Manila: The Pag-IBIG Fund has announced a partnership with Megawide Construction Corp. aimed at accelerating the construction of approximately 7,143 socialized housing units under the expanded Pambansang Pabahay para sa Pilipino Program (4PH).
According to Philippines News Agency, the new initiative involves the development of medium-rise residential projects that are priced below the prevailing market rates for comparable units. These projects will fall within the socialized housing range while offering amenities typically associated with higher-priced developments. The housing units are projected to be completed in a span of two to three years.
The agreement includes two initial project sites in Dasmari±as, Cavite, which will provide 4,185 housing units at the Dasmari±as-Salitr¡n site and 2,958 units at the Dasmari±as-Paliparan site. These developments are expected to bolster the national government’s efforts to expand socialized housing by increasing private sector involvement and ensuring faster project delivery.
Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling, who chairs the Pag-IBIG Fund Board of Trustees, emphasized that the collaboration aims to increase the supply of socialized housing and promote faster construction and more accessible pricing for Filipino families. “By strengthening partnerships that increase housing supply, we help create more opportunities for Filipino workers and their families to move closer to homeownership. We hope this will further stimulate private sector participation in building affordable homes,” he stated.
The partnership entails Pag-IBIG Fund investing up to PHP10 billion through a subscription to preferred shares in the project company. This investment will be distributed in three tranches: PHP5 billion for the first tranche and PHP2.5 billion each for the second and third tranches.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta highlighted that the investment aligns with the agency’s mission of expanding homeownership opportunities while ensuring the prudent management of members’ savings. “By supporting the development of thousands of housing units while securing investment returns, we strengthen Pag-IBIG Fund’s capacity to serve more members, grow their savings, and promote homeownership,” she added.
