Pag-ibig expects more housing loan applicants

September 10, 2017 4:37 AM

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THE Home Development Mutual Fund (Pag-ibig) said it expects more housing loan applicants along with President Rodrigo Duterte's "Build, Build, Build" that aims to reduce the poverty rate of the country to 15 percent by year 2022.

Pag-ibig Mindanao Housing Development officer-in-charge Cesar Bazan said the government-owned corporation received positive feedbacks with its recent guidelines under its Special Housing Loan Program that provide low-income workers with salaries below P12,000 an opportunity to loan a house worth P450,000 with only three percent interest.

As of the first week of September, Bazan said Davao City has more than 300,000 Pag-ibig members and it increases everyday especially those coming from low-income earners.

"Looking back to the previous years, we have always been catering those members who can afford to purchase higher-priced units as their salaries are enough to afford it. We realize that it's wrong because all members have to be catered including the low-income earners," he said.

With numbers of housing projects funded by the national government, urban poor organizations, and the local government units this year providing affordable housing units for a low to zero interest, Bazan said the housing loan applications in Pag-ibig will not be affected.

"Those housing projects cater those who are informally residing in various places which generally they are not members although they can apply if they want to," he said.

Bazan said Mindanao has P7.6-billion budget for its housing loan programs this year and P3.9 billion was allocated for Davao region.

He encourages non-members to apply and register to Pag-ibig and avail the benefits suitable to their needs.


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