Pag-IBIG Fund Grants Socialized Housing Loans to 11,894 Low-Wage Earners

Pag-IBIG Fund, otherwise known as the Home Development Mutual Fund (HDMF), extended socialized housing loans to 11,894 members from the minimum-wage and low-income sectors amounting Php4.52 billion in the first half of 2019. 

The number of housing loans granted is nearly 30% of the total number of loans financed by Pag-IBIG from January to June. 

With an ongoing effort to assist members in acquiring or improving their homes, the agency has financed 41,746 housing loans totaling Php37.07 billion in the first half of this year. 

Pag-IBIG Fund maintains the lowest interest rate in the market of 3% per annum, under its Affordable Housing Loan Program. This special rate has provided for minimum and low-wage workers since May of 2017. The agency subsidizes this low-interest rate, being a tax-exempt and state-run agency, as specified under Republic Act No. 9679. 

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, “… [The agency offers] the lowest rates for home loans of minimum and low-wage workers. And aside from keeping our interest rates low, we also reduced the insurance premiums of our home loans. As a result, qualified borrowers under this program will pay an affordable monthly amortization of only Php2,445.30 for a socialized housing loan worth Php580,000.00. All these are part of our efforts to provide the best home financing program for our members.”