The Department of Human Settlements and Urban Development (DHSUD), through the Pag-IBIG Fund, will soon launch a new modality to further boost the implementation of President Ferdinand R. Marcos Jr.’s flagship Expanded Pambansang Pabahay para sa Pilipino (4PH) Program.
Secretary Jose Ramon Aliling said that the new Expanded 4PH modality will enable private developers to dispose of current inventory, hence, address the supposed condominium glut, particularly in the National Capital Region (NCR).
At the same time, the new modality, covering prime-located condominium units costing P3 million and below, will provide wider options for homebuyers at a lower price and low interest rates offered by Pag-IBIG Fund.
Secretary Aliling said that DHSUD and Pag-IBIG Fund will soon announce the guidelines for the new Expanded 4PH modality that will also help the private developers with their compliance to balanced housing program.
“With this new modality through Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues, while offering wider options for our homebuyers and access to best-located housing units at a lower price with low interest rates,” Secretary Aliling said.
“It will be a win-win balance for our stakeholders –the homebuyers and developers,” he added.
Secretary Aliling brought up the new modality during last Tuesday’s meeting of the Private Sector Advisory Council (PSAC) Infrastructure Sector Group-Real Estate presided over by President Marcos Jr.
The President was joined by Executive Secretary Ralph Recto, Department of Planning and Development Secretary Arsenio Balisacan and other government officials.
In attendance from the private sector were PSAC Strategic Convenor Sabin Aboitiz, President and CEO of Aboitiz Group of Companies; Paolo Borromeo, head of PSAC-Real Estate Group; Allianz Global Inc. President and CEO Kevin Tan; Robinsons Land Corp. Chairman Lance Gokongwei and RLC President Mybelle Gobio; Ayala Land Inc. President Meanne Dy and ALI Senior Vice President Mariana Zobel, and SM Prime Holdings Executive Vice President Cris Noel Torres.
ALI President Dy mentioned during the meeting how the current Pag-IBIG Fund low interest home loan programs under the Expanded 4PH help the real estate sector in addressing challenges with their inventory.
Secretary Aliling welcomed the PSAC meeting as a huge boost to the DHSUD’s efforts of ensuring a more enabling environment for all stakeholders in the housing and real estate industry.
Top developers expressed their willingness to reduce selling prices so they can avail of the new program, aimed at providing Filipino working class more access to best-located condominium projects at a lower price and further boost the ongoing nationwide rollout of the Expanded 4PH.
“Patunay ang PSAC meeting na ito sa commitment ng administrasyon ni PBBM upang mas mapalago at lalong tumatag ang sektor ng pabahay para sa kapakinabangan ng mas maraming pamilyang Pilipino,” Secretary Aliling said.
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