own homes. "We do more than provide affordable financing. We also work closely with developers and other stakeholders so that more homes are built to meet the needs and budgets of Filipino workers," she explained.
