The Home Development Mutual Fund or Pag-IBIG Fund has recently disbursed its fourth developmental loan worth PHP101.5 million for President Ferdinand R. Marcos Jr.’s flagship Pambansang Pabahay para sa Pilipino (4PH) Program.
The fund is intended to finance the ongoing development and construction of the Bocaue Bulacan Manor (BBM) housing project in Barangay Batia for Bocaue residents and government employees.
Situated on a sprawling 14-hectare site, the project will have five multi-level condominium buildings, each with 14 floors. A total of 1,888 families are expected to benefit from this initiative, addressing the need for decent and affordable housing in the area.
The BBM project follows a comprehensive development plan, transforming the area into a sustainable township. Residents will have access to essential amenities, services and sources of income.
“This release is yet another welcome support that will certainly fire up the implementation of ‘Pambansang Pabahay’ (national program) as we bring the plans into actual development. It is an assurance that we can sustain the construction under the pro-poor 4PH,” Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said in a news release Sunday.
“Thanks to Pag-IBIG Fund for its continued support to 4PH conceptualized to help uplift the poor through decent yet affordable housing,” he added.
The Pag-IBIG Fund is a key shelter agency of DHSUD, the lead implementing agency of “Pambansang Pabahay”. Acuzar chairs the Fund’s Board of Trustees.
A tripartite memorandum of agreement (MOA), among the DHSUD, Pag-IBIG Fund and the LGU, has already been signed by the parties that will implement the project. The MOA outlines the details on the implementation and responsibilities of the parties.
“We have been monitoring the progress of this project from the beginning and we are glad to witness that it has now come into fruition. We will continue doing so until we have actually awarded the units to the rightful beneficiaries, particularly those who are most in need, at the lowest possible cost,” Acuzar said
“Laging bilin ni Pangulong Bongbong Marcos Jr. na unahin natin ang mga mahihirap para matulungang makabangon. Ito rin ang kanyang layunin sa ilalim ng matatag at maunlad na Bagong Pilipinas (President Bongbong Marcos has always instructed us that we prioritize the poor to help them recover. This is also his goal under a stable and progressive New Philippines),” he added.
In April, Pag-IBIG also released developmental loans totaling PHP200 million to two separate “Pambansang Pabahay” projects in Luzon and Visayas.
Meanwhile, the Palayan City Township Project also received a developmental loan amounting to PHP350 million in February.
Last year, the Pag-IBIG Fund has approved almost PHP13 billion revolving credit lines for the National Housing Authority and the Social Housing Finance Corporation to support their respective 4PH projects.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta, for her part, has reassured the public of the Fund’s stability and commitment to the 4PH program.
“Pag-IBIG Fund remains capable and ready to provide funding for incoming 4PH proponents through our Direct Developmental Loan Program for the 4PH. More Pambansang Pabahay projects would mean more supply of quality homes at lower-than-market prices,” she said. (PNA)
Photo credit: Department of Human Settlements and Urban Development Official Website