Pag-IBIG Fund, DMCI Homes expand condominium financing options in the Philippines

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Pag-IBIG, DMCI expand condo financing

Highlights

Pag-IBIG Fund and DMCI Homes signed an MOU on Oct. 16 to expand condominium options under the government’s Expanded 4PH Program.
DMCI Homes projects such as Anissa Heights and up to 13 others are being accredited, potentially offering up to 3,990 units with preferential pricing to Pag-IBIG Fund members.
Pag-IBIG Fund offers promotional housing loan rates of 4.5% and 5.75% per annum, with additional unit options and loan assistance showcased at the National Housing Expo on Oct. 19–20.

Partnership terms and project pipeline

As reported by BusinessWorld Online, Pag-IBIG Fund and DMCI Homes signed a memorandum of understanding on Friday, Oct. 16, at the Pag-IBIG Fund Corporate Headquarters in Makati City to expand condominium choices available to qualified members under the Expanded Pambansang Pabahay para sa Pilipino, or Expanded 4PH, Program.

Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling says the partnership adds DMCI Homes to Pag-IBIG Fund’s network of property developer partners. He says the government is working with private developers to combine sector expertise with Pag-IBIG financing and widen access to decent and affordable housing for Filipino families.

Under the agreement, DMCI Homes will identify participating residential projects and available units, including ready-for-occupancy properties, and offer preferential pricing and other incentives to qualified Pag-IBIG Fund members, subject to terms and conditions. Pag-IBIG Fund will provide housing financing, loan counseling, and assistance to prospective buyers who qualify for the program.

The first DMCI Homes project accredited by Pag-IBIG Fund is Anissa Heights in Pasay City. Accreditation is also under way for other Metro Manila projects including Allegra Garden Place, The Erin Heights, The Oriana, Cypress Towers, Dansalan Gardens Condominiums, East Raya Gardens, Maricielo Villas, Mayfield Park Residences, Palm Grove Residences, Raya Garden Condominiums, Rhapsody Residences, Rosewood Pointe, and Tivoli Garden Residences, as well as Alea Residences in Bacoor City and Verdon Parc in Davao City.

Housing access and market impact

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta says the partnership gives members more condominium choices, including ready-for-occupancy units that may be offered at preferential prices and with developer incentives. Once the required accreditations are completed, she says the program is expected to offer up to 3,990 units.

Acosta says those units will be supported by Pag-IBIG Fund promotional housing loan rates of 4.5% and 5.75% per annum, a package she says can help qualified members find homes that match their budgets and housing needs. She adds that urban project locations may also improve access to workplaces and essential services for buyers.

Pag-IBIG Fund says prospective homebuyers can also visit the 2nd National Housing Expo on Oct. 19 and 20 at the SMX Convention Center Manila in the MOA Complex, Pasay City. DMCI Homes is joining more than 80 participating developers at the event, which is set to feature housing options, special promotions, and on-site Pag-IBIG Housing Loan assistance.

Our earlier coverage of the 2nd National Housing Expo in Pasay City outlined how DHSUD and Pag-IBIG Fund are bringing together around 50,000 housing units from more than 80 developers on Oct. 19–20 at the SMX Convention Center Manila. We noted that the event is positioned under the Expanded 4PH Program, pairing on-site loan assistance with housing loans up to P10 million and promotional rates of 4.5% and 5.75% (plus a subsidized 3% rate for socialized housing), alongside discounts and buyer incentives for qualified members.

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